Variable Message Signs for Intelligent Transportation System Market Trends

Regionally, the global variable message signs for intelligent transportation system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America garnered the largest market revenue of USD 56.6 Million in the year 2019 and is further projected to touch USD 88.6 Million by the end of 2028. Increasing concern for traffic congestion in several urban cities in the United States, followed by the increasing funding by the government of nations to adopt intelligent transportation systems, and the rising focus on road safety, are some of the major factors anticipated to drive the growth of the market in the region. According to the statistical report titled “Urban Mobility Report 2021” by the Texas A&M Transportation Institute, travel delay in the 494 urban areas of the United States increased from 1.7 Billion hours in the year 1982 to 8.7 Billion hours in 2019. Moreover, fuel wastes due to traffic congestion increased from 0.8 Billion gallons in the year 1982 to 3.5 Billion gallons in 2019.

The market in the Asia Pacific is anticipated to grow with the highest CAGR of 9.4% during the forecast period and further touch a revenue of USD 63.2 Million by the end of 2028, up from a revenue of USD 28.3 Million in 2019. The market in the region is segmented by country into China, India, Japan, Australia, South Korea, Singapore, Vietnam, and the Rest of APAC. Amongst these, the market in China is anticipated to garner the largest market revenue of USD 17.3 Million by the end of 2028, up from a revenue of USD 7.2 Million in 2019. Alternatively, the market in India is anticipated to grow with the second-highest CAGR of 11.1% during the forecast period.

The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).