Traffic Sign Market Size, Share, Growth, and Industry Analysis, By Type (Guide Signs, Regulatory Signs, Warning Signs, Other), By Application (Highway, Non-highway), Regional Insights and Forecast to 2032

Updated On: 22 April 2024

TRAFFIC SIGN MARKET REPORT OVERVIEW

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global traffic sign market size was USD 299.65 million in 2021 and market is projected to touch USD 399.54 million by 2032 at CAGR 2.65% during the forecast period.

Traffic signs are used to communicate regulations and general information to road users. They are placed on a bulletin board, fence or post at intersections of roads with different branching directions, intersections, junctions and approaches to private properties.  Traffic sign symbols can also be found elsewhere, such as airports, where they direct passengers using airport services.  

The growing need for road sign recognition systems and the increased awareness of road safety, the number of accidents due to government regulations and the technical development of road sign recognition systems worldwide. Industry analysis reveals that the growth in demand for road signs for various applications is driven by changing market trends, which are expected to support both industry and market growth during the forecast period.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The outbreak of the COVID-19 pandemic is significantly affecting the global market for roadside assistance and identification systems.  The COVID-19 pandemic has slowed economic growth in almost all major countries, affecting consumption patterns. Due to the lockdown implemented in various countries, domestic and international transportation has become difficult, which has significantly affected the supply chain of several industries worldwide, widening the gap between demand and supply. Thus, the lack of inventory of raw materials will hinder the production of roadside assistance and identification systems, which will negatively affect the growth of the market.

LATEST TRENDS

"Rise of Strict Government Regulations and Increasing Demand for Autonomous Vehicles leading Market Expansion"

The number of traffic accidents is increasing rapidly, and each traffic accident is estimated to result in at least two deaths and five serious injuries on average. According to the World Health Organization, almost 1.25 million people die from traffic accidents every year. Efforts by various governments to reduce road accident deaths have led to increased safety standards for new vehicles.

TRAFFIC SIGN MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Guide Signs, Regulatory Signs, Warning Signs, Other.

Directional and directional signs are used to direct drivers in which direction they should go. It is also used to make it easier to find a specific item on the road and can be found in residential areas, shopping malls, airports, etc.  

Warning signs inform about possible dangers or dangerous situations ahead on the road. They are usually found in front of junctions, bends and near railway crossings. 

Regulatory signs give drivers information about what they can do in a certain place. These include speed limit signs and no-parking zones, which all vehicle owners must obey for their own safety and that of others.

• By Application

Based on application the global market can be categorized into Highway, Non-highway.

The highway segment dominated the global traffic sign market with the largest market share in 2021. TSR systems are in high demand especially for highway use.

DRIVING FACTORS

"Partnerships with Mapping Companies to Foster Market Growth"

Strategic partnerships between automotive OEMs, independent technology companies and mapping service providers have opened up new growth opportunities. The goal of the collaboration is to collect high-resolution map data for ADAS and autonomous driving applications. The growing demand for autonomous vehicles in shared mobility and cargo applications offers significant opportunities. Self-driving vehicles rely heavily on perceptual systems such as cameras, LiDAR and radar to navigate and recognize road signs. Companies are developing high-resolution detection systems designed for autonomous driving. According to forecasts, there could be around 8 million autonomous cars worldwide by 2030, indicating strong long-term prospects.

"Increasing Road Safety And Growing Demand For Digital Signage to Expand The Market"

The growth of the global traffic signal market is fueled by the increase in the number of vehicles, increasing road safety and growing demand for digital signage. Growing demand for signs in developing countries such as China and India will boost traffic sign market growth. The growth of automobile production in the Asia-Pacific region has led to the growth of the traffic signs market.

RESTRAINING FACTORS

"High System Costs And Exposure To Adverse Weather Conditions to Hamper Market Growth"

The high cost of acquiring and integrating road sign recognition systems presents challenges to implementation. The cameras used are expensive due to high precision requirements and expensive GPUs to run AI algorithms. In addition, microwave radars used for redundancy increase the cost of the system. These factors lead to an increase in vehicles, which limits adoption in the mid- and low-priced mass market segments. Traffic sign systems have performance limitations in certain weather conditions such as fog, snow and heavy rain, which limit their deployment. Factors such as snow obstruct the visibility of the camera, rain wets the lens, and frost on the lens in winter weakens the accuracy of sighting. While sensor fusion with radar and LiDAR improves reliability, sensitivity remains a major limitation in extreme weather conditions.

TRAFFIC SIGN MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market due to Presence of Well-Established Infrastructure "

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

The North American market accounts for the largest traffic sign market share and the trend is expected to continue during the forecast period, with the US market witnessing significant revenue. The presence of both manufacturers and potential buyers in the region are the factors driving the growth of the road signs market in North America. North America will boost the region's market in the coming years. The development of the market is also due to the presence of well-established infrastructure and technology giants.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Placing traffic lights where they are not needed can create traffic congestion and increase the travel time of commuters, which can lead to confusion and accidents. Failure of traffic lights due to the negligence of the Traffic Board can put commuters at risk of traffic accidents. Their strong global presence and brand recognition built consumer trust and loyalty, leading to increased product uptake. In addition, these industry giants continuously invest in research and development, introducing innovative designs, materials and smart features to meet the changing needs and preferences of consumers. The joint efforts of these major players will significantly affect the competitive situation and the future of the market. The study includes information about market participants and their position in the industry.

List of Market Players Profiled

• Brimar Industries (U.S.)
• Valley Traffic Systems (Canada)
• Zumar Industries (U.S.)
• Barricades and Signs (Canada)
• Brady (U.S.)
• Elderlee (U.S.)
• Safeway Sign Company (U.S.)
• Custom Products Corporation (U.S.)
• TAPCO (U.S.)
• Hall Signs (U.S.)
• Trafficade (U.S.)
• Eastern Metal Signs and Safety (U.S.)
• Lyle Signs (U.S.)

INDUSTRIAL DEVELOPMENT

March 2022: Intel's Mobileye has announced its next-generation EyeQ chipset designed for 4th generation autonomous driving. EyeQ5 promises to perform more than a trillion operations per second.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.