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Global Road Safety Market – Industry Trends and Forecast to 2031

  • ICT
  • Upcoming Report
  • Feb 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

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

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  

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Component (Solutions, Services), Technology (Surveillance, Sensors-Based Devices, Radar and Analytics), Road Type (Cities, Highways, Rural Roads, Others)

Countries Covered

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

Market Players Covered

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.)

Market Opportunities

  • Government Initiatives for Public-Private Partnerships
  • Focus on Vulnerable Road Users for Safety Solutions

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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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The Road Safety Market size will be worth USD 10,721.29 million by 2031 during the forecast period.
The Road Safety Market growth rate is 10.1% during the forecast period.
The Increasing Road Traffic Require Enhanced Safety & Technological Advancements Providing Real-Time Assistance to Drivers are the growth drivers of the Road Safety Market.
The component, technology, and road type are the factors on which the Road Safety Market research is based.
The major companies in the 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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