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Road traffic injuries are currently estimated to be the 8th leading cause of death across all age groups globally killing approximately around 1.35 million people every year.
Traffic safety which has been studied as a science for more than 75 years refers to the set of strategies, methods or measures used to prevent road users including pedestrians, cyclists, motorists, vehicle passengers, horse riders, and passengers of on-road public transport from being killed or seriously injured.
It involves products, solutions, and services such as red-light enforcement, incident response and detection systems and installation, maintenance, and repair of these systems which help in maintaining traffic discipline and ensuring the safety of commuters. The components of traffic safety include median barrier, crash cushions, guardrail, and end treatments; truck escape ramps and breakaway support for signs and light standards.
Road safety technologies are of utmost importance, as most of these adverse events are preventable.
The global road safety market is expected to grow at a comprehensive CAGR in the years to follow.
The growth of this market is attributed towards major pertaining factors including but not limited to; the global rise in urban population and high demographic rates, the increasing need for public security and improvement in road infrastructure owing to surge in the number of road accidents and fatalities, the increasing demand of convenient mobility solution for transportation system, growing stringent government regulations and initiatives for enhancing road safety, the increasing utilization of smart technologies for road safety along with the rising technological advancements in the transportation sector etc.
Moreover, enforcement solutions and compliance measures implemented by various government departments along with other initiatives help in enforcing road traffic rules for speed and red light, bus lane compliance and others. Incident detection and response system aids in identifying the fatality/accidents’ location, time, reasoning, and other event-related information making these products highly desirable by users all around the globe, thereby, fueling the market growth.
Furthermore, rapid urbanization, the smart city initiative adopted by the governments, increasing number of crimes, terrorist attacks, and other natural disasters also increasingly enhance the road safety market growth.
However, factors such as the lack of standardized and uniform technologies, difficulties in implementing advanced road safety infrastructure, over growing population of road users, the high initial investment to improve road safety solution along with the problems associated with the removal of old infrastructural facility instead of new ones, lack of awareness towards the importance of road safety and systems and lack of political will in developing countries are restraining the growth of this market.
More importantly, the COVID-19 outbreak has severely impacted transportation industry. With the increasing workplace closures and the dramatic drop in number of aviation passengers, taxis and other providers are beginning to feel the effects. However, the market for road safety is expected to recover soon and show a healthy growth in the near future owing to the scaling up of sales of the companies, coupled with existing long-term contracts.
ROAD SAFETY MARKET SEGMENTATION:
The North American region is the largest and the dominant regional market in the road safety market and is expected to maintain its position over the years to come. The growth in this region can be well attributed to the increasing number of vehicle adoption in the region, the increasing investments in infrastructure development in the region, increasing traffic congestion and accidents, increasing large-scale investments and technological advancements in road safety and security solutions with better test facilities and rapid implementations as compared to other regions and the presence of many service providers in the region etc. The major contributors in the region include the U.S. and Canada.
The European region accounts for a substantial share in the global road safety market and is the second largest region in this market owing to the early adoption of technologies and enhanced road infrastructure in the region, the presence of several well-established service providers, OEMs in the region including their large customer base and their widespread reach across the globe etc. The major contributors in the region include Germany, Spain and the U.K.
The Asia-Pacific region is the fastest growing regional market for road safety solutions and services and the growth in this region is attributed to factors such as the rising investments as well as increased adoption of IoT and automation technologies, the economic growth and various government initiatives to support road safety measures and the scaling up of development of data analytics solutions in the region etc. The major contributors in the region include India, China, Japan and Australia.
FEW KEY PLAYERS IN ROAD SAFETY MARKET:
In December 2020, CalAmp, a global technology solutions pioneer transforming the mobile connected economy, announced its subsidiary,LoJack Italia, and PluService, an Italian-based leader in enterprise resource planning (ERP) for the mobility sector, launched an innovative telematics service designed to transform the maintenance and management of public and private transport vehicles. This new service aims to make bus maintenance smarter and prevent mechanical breakdowns, enabling more timely and efficient repairs with less cost. The LoJack Connect technology gives transport companies the ability to monitor the health status of their vehicles in real-time and promptly notifies them if a malfunction occurs.
In December 2020, Humanetics launched Stealth Robot, the UFOnano, for Testing ADAS Vehicle safety features to protect pedestrians. The Ultra-Flat Overrunable (UFO) robot platform is a perfect low-maintenance, compact ADAS safety device to run fully autonomous pedestrian and collision mitigation testing.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global road safety market by the following segments:
Customization: We also offers customization is in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Road Safety Industry Report
The report offers a comprehensive insight on the Road Safety Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.