Major players in the road safety market are Kapsch TrafficCom AG, Sensys Gatso Group, Redflex Holdings, Verra Mobility, Teledyne FLIR LLC, Motorola Solutions Inc., Information Engineering Group Inc., Cubic Corporation, Siemens AG, Conduent Inc., VITRONIC, Laser Technology Inc., Syntell, Clearview Intelligence, Dahua Technology, Truvelo Specialised Manufacturing, Jenoptik AG, IDEMIA, TriFoil Imaging.
The global road safety market grew from $3.44 billion in 2022 to $3.83 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The road safety market is expected to grow to $5.63 billion in 2027 at a CAGR of 10.1%.
The road safety market includes revenues earned by entities by providing rescue operation services, vehicle safety inspection and maintenance, vehicle crash management.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Road safety refers to strategies and tactics for lowering the likelihood that someone may be involved in a car accident. The road safety is used to prevent road users from getting severely injured or being killed by the means of spreading awareness through various road safety tools including road signs, fences, speed detectors and others.
North America was the largest region in the road safety market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the road safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of services in road safety are consulting and training, support and maintenance, and managed services.Consulting and training in road safety refer to training and educating the public on better road and traffic practices to mitigate road accidents and deaths.
The various solutions include light speed, bus lane and selection enforcement, ANPR/ALPR, incident detection and response and others. The different types of vehicles include passenger cars, light commercial vehicles, and heavy commercial vehicles.
The increasing number of road accidents and fatalities is significantly contributing to the growth of the road safety market going forward.Road traffic accidents are defined as collisions involving two or more objects on the road leading to severe injury or death.
Road safety systems monitor and identify threats to road safety, and they educate and enforce road safety norms to prevent road accidents. For instance, in 2021, the National Highway Traffic Safety Administration (NHTSA), a US-based department of transportation reported 42,915 deaths in the US caused by motor vehicle traffic crashes, a 10.5% increase from the 38,824 fatalities in 2020. Therefore, the increasing number of road accidents and fatalities is driving the growth of the road safety market.
Technological innovations are the key trend gaining popularity in the road safety market.Major companies operating in the road safety market are coming up with new technology to solve complex and new road safety issues and improve already existing solutions being implemented in road safety.
For instance, in February 2021, Motorola Solutions Inc., a US-based video equipment and telecommunications company that provides road safety solutions introduced a video-as-a-Service solution. It combines body-worn cameras, cloud-based support, and digital evidence management software in the new package for law enforcement organizations. The V300 body-worn camera, a mounting kit, an extra battery, and access to digital evidence management are all included in the body-worn camera as-a-service package. The company’s product line was expanded by the new item.
In September 2021, SWARCO, an Austria-based road safety company acquired Dynniq Mobility for an undisclosed amount.The acquisition is expected to help SWARCO to increase its footprint in northern Europe and increase its revenue stream.
Dynniq Mobility is a Netherlands-based road safety company that enables safe, sustainable, and efficient movement of people, data, and goods.
The countries covered in the road safety market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The road safety market research report is one of a series of new reports that provides road safety market statistics, including road safety industry global market size, regional shares, competitors with a road safety market share, detailed road safety market segments, market trends and opportunities, and any further data you may need to thrive in the road safety industry. This road safety market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.