Road Safety Market By Components (Hardware, Software, Services); By Solution (Red Light Enforcement, Speed Enforcement, Bus Lane Enforcement and Section Enforcement, Automatic License Plate Recognition/Automatic Number Plate Recognition (ALPR/ANPR), Incident Detection and Response); By Service (Consulting and Training, Support and Maintenance, System Integration and Deployment, Managed Services); By Technology (Surveillance, Radar & sensor-based devices, Analytics); By Application (Traffic Control, Road Infrastructure Solution, Technological Solution); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Road Safety Market Overview and Definition
The global road safety market size was valued at around USD 4.8 billion in 2022 and is projected to grow at a compound annual rate of growth (CAGR) of around 9.2% from 2022 to 2032.The market size is projected to succeed in USD 11.5 billion by 2032.
The road safety market is a segment of the transportation and safety industry that deals with the production, distribution, and implementation of various safety measures and technologies designed to improve safety on roads and highways. The road safety market includes a wide range of products and services, such as traffic management systems, safety barriers, speed enforcement cameras, pedestrian safety solutions, and other safety equipment.
The road safety market is driven by several factors, including increasing concerns about traffic congestion, rising numbers of road accidents and fatalities, and growing investments in infrastructure development. The market is also fueled by technological advancements in the production and implementation of road safety solutions, which have improved their effectiveness and reliability.
The road safety market is highly competitive, and includes several major players, as well as many smaller companies and startups. The market is also subject to various regulations and quality standards related to safety and performance. As the demand for road safety solutions continues to grow, the road safety market is expected to expand significantly in the coming years.
The road safety market includes a range of stakeholders, including government agencies, private companies, and non-governmental organizations (NGOs). These stakeholders work together to develop and implement road safety policies and initiatives aimed at reducing accidents, improving mobility, and increasing awareness about safe driving practices. The road safety market is also influenced by various factors such as road conditions, weather patterns, and driver behavior, which can impact the effectiveness of road safety solutions.
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.
Road Safety Market Drivers
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
- Red Light Enforcement
- Speed Enforcement
- Bus Lane Enforcement and Section Enforcement
- Automatic License Plate Recognition/Automatic Number Plate Recognition (ALPR/ANPR)
- Incident Detection and Response
- Consulting and Training
- Support and Maintenance
- System Integration and Deployment
- Managed Services
- Radar & sensor-based devices
- Traffic Control
- Road Infrastructure Solution
- Technological Solution
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Road Safety Market Regional Insight
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.
Road Safety Market Key Players
- Kapsch TrafficCom
- Information Engineering Group Inc.
- Cubic Corporation
- Redflex Holdings Limited
- Laser Technology
- Sensys Gatso Group
- Verra Mobility
- Motorola Solutions
- American Traffic Solutions
- Rad Data Communication
- Swarco AG
- Traffic Management Technologies
- Clearview Intelligence
- Dahua Technology
- Huawei Enterprise
- American Traffic Solutions
- Flir Systems Inc.
- Other Players
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:
- 2021: Base Year
- 2022 to 2032: 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
- What is the overall market size in 2021 ? What will be the market growth during the forecast period i.e., 2022-2032?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?