Asia-Pacific Road Safety Market, By Component (Solutions, Services), Technology (Surveillance, Sensors-Based Devices, Radar, Analytics), Road Type (Cities, Highways, Rural Roads, Others), Country (China, Japan, India, South Korea, Australia, Indonesia, Singapore, Thailand, Malaysia, Philippines and Rest of Asia-Pacific) Industry Trends and Forecast to 2028
Market Analysis and Insights: Asia-Pacific Road Safety Market
The road safety market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 9.9% in the forecast period of 2021 to 2028 and is expected to reach USD 1,914.90 million by 2028. The increasing growth in number of accidents is boosting the growth of the market.
Asia-Pacific region has a large number of population that is leading to the growth in urbanization. The increasing population has demand of automotive vehicles which increases the traffic congestions on road. The increased traffic is managed through road safety solutions thus boosting the growth of the market.
Road safety involves taking several steps for reducing the risk of road traffic injuries and death. The road safety measures are not only taken for car occupants but are also taken for cyclists, pedestrians and motorcyclists. The increase in the number of road accidents especially in the regions that lack road safety infrastructure has created a high need for road safety solutions to prevent these accidents.
Surging number of road accidents led to the rise of more usage of road safety solution which in result drives the growth of road safety market. Technical complications associated with road safety technologies hinder the overall growth of road safety market. Surging growth in connected vehicles integrated with intelligent transportation systems (ITS) is acting as major window of opportunity for the road safety market. High risk of cyber-attacks and personal information thefts is acting as a major challenge for the growth of road safety market
This road safety market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the road safety market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Road Safety Market Scope and Market Size
The road safety market is segmented into three notable segments which are based on the component, technology and road type. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the road safety market has been segmented into solutions and services. In 2021, solutions segment dominates the overall market due to the rise in the demand of enforcement solution in the developing countries.
- On the basis of technology, the road safety market has been segmented into surveillance, sensors-based devices, radar and analytics. In 2021, surveillance segment augments the market with the largest market share as this is considered to be the primary and convenient solution for the road safety by monitoring the activities or gathering data regarding speed issues, mishaps and accidents with the utilization of surveillance cameras.
- On the basis of road type, the road safety market has been segmented into cities, highways, rural roads and others. In 2021, cities segment holds the largest market share due to the maximum utilization of the road safety solution to avoid traffic congestion and other mishaps.
Road Safety Market Country Level Analysis
Road safety market is analysed and market size information is provided by the country, component, technology and road type.
The countries covered Asia-Pacific road safety market report are China, Japan, India, South Korea, Australia, Indonesia, Singapore, Thailand, Malaysia, Philippines and Rest of Asia-Pacific.
China is dominating the market in Asia-Pacific region due to presence of high number of automotive vehicles and population that lead to traffic congestion.
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 new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of Water Detection Sensors
Road safety market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in Road safety and changes in regulatory scenarios with their support for the road safety market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Road safety Market Share Analysis
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, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to road safety market.
The major players covered in road safety market report JENOPTIK AG, Sensys Gatso Group AB, Kapsch TrafficCom AG, Redflex Holdings, FLIR Systems, Inc., Cubic Corporation, VITRONIC Dr.-Ing. Stein Bildverarbeitungssysteme GmbH, Motorola Solutions, Inc, Siemens, Dahua Technology Co., Ltd, Traffic Logix among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of road safety market.
- In February 2021, Motorola Solutions, Inc. announced the launch of Video-as-a-Service offering. The new offering combined body-worn cameras, cloud-based support and digital evidence management software in a bundle for law enforcement agencies. The body-worn camera as-a-service package is a combination of V300 body-worn camera, mounting device, spare battery and access to digital evidence management. The new product increased the product portfolio of the company.
- In January 2021, Cubic Corporation announced the launch of UMO platform for mobility service providers, transit agencies and riders. UMO is composed of various suites of products that help the riders to access real-time information to optimize their mobility experience, earn rewards for riding public transit, plan trips across public and private modes and conveniently pay fares. The new product increased the product portfolio of the company.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for road safety through expanded range of size.