“Traffic lights help commuters safely navigate intersections and maintain the orderly flow of traffic in a direction. Traffic delays and conflicts between vehicles entering intersections from various directions result in safety regulations and proper traffic flow regulations by regional and national authorities.”
The research study covers the present scenario and growth prospects of the global traffic lights market for 2017-2021. To calculate the market size, the study considers the revenue generated from the sales of traffic lights (portable traffic lights and traffic lamps) at the manufacturer level.
Proper traffic flow and following road safety management can reduce road traffic accidents and injuries. Increasing number of accidents and injuries on road have driven the market for traffic lights, especially in developing countries. The retrofitting of incandescent traffic lights with LED lights in major developed countries has contributed to the growth of the traffic lights market. The development of safer roads has a positive impact on the economic development of a country, as it allows faster transportation and rapid transit systems. Increasing infrastructure investment in various countries has driven the traffic lights market significantly.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global traffic lights market:
- Improving traffic flow regulations
- Increasing road traffic accidents
- Growth of road transport infrastructure investment
Improving traffic flow regulations
As roads remain the world's primary mode of transportation, improved traffic flow regulations are being considered for the economic development of countries. The safety of pedestrians and vehicle owners and efficient transportation are major factors impacting the growth of countries. Various road safety measures and solutions for improved traffic flow are studied and the incorporation of traffic lights is one such solution to avoid traffic congestion.
Sarah Haque, a lead analyst at Technavio, says, “Traffic lights help commuters safely navigate intersections and maintain the orderly flow of traffic in a direction. Traffic delays and conflicts between vehicles entering intersections from various directions result in safety regulations and proper traffic flow regulations by regional and national authorities.”
Increasing road traffic accidents
Most road crashes occur due to speeding, drunken driving, and not following traffic and driving rules. With increasing number of vehicles on road, the probability of road accident injuries and fatalities has increased with time. Each year, on an average, 1.5 million people die because of road traffic crashes and around 50% of the deaths are of vulnerable road users, such as pedestrians and motorcyclists. These road accidents have impacted the traffic lights market as installing traffic lights at proper locations can reduce the chances of over speeding and regulate traffic movement.
“Traffic engineers and manufacturers are increasing the visibility of traffic lights by using retro-reflective borders on existing signals. This can increase the visibility of traffic lights during the night, which increases safety on road,” adds Sarah.
Growth of road transport infrastructure investment
Fast and efficient road transport plays an important role in the development of a country's economy by allowing the expansion of businesses by transporting goods and providing easy access to markets and suppliers. It is also vital to meet the requirements of the growing population, national security, and to expand the economy. Less congested roads allow faster travel, which results in an efficient way of working.
- Federal Signal
Browse Related Reports:
- Global Smart Lighting Market 2016-2020
- Global Automotive Traffic Sign Recognition System Market 2016-2020
- Traffic Management Systems – Market Drivers, Forecasts 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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