North America Road Safety Market, By Component (Solutions, Services), Technology (Surveillance, Sensors-Based Devices, Radar, Analytics), Road Type (Cities, Highways, Rural Roads, Others), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2028
Market Analysis and Insights: North America 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 10.7% in the forecast period of 2021 to 2028 and is expected to reach USD 2,921.45 million by 2028. Growing technological developments in the region is acting as major factor for the growth of the road safety 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.
North America Road Safety Market Country Level Analysis
North America road safety market is analysed and market size information is provided by the country, component, and technology and road type.
The countries covered in North America road safety market report are U.S., Canada and Mexico.
The U.S. is dominating in the North America region for road safety market due to high presence of market leaders in the region. North America is being highly penetrated by the adoption of advanced technologies and government has launched a number of initiatives to increase safety on road. The country is collaborating with several companies in order to install advanced traffic monitoring, controlling and surveillance system, thus boosting the growth of road safety market.
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 North America 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 Road Safety
The 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 2011 to 2019.
Competitive Landscape and Road Safety Market Share Analysis
The 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, North America 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 North America road safety market.
The major players covered in the North America road safety market report are JENOPTIK AG, Sensys Gatso Group AB, INFORMATION ENGINEERING GROUP INC., Kapsch TrafficCom AG, Redflex Holdings, FLIR Systems, Inc., Cubic Corporation, VITRONIC Dr.-Ing. Stein Bildverarbeitungssysteme GmbH, Optotraffic, LLC, Laser Technology, Inc., Motorola Solutions, Inc., Verra Mobility, Siemens, Dahua Technology Co., Ltd, Conduent, Inc., Tattile S.r.l., 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 January 2021, Dahua Technology Co., Ltd announced the launch of WizSense/WizMind series. The WizMind series provided with AI-powered smart solutions to various industry verticals such as traffic management, judiciary, rail transit, building, retail, energy, safe city and others. 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.