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According to the new research report titled “Adaptive Traffic Control System Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 15,058.53 million by 2028 with a CAGR growth rate of 17.8% from 2021 to 2028.
APAC is projected to register an impressive CAGR during 2021–2028. The adaptive traffic control system market in APAC comprises countries such as China, India, Japan, Australia, South Korea, and the Rest of APAC. The economy of the region is performing well owing to numerous technological and infrastructural developments. The road pricing and privatizations of highways are among the initiatives planned to efficiently reduce the traffic congestion. Moreover, the rapid urbanization also boosted the immense levels of traffic congestions in the region, specifically in the developing countries. The mounting requirement for superior traffic management solutions to minimize the pollution would drive the growth of the adaptive traffic control system market in the region. The governments in the region are taking several smart cities initiatives that are significantly contributing to the growth of the adaptive traffic control system market.
In February 2020, on the eve of the 3rd Global Ministerial Conference on Road Safety, the formation of the first regional Road Safety Observatory in the region was announced in Stockholm. The policymakers and ministers from worldwide assembled in the conference to further set the future direction for road safety action. Such initiatives across the region is supporting the growth of adaptive traffic control system market.
In the APAC region, with the advancement of new technologies, which have found advantages in AI, IoT, and big data analytics, various companies in the region are highly focused on developing better products, which can act as solutions to daily problems. Data analytics technology is being deployed to evaluate data patterns and make predictions about unknown future events. Several market players in the region are focusing on the development of advanced traffic control system.
However, the COVID-19 containment measures undertaken by the governments in this region have negatively affected the electronics sector. Although, China is the leading manufacturing country in this region, it is among the worst-hit country along with India, which has ultimately impacted the production of electronics equipment. Further, due the interruption in supply chain and logistics, the procurement rate of various electronics equipment including hardware components of adaptive traffic control system has been quite affected.
Key Findings of Study:
Developed regions are focusing on the adoption of new technologies to shape the growth of the futuristic urban towns and cities. The rising prominence on the smart cities development and urban planning systems are creating huge opportunities for market players to develop advanced traffic control systems. Further, the governments globally are focusing on the infrastructural development that compliments the expansion of vehicular network and strongly influences the success of a smart city.
Additionally, the development of global road infrastructure industry is growing at an impressive pace due to rising population and urbanization levels. Rising government expenditure on infrastructure and swiftly growing road network expansions across the countries are driving the adaptive traffic control system market. Spending on smart transportation infrastructure in various potential countries and upgrades of existing infrastructure are fueling the demand for adaptive traffic control systems. Infrastructure upgrading activities, development of smart cities, and rising adoption of smart traffic control systems are among the major factors fueling the market growth. Several governments of major countries are involved in designing tunnels for smooth road transport and reduced travel times.