Traffic Control Services Market Size to grow by USD 7996.27 million between 2023-2027
Technavio, a leading provider of market research reports, has released its latest study on Traffic Control Services Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
The market size is estimated to grow by USD 7996.27 million, at a CAGR of 8% during the forecast period. The global traffic control services market has experienced significant growth due to the increasing importance of road safety, with the rising number of vehicles on the roads increasing the demand for effective traffic management solutions. Despite the temporary decline in automobile sales in 2020 caused by the COVID-19 pandemic, the market rebounded strongly in H1 2021. For instance, the Japanese automobile market recorded a 12% increase in sales, while the EU market experienced a robust 27% growth year-over-year. This positive trend is expected to continue as economies recover and vaccination drives progress.
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In North America, the traffic control services market holds the largest market share, with the United States being the primary contributor to its growth. Key drivers fueling the expansion of this market include the escalating traffic congestion in the region, the substantial expense associated with constructing new road infrastructure, and the imperative to enhance overall road safety. Notably, the United States Department of Transportation has proposed an allocation of USD89 billion in the fiscal year 2021 budget to bolster transportation safety and infrastructure improvements.
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