India LED Traffic Signs and Signals Market By Type (Signs and Signals), By Product Type (Flashing and Non- flashing), By Power Source (Electric Power and Solar Energy), By Application (Railway, Airport, Urban Traffic and Others) and Country

India LED Traffic Signs And Signals Market size was valued at USD 43.4 million in 2023 and is poised to grow at a CAGR of 7.4% during 2024-2030. India accounts for around 3-4% of the global market. Growth in the investment in the infrastructure sector and road development projects by the Government of India in various parts of the country are bolstering market growth. Further, an increase in road construction activities, modernization of the transportation infrastructure, and adaptation of energy-efficient lighting solutions are key growth influencing factors for the market. The LED traffic signs and signals market is witnessing promising growth all over the globe with higher growth projections in India.

LED signals are being primarily focused across the metropolitan in India to improve the visibility for all the drivers, to smoothen traffic flow, and to enhance smart traffic management. Rise in the construction of airports, smart cities, and many others to adapt LED-based signs and signals in the country which will bolster the market growth outlook. Along with several market growth influencing factors and opportunities, there lies ahead some challenges for the market in the coming years including high initial cost for installations, challenges related to regulations and compliances, and coverage of LED signs and signals in towns and villages in India.

India LED Traffic Signs and Signals Market Segmental Analysis:

Based on type, the signal segment accounts for the majority of the market share owing to higher adaptation and pricing. Expansion of its applications coverage in urban traffic management and smart traffic management practices offers potential growth for the segment. Integration of LED signals in transportation hubs including airports, bigger cities, railway stations, etc. to further boost the demand.

Non-flashing segment in a key segment based on product type for the market of LED signs and signals in India. This domination of the segment is owing to their widespread use in routine traffic management infrastructure and higher preference for traffic management.

Solar-powered LED signs and signals are gaining traction in the domestic market and the segment is projected to witness a CAGR of 7.8% over the coming forecast period. Implementation of several renewable projects, particularly in rural and remote areas with limited access to electricity infrastructure are bolstering the growth outlook for the solar energy segment.

Based on applications, the airport segment is to witness a rise of 70 bps points in the market share by the end of the forecast period in the overall market owing to the higher rate of adaptation of LED signs and signals as well as the significant rise in construction and allocation of several projects on airport construction in the country.

India LED Traffic Signs and Signals Market Key Developments:

• In May 2023, Bombay Municipal Corporation installed around 569 new cantilever traffic signal poles with LED signals in Mumbai. This installation in the city is done for improvement of visibility to the motorist and enables them to notice the signal from a distance. For this project BMC spend around 22 crore rupees.
• In July 2022, Delhi had introduced electronic signs in the traffic signals indicating speed limits along with the timer display for effective traffic management and smooth traffic flow.