In a recent published report, Kenneth Research has updated the market report for Intelligent transportation system market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Intelligent transportation system market products.
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According to the statistics by the International Environmental Agency (IEA), the global stock of electric passenger cars passed 5 million in the year 2018, which was an increase by 63% from the year 2017.
Global Variable Message Signs for Intelligent Transportation System Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024
Overview:
Real-time traffic management is of high priority in various developed and developing countries. Managing the seamless movement of traffic due to the increasing number of vehicles on the road appears to be the biggest problem in the majority of the cities. However, traffic management can be simplified with the advent of technology solutions and IoT devices. The inclusion of IT in traffic management has given rise to the concept of Intelligent Traffic Management System (ITMS).
This system is not a software, instead an amalgamation of many tools, devices, software, and applications, along with variable message signages (VMS) that work in sync to assist the manual traffic management process. Recently, in 2019, the State Department of Transportation in St. Lawrence County, US, has deployed an additional 50 portable variable message signs to enhance storm messaging to the public on key corridors throughout the state, as complex winter storm containing heavy snow, ice, and high winds are expected. In addition, the UK Government in Keighley Town is planning to install permanent digital variable message signs in 2019 to improve the information available to drivers in the area, after months of traffic disruption due to road-widening projects.
Market Analysis:
According to Kenneth Research, the Global Variable Message Signs for Intelligent Transportation System Market revenue is estimated to increase from $16.7 million in 2018 to $21.7 million by 2024, growing at a CAGR of 4.4% during the forecast period. The market will be driven by the increasing demand from the US and Western European countries. The Western Europe market has the strongest hold due to the presence of various large and small-scale variable messaging signs manufacturing-based industries and well-developed IT infrastructure. The US is witnessing growth due to the spending from federal and state government entities. The market in APAC is in its initial stages due to the lack of specialized variable messaging signs technology solutions and digital infrastructure in emerging economies that hamper the market growth.
Market Segmentation Analysis:
The study covers and analyzes the Global Variable Message Signs for Intelligent Transportation System Market by components, applications, and regions. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenarios, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and make informed decisions. The regions covered include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The revenue is generated mainly from North America, Europe, and Asia Pacific. North America is leading in the market, followed by Europe, and Asia Pacific is emerging in the variable message signs market.
Regions and Vendors Analysis:
The report contains an in-depth analysis of the vendors, which includes financial health, business units, key business priorities, SWOT, strategies, and views. The key and prominent vendors covered in the report include Daktronics Inc., EBSCO Industries Inc., Skyline Products Inc., Swarco AG, Wanco Inc., and Aesys among many others. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
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Benefits:
The report encompasses the study of Variable Message Signs for Intelligent Transportation System Market by components such as variable message signs hardware, variable message signs software, and LED-based displays; by applications such as active urban traffic management, freeways, tunnels, toll facilities, emergency (hard shoulder) management, airport, rail and bus passenger’s guidance and lane management, and parking guidance and management. VMS-based innovation has received a lot of traction in the last three years. Variable message signs innovative software solutions and applications have a broad scope of use in rail, road, and transit among other application areas. Furthermore, the report provides details about the major challenges impacting the market growth.
Table of Contents
1 Executive Summary 10
1.1 High Dominance and High Growth Markets in Variable Message Signs 11
2 Industry Outlook 12
2.1 Industry Snapshot 12
2.1.1 Industry Trends 13
3 Market Snapshot 14
3.1 Total Addressable Market 14
3.2 Segment Addressable Market 14
3.2.1 PEST Analysis 15
3.2.2 Porter’s Five Force Analysis 16
3.3 Related Markets 17
4 Market Characteristics 18
4.1 Market Overview 18
4.2 Market Development and Technological Impact 18
4.3 Market Segmentation 19
4.4 Market Dynamics 20
4.4.1 Drivers 21
4.4.1.1 Rise in demand for real-time communication systems 21
4.4.1.2 Fusion of technologies 21
4.4.1.3 Rise in use of wireless solutions 22
4.4.2 Restraints 22
4.4.2.1 Complexity in development of variable message signs technologies 22
4.4.2.2 Lack of skilled workforce 22
4.4.2.3 Managing traditional networks 23
4.4.3 Opportunities 23
4.4.3.1 Growth of digital technologies 23
4.4.3.2 Software as a core strategy 23
4.4.3.3 Emerging Economies 23
4.4.4 DRO – Impact Analysis 25
4.4.5 Key Stakeholders 26
5 Variable Message Signs Market, By Component 27
5.1 Overview 27
5.2 Hardware 28
5.3 Software 30
5.4 LED-based displays 31
6 Variable Message Signs Market, By Applications 33
6.1 Overview 33
6.2 Active Urban Traffic Management 34
6.3 Freeways, Tunnels, Toll Facilities, Emergency (Hard Shoulder) Management 36
6.4 Airport, Rail and Bus Passenger’s Guidance and Lane Management 38
6.5 Parking Guidance and Management 39
7 Variable Message Signs Market, By Geography 42
7.1 Overview 42
7.2 North America 43
7.2.1 DRO for North America 44
7.2.2 The U.S. 46
7.2.3 Canada 48
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