Global Road Safety Market, By Component (Solutions, Services), Technology (Surveillance, Sensors-Based Devices, Radar and Analytics), Road Type (Cities, Highways, Rural Roads, Others) – Industry Trends and Forecast to 2031.
Road Safety Market Analysis and Size
The WHO Global Status Report on Road Safety 2022 highlighted 1.3 million road traffic deaths and 20 to 50 million injuries worldwide in 2021. With over 93% of accidents concentrated in low- and middle-income countries, the imperative to enhance road safety measures is evident, fostering potential growth in the road safety market through increased demand for safety technologies and infrastructure.
Data Bridge Market Research analyses that the global road safety market, which was USD 4,965.33 million in 2023, is expected to reach USD 10,721.29 million by 2031, at a CAGR of 10.1% during the forecast period 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Road Safety Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Solutions, Services), Technology (Surveillance, Sensors-Based Devices, Radar and Analytics), Road Type (Cities, Highways, Rural Roads, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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JENOPTIK AG (Germany), Sensys Gatso Group AB (Sweden), SWARCO (Austria), IEG America (Canada), Syntell (Pty) Ltd (South Africa), Kapsch TrafficCom AG (Austria), Redflex Holdings (Australia), Teledyne FLIR LLC (U.S.), Cubic Corporation (U.S.), Truvelo (UK) Limited (U.K.), ALTUMINT (U.S.), Laser Technology, Inc. (U.S.), Motorola Solutions, Inc. (U.S.), Verra Mobility (U.S.), Siemens (Germany), Dahua Technology Co., Ltd (China), Clearview Intelligence Limited (U.K.), Conduent Business Services, LLC. (U.S.), Tattile S.r.l. (Italy), Traffic Logix (U.S.)
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Market Opportunities
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Market Definition
Road safety encompasses measures aimed at reducing the risk of road traffic injuries and fatalities, extending to cyclists, pedestrians, and motorcyclists, including car occupants. The surge in road accidents, particularly in regions lacking adequate safety infrastructure, underscores the urgent demand for road safety solutions to mitigate these incidents.
Global Road Safety Market Dynamics
Drivers
- Increasing Road Traffic Require Enhanced Safety
Growing urbanization and vehicle ownership lead to increased road traffic, heightening the need for improved safety measures to reduce accidents. This underscores the importance of implementing effective road safety initiatives to protect motorists and pedestrians in densely populated areas, thereby driving demand for solutions in the road safety market.
- Technological Advancements Providing Real-Time Assistance to Drivers
Technological advancements, including advanced driver assistance systems (ADAS), collision avoidance systems, and autonomous vehicles, drive the road safety market's growth. These innovations enhance safety by providing real-time assistance to drivers, preventing collisions, and paving the way for the development of safer transportation ecosystems.
Opportunities
- Government Initiatives for Public-Private Partnerships
Government initiatives in road safety globally create opportunities for public-private partnerships, funding, and regulatory backing. This support facilitates the implementation of advanced safety measures such as enhanced road infrastructure, traffic management systems, and awareness campaigns, fostering collaboration between governments, businesses, and stakeholders to enhance road safety on a broader scale.
- Focus on Vulnerable Road Users for Safety Solutions
Increased awareness of vulnerable road users presents opportunities for tailored safety solutions. These initiatives involve enhanced infrastructure such as dedicated lanes and crossings, coupled with educational campaigns and technology integration. These comprehensive efforts aim to mitigate accidents and fatalities among users contributing to safer road environments for all.
Restraints/Challenges
- Climate and Environmental Factors Disrupting Road Conditions
Climate and environmental factors challenge the road safety market by introducing unpredictable risks. Extreme weather events, environmental hazards, and natural disasters disrupt road conditions, making it challenging to implement consistent safety measures. These unpredictable elements contribute to increased accident risks, complicating efforts to devise standardized road safety solutions.
- Irresponsible Behaviors Increasing the Frequency of Accidents
Irresponsible behaviors such as speeding distracted driving including texting while driving and driving under the influence of alcohol or drugs hinder the road safety market by increasing the frequency of accidents and fatalities. These behaviors pose significant challenges to efforts aimed at promoting safer driving practices and reducing road-related injuries and deaths.
This global road safety market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global road safety market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In May 2023, Nokia launched new Core network software solutions tailored for public safety and power utility field and wide area network (FAN/WAN) needs. This expansion broadens Nokia's portfolio for large-scale, mission-critical enterprises and governments, showing its commitment to pioneering private wireless solutions in the industry
- In March 2022, Melbourne debuts the world's smartest traffic management system along Nicholson Street, spanning 2.5 kilometers. Equipped with cutting-edge technology such as sensors, cloud-based AI, and machine learning algorithms, the Intelligent Corridor aims to minimize congestion, enhance road safety for all users, and reduce emissions from congested traffic, benefiting cars, pedestrians, and cyclists
- In March 2022, Sensys Gatso Group secures a contract to supply traffic enforcement products and services to the Belgian Walloon government. Through its subsidiary, Sensys Gatso Netherlands, the company will provide T-series systems and associated services for approximately SEK 6 million (USD 575,000), contributing to enhanced traffic safety and compliance
- In February 2021, Motorola Solutions, Inc. launched its Video-as-a-Service offering, including the V300 body-worn camera, cloud-based support, and digital evidence management software. This strategic product expansion, designed for law enforcement agencies, contributes to the road safety market by providing comprehensive solutions for enhanced surveillance, accountability, and incident management on roadways
Global Road Safety Market Scope
The global road safety market is segmented on the basis of component, technology, and road type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Solutions
- Red Light and Speed Enforcement
- Bus Lane Enforcement, and Section Enforcement
- Incident Detection and Response
- Automatic Number/License Plate Recognition (ANPR/ALPR)
- Others
- Services
- Professional Services
- Managed Services
- Consulting and Training
Technology
- Surveillance
- Sensors-Based Devices
- Radar and Analytics
Road Type
- Cities
- Highways
- Rural Roads
- Others
Global Road Safety Market Regional Analysis/Insights
The global road safety market is analysed and market size insights and trends are provided by country, component, technology, and road type as referenced above.
The countries covered in the global road safety market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is expected to dominate the road safety market due to the presence of large manufacturing companies and stringent regulations governing road safety. These factors underscore the region's leadership in promoting and implementing measures to enhance road safety standards.
Asia-Pacific is expected to show significant growth in the road safety market, driven by increasing population and traffic conditions. This surge in demand is fueled by the need for surveillance and monitoring solutions to address road safety concerns in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Road Safety Market Share Analysis
The global road safety market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global road safety market.
Some of the major players operating in the global road safety market are:
- JENOPTIK AG (Germany)
- Sensys Gatso Group AB (Sweden)
- SWARCO (Austria)
- IEG America (Canada)
- Syntell (Pty) Ltd (South Africa)
- Kapsch TrafficCom AG (Austria)
- Redflex Holdings (Australia)
- Teledyne FLIR LLC (U.S.)
- Cubic Corporation (U.S.)
- Truvelo (UK) Limited (U.K.)
- ALTUMINT (U.S.)
- Laser Technology, Inc. (U.S.)
- Motorola Solutions, Inc. (U.S.)
- Verra Mobility (U.S.)
- Siemens (Germany)
- Dahua Technology Co., Ltd (China)
- Clearview Intelligence Limited (U.K.)
- Conduent Business Services, LLC. (U.S.)
- Tattile S.r.l. (Italy)
- Traffic Logix (U.S.)
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