Road safety refers to products and services introduced to the market to avoid and decrease the risk of accidents, maintain traffic discipline, control and curb errant vehicle movement, and assure commuters' safety. The median barrier, crash cushions, guardrail, and end treatments are all part of traffic safety, as are truck escape ramps and breakaway supports for signs and light standards. The constant demand for commuter road safety, the reduction of traffic and congestion on the road, new infrastructure development, and longer commutes, among other things, are all expected to improve the total road safety market. There is an ever-increasing demand for road safety solutions and services to ensure that the growing vehicle population does not negatively impact social costs and productivity.
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Data Bridge Market Research analyses that the road safety market is expected to grow at a CAGR of 10.1% in the forecast period of 2021 to 2028 and is expected to reach USD 8,542.86 million by 2028. As the incidence of traffic accidents has increased, so has the use of road safety solutions, fueling the expansion of the road safety market. A growing urban population and high demographic rates, rapid motorization, an increase in the number of road fatalities/accidents, and government measures to promote road safety are driving the road safety market.
The rising number of vehicles is expected to drive the market's growth rate during the forecast period.
The rising number of traffic accidents and fatalities necessitates the use of road safety solutions, which can assist to reduce traffic fatalities significantly. Speed and red light enforcement, bus lane compliance, and section control are all enforced with the use of enforcement solutions. Incident detection and response systems would identify the place, time, reasoning, and other event-related information. It would cut down on the amount of time it took to respond to a crash. Overall, road safety solutions and services are anticipated to lower the incidence of road fatalities by providing preventative measures.
Report Scope and Market Segmentation
Report Metric
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Details
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Forecast Period
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2021 to 2028
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Base Year
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2020
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Historic Years
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2019 (Customizable to 2013 - 2018)
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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, Analytics), Road Type (Cities, Highways, Rural Roads, Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Rest of Europe, China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Rest of Asia-Pacific, South Africa, Egypt, Saudi Arabia, U.A.E, Israel, Rest of Middle East and Africa
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Market Players Covered
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JENOPTIK AG (Germany), Sensys Gatso Group AB (Sweden), SWARCO (Austria), INFORMATION ENGINEERING GROUP INC. (Canada), Syntell (Pty) Ltd (a subsidiary of Hosken Consolidated Investments) (South Africa), Kapsch TrafficCom AG (Austria), Redflex Holdings (Australia), FLIR Systems, Inc. (U.S.), Cubic Corporation (U.S.), VITRONIC Dr.-Ing. Stein Bildverarbeitungssysteme GmbH (Germany), Truvelo Ltd (U.K.), Optotraffic, LLC (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 Ltd. (U.K.), Conduent, Inc. (U.S.), Tattile S.r.l. (Italy), Traffic Logix (India)
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Data Pointers Covered in Report
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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.
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Segment Analysis:
The road safety market is segmented on the basis of component, technology and road type.
In 2021, the solutions segment is projected to hold the largest share of component segment in the road safety market
In 2021, the solutions segment is anticipated to hold the largest share of global road safety market due to the rise in the demand of enforcement solution in the developing countries. The solutions segment is growing with a CAGR of 10.3% in the forecast period of 2021 to 2028.
In 2021, the cities segment of road type segment is anticipated to dominate the road safety market
In 2021, the cities segment of this market will dominate the road safety market due to the maximum utilization of the road safety solution to avoid traffic congestion and other mishaps. The cities segment is expected reach the highest CAGR of 10.5% in the forecast period of 2021-2028.
Major Players
Data Bridge Market Research recognizes the following companies as the major road safety market players in road safety market are JENOPTIK AG (Germany), Sensys Gatso Group AB (Sweden), SWARCO (Austria), INFORMATION ENGINEERING GROUP INC. (Canada), Syntell (Pty) Ltd (a subsidiary of Hosken Consolidated Investments) (South Africa), Kapsch TrafficCom AG (Austria).
Market Development
Regional Analysis
Geographically, the countries covered in the road safety market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Rest of Europe, China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Rest of Asia-Pacific, South Africa, Egypt, Saudi Arabia, U.A.E, Israel, Rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
North America is the dominant region in road safety market during the forecast period 2021 - 2028
North America will continue to dominate the road safety market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period due to the rapid urbanization and increasing disposable income in this region. U.S. dominates the North America region due to the presence of large manufacturing companies and strict rules and regulations regarding road safety.
Asia-Pacific is estimated to be the fastest-growing region in road safety market the forecast period 2021 - 2028
Asia-Pacific region is anticipated to grow at the highest rate during the forecast period of 2021-2028 due to the infrastructure development and the rising demand to curb traffic congestion as well as road fatalities in the region. China is anticipated to hold the largest market share in the Asia-Pacific region due to increasing population and traffic conditions.
For more detailed information about the road safety market report, click here – https://www.databridgemarketresearch.com/reports/global-road-safety-market
Global Road Safety Market – Industry Trends and Forecast to 2028
North America Road Safety Market – Industry Trends and Forecast to 2028
Europe Road Safety Market – Industry Trends and Forecast to 2028
Middle East and Africa Road Safety Market – Industry Trends and Forecast to 2028
Asia-Pacific Road Safety Market – Industry Trends and Forecast to 2028