Light Emitting Diode Signals and Signals Market Size, Share 2020: Global Industry Overview by Trends, Growth Factors, Historical Analysis, Opportunities, and Industry Segments Ready for Rapid Growth by 2024

LONDON–(COMMERCIAL THREAD) – New market research for traffic signs and light-emitting diode signaling signals from Technavio indicates negative near-term growth as the business impact of COVID-19 spreads.

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“One of the main growth drivers in this market is increasing investment in road infrastructure,” says a senior analyst for industrial products at Technavio.

Growing investments in road infrastructure will be one of the major factors fueling the growth of the LED road signs and signals market. Developing countries around the world are increasingly focusing on improving their infrastructure. The development of transport infrastructure in these countries will have a positive impact on the growth of the market as the installation of road signs and signals will regulate the flow of traffic leading to a reduction in accidents.

As the markets recover, Technavio forecasts that the market size for Light Emitting Diode Signs and Signals will increase by USD 356.63 million during the period 2020-2024.

Highlights of Traffic Signs and Light Emitting Diode Traffic Signs Market Segment for 2020

  • The Light Emitting Diode Traffic Signs and Traffic Signs market is expected to show a growth rate of 6.72% year over year.

  • Traffic lights are a prerequisite at road intersections as well as highways, parking lots and toll booths.

  • The gradual replacement of incandescent traffic lights with LED lights across the world, especially in major developed countries, has contributed to the growth of the traffic lights market.

  • However, the growth of road signs and light emitting diode signals market share by the LED sign signals segment will be slower than the market growth by the LED sign signs segment.

Regional analysis

  • 33% of the growth will come from the North America region.

  • The potential opportunities for innovation in traffic lights and the development of infrastructure, such as roads, will significantly boost LED traffic signs and signal market growth in this region during the forecast period.

  • The United States is one of the key markets for road signs and light-emitting diode traffic signals in North America. Market growth in this region will be slower than market growth in Europe and APAC.

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Remarks:

  • The market size for road signs and light emitting diode signals is expected to accelerate at a CAGR of over 8% during the forecast period.

  • The Light Emitting Diode Traffic Signs and Signals market is segmented by product (LED traffic lights and LED traffic signs) and geography (North America, Europe, APAC, South America, and MEA).

  • The market is fragmented due to the presence of many established suppliers holding a significant market share.

  • The research report provides information on several market vendors including Alphatronics NV, Econolite, Federal Signal Corp., GE Current a Daintree Co., Peek Traffic Corp., Sinowatcher Technology Co. Ltd., SWARCO AG, Trafitronics India Pvt. Ltd., Ver-Mac and WERMA Signaltechnik GmbH.

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