Road Safety Market Research, 2031
The global road safety market was valued at $4.7 billion in 2021, and is projected to reach $14.8 billion by 2031, growing at a CAGR of 12.5% from 2022 to 2031.
Rapid urbanization along with growing urban population, which call for better management of transportation and traffic safety, foster the market expansion. As a result, there is a growing need for road safety due to government initiatives and expenditures to improve road security management. However, the significant danger of cyberattacks and identity theft linked to road safety market growth.
Road safety management involves the techniques and precautions taken to prevent the death or serious injury of highway users. Standard road users include motorists, bicyclists, pedestrians, motorists, horseback riders, and motorcyclists of on-road public transportation (mainly trucks and trams). The market for road safety has profited from the proliferation of autonomous cars, which is one of the key factors driving its expansion. The need for linked automobiles and intelligent transportation systems (ITS) has increased as a result of these autonomous vehicles.
Government agencies may use road safety solutions to protect pedestrians and vehicle drivers from all forms of road traffic accidents. These solutions are gaining acceptance throughout the world as the number of vehicles on the road continues to rise. Consequently, it must be ensured that the growing vehicle fleet does not have a negative impact on social costs, productivity, or public incident detection and response spending. For instance, transportation consulting, in which transportation planning advisers are engaged, is defined as providing authorities with knowledge that may aid them in responding to the issues involved with managing present and forthcoming transportation situations. As a result, these solutions have played a significant role in the growth of the road safety industry.
The market is divided into solutions and services based on the kind of offering. Service is further separated into system integration & deployment, support & maintenance, and consulting & training. The system integration and deployment segment was the highest revenue contributor to the market, with $526.1 million in 2021, and is estimated to reach $1,364.5 million by 2031, with a CAGR of 10.2%.
On the basis of type, the global road safety market is fragmented into enforcement solution, ALPR/ANPR, incident detection & response, railroad crossing safety, school bus stop -arm enforcement and back office system. The enforcement solution is further categorized into red light enforcement, speed enforcement, section enforcement, and bus lane enforcement.
Speed enforcement, school bus stop arm enforcement, back office systems, and other are types of enforcement solutions that have improved global road safety market. By strengthening driving standards and implementing national-scale road safety initiatives as well as commuter-friendly traffic and road safety solutions, these solutions lower the probability of safety concerns and fatalities. To improve traffic conditions and promote the effective usage of road capacity, enforcement solutions play a crucial role in the operation of the road network. Intelligent transportation systems (ITS) has the potential to automatically identify and record traffic infractions such overloading, running red lights, close following of cars in tunnels, unsafe driving hours for trucks, driving with a suspended license or certification, driving while intoxicated, and driving with unpaid penalties. The implementation of enforcement solutions in the countries such as the UK, the U.S., Russia, China, and India has decreased traffic fatalities and increased adoption of road safety.
North America covers the U.S. and Canada. North America is projected to obtain a significant road safety market share. The government's active promotion of the measures to minimize the chances connected with traffic and road catastrophes has contributed to the growth of the road safety market. In addition, a quantitative forecast of road deaths for the first half of 2021.
Top Impacting Factors
The road safety market size is impacted by proliferation of autonomous cars, the need for linked automobiles & intelligent transportation systems, and rapid urbanization along with growing urban population. Furthermore, the significant danger of cyberattacks and identity theft linked to road safety technology affect the market's growth. The need for road safety is expanding as a result of increased government initiatives and investments to improve road security measures influence the market growth. However, each of these factors is anticipated to have a definite impact on the growth of the global road safety market during the forecast period.
COMPETITION ANALYSIS
Competitive analysis and profiles of the major Road Safety market players, such as Cubic Corporation, Dahua Technology, Flir Systems, Inc., IDEMIA, Jenoptik, Kapsch TraficCom, Redflex Holdings, Sensys Gatso Group AB, Siemens AG, and VITRONIC are provided in this report.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the road safety industry market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall road safety market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunity along with road safety market forecast factors.
- The current road safety market forecast is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
- The report includes the market share of key vendors and road safety market trends.
Road Safety Market Report Highlights
| Aspects | Details |
 By Offering |
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 By Type |
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 By Region |
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 Key Market Players | Verra Mobility, Kapsch TraficCom, Silicon Labs, Conduent, Redflex Holdings, Sensys Gatso Group AB, Dahua Technology, Jenoptik, Saferoad Group |
Analyst Review
Road safety refers to the steps taken to lower the possibility of accidents resulting in injuries or fatalities. Nations may work to enhance their road safety regulations and to provide a safer, more accessible, and sustainable environment for transportation networks as well as for all road users through intersectoral cooperation and collaboration. About a third of traffic-related deaths in high-income nations and half of those in low- and middle-income countries are the result of massive velocity. Therefore, the market for road safety is assumed to grow due to rising demand of urbanization, traffic management and intelligent transportation systems (ITS).
The global road safety market is highly competitive, owing to the strong presence of existing vendors. Road safety vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.
Solutions like speed enforcement, school bus stop-arm enforcement, back office systems, and many more have improved global road safety. By improving driving standards and implementing national-scale road safety programmes, these solutions have the potential to reduce the likelihood of safety concerns and accidents. They also offer commuter-friendly traffic and road safety solutions.
Among the analyzed regions, North America exhibits the highest adoption rate of Road Safety and has been experiencing massive expansion of the market. On the other hand, Asia-Pacific is expected to grow at a faster pace, predicting lucrative growth due to emerging countries, such as China, Japan, and India, investing in these technologies. Regions, such as the Middle East and Africa, are also expected to offer new opportunities in the Road Safety market in future.
Globally, various key players and government agencies are investing in road safety to make them compatible with various industrial platforms. For instance, Safety21 bought Kapsch TrafficCom Italia in September 2021, reinforcing the company's crucial role as a provider of Smart City and Smart Road solutions for local governments. Safety21 purchased Kapsch TrafficCom Italia, reinforcing its crucial role as a facilitator of Smart City and Smart Road solutions for regional governments.
Additionally, they introduced its "9360" product suite in November 2020. It consists of onboard and roadside components that support cellular vehicle-to-everything (C-V2X) applications. The 9360 suite comes after the 9260 and 9160 sets, which are used for DSRC and dual-mode/dual-active applications, respectively. All of these breakthroughs in the field of road safety point to profitable market expansion prospects. The key players profiled in the report include Cubic Corporation, Dahua Technology, Flir Systems, Inc., IDEMIA, Jenoptik, Kapsch TraficCom, Redflex Holdings, Sensys Gatso Group AB, Siemens AG and VITRONIC.
Remote access and management of safety solution is seen as trend for the target market.
Assuring safety of citizens by with help of automated technology is the application of road safety market.
North America is the largest regional market for road safety.
The global road safety market was valued at $4,658.4 million in 2021, and is projected to reach $14,787.7 million by 20311.
Players with sizable market shares in road safety market players involves as Cubic Corporation, Dahua Technology, Flir Systems, Inc., IDEMIA, Jenoptik, Kapsch TraficCom and Redflex Holdings
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