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05.01.2023 - 13:42:26

Companies In The Traffic Signals Market Are Developing Virtual Traffic Signals To Improve The Efficiency of Traffic Management - By The Business Research Company

will grow from $26.21 billion in 2022 to $28.41 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global traffic signals market size is expected to grow to $38.1 billion in 2027 at a CAGR of 7.6%.

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Increasing Accidents – Major Driver For The Traffic Signals Market

The increasing road traffic accidents are expected to be a major driver for the traffic signals market. With the growing population, and its need for more cars, two wheelers and buses, road and train accidents have increased and are expected to grow in the future. Hence, governments across the world are expected to pay more attention towards road safety, which will help the traffic signals market grow.

Major Players In The Traffic Signals Market

Major players in the traffic signals market are SWARCO AG, Envoys, Aldridge Traffic Systems, Federal Signal, DG Controls, Econolite Group, Horizon Signal Technologies, Arcus Light, General Electric, Alphatronics, Trafitronics, Leotek, Sinowatcher Technology, Peek Traffic, Pfannenberg, WERMA, Dialight, Fama Traffic, Traffic Technologies, Anbang Electric, Jingan, Vltronics, North America Traffic, Voxson, Traffic Safety Corp., Yaham, Messagemaker, Hunan Xiangxu Traffic & Lighting Co. Ltd., D.G. Controls and E2S.

Asia Pacific Was The Largest Region In The Traffic Signals Market In 2022

As per the traffic signals market research, Asia Pacific was the largest region in the traffic signals market and was worth $8.05 billion in 2022. The traffic signals market in Asia Pacific is supported by the increasing investments, and increasing transport infrastructure. For example, according to Movin'On, the US based world's leading ecosystem of strategic anticipation and co-innovation, the overall shape of the 2035 network will cover 200,000 km (124,000 miles) of rail tracks, and 460,000 km (285,830 miles) of roads in China.

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