Global Road Safety Market: Industry Analysis and Forecast 2021-2027

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Global Road Safety Market is anticipated to reach US$ 5.31 Bn by 2027 from US$ 3.1 Bn in 2019 at a CAGR of 9.4 % during a forecast period.

Global Road Safety Market Overview

Road safety includes adopting several actions to reduce the risk of traffic-related injuries and deaths. Road safety precautions are taken not only for automobile occupants, but also for bicycles, pedestrians, and motorcyclists. The rise in the number of road accidents, particularly in areas where road safety infrastructure is lacking, has resulted in a strong need for road safety solutions to prevent these accidents. The median barrier, crash cushions, guardrail, and end treatments are all part of traffic safety.

 

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The report has covered the market trends from 2015 to forecast the market through 2027. Where 2019 is considered a base year to forecast the market from 2021 to 2027. However 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe.

Global Road Safety Market Dynamics

The market for road safety is expected to grow due to an increase in the number of accidents, growing motorization, and government measures to improve road safety. Pedestrians, cyclists, and motorcyclists account for more than half of all global road traffic accidents, even though they are still too often neglected in the development of many countries' road traffic systems. An incident detection and response system can identify the location, timing, and other event-related information regarding accidents. The overall benefits of road safety solutions and services are expected to reduce the number of traffic fatalities while increasing market growth.

Government bodies have taken enforcement actions in response to speeding by fining violators and imposing penalties. Manual enforcement is an effective technique, but owing to the high labor factor of the operation, it is inefficient. Automated enforcement systems come in a variety of shapes and sizes, with various detecting methods like radar, laser, and loops, each with its own set of benefits and drawbacks, and are frequently connected with telematics solutions in cars. Automated speed enforcement can be controlled by a variety of devices, including mobile, in-vehicle, semi-fixed, fixed, and average speed detection, and therefore a variety of devices can be used. These factors are expected to drive the significant growth of the market during the forecast period.

Manufacturers continue to achieve technologically improved products that last longer and are less vulnerable to damage to stay up with market demand. Intelligent displays, high-resolution cameras, and systems that can monitor in bad weather or low light are gaining momentum, boosting demand for road safety solutions. As a result, some countries are performing official road safety evaluations every year while developing road safety plans. Such activities are expected to drive the demand for road safety solutions over the forecast period.

Global Road Safety Market Segmentation Analysis

 

By Solution, the red light enforcement market is expected to grow at CAGR of xx% during the forecast period. The acceptance and use of connected devices, as well as rigorous government regulations, are driving the growth of the red light enforcement segment. Alternative considerations like ease of installation, cost-effectiveness in comparison to other solutions, and the desire for smart city growth are also contributing to the growth of this segment. As a result, the worldwide market for road safety solutions is expected to be dominated by the red light enforcement segment.

Global Road Safety Market Regional Insights

North America dominated the global road safety market with a share of more than 37 percent, which was followed by Europe. This is attributed mostly to a variety of government efforts, enormous regional expenditure, and early technology. Given the inherent demands of automobiles in the US, the adoption of road safety solutions and greater investment in infrastructure development has been a significant element in the rate of road safet

Due to an increase in the number of incidents, the number of cars, and numerous government measures to promote public safety, Asia Pacific is expected to grow at the fastest CAGR of 11% during the forecast period. China, Australia, Japan, and India are among the countries with high demand for road safety and solutions.

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Global Road Safety Market Scope: Inquire before buying

Global Road Safety Market 3

Global Road Safety Market by Region:

• North America

• Asia pacific

• Europe

• Middle East and Africa

• South America

Global Road Safety Market Key Players

• Kapsch Traffic Com

• Sensys Gatso Group

• Redflex Holdings

• Verra Mobility

• IDEMIA

• FLIR Systems

• Motorola Solutions

• SWARCO

• Information Engineering Group Inc.

• Cubic Corporation

• Siemens

• Conduent

• VITRONIC

• Kria

• Laser Technology

• Optotraffic

• Syntell

• Traffic Management Technologies

• AABMATICA

• Clearview Intelligence

• Dahua Technology

• Truvelo

• Trifoil

• Continental AG

Frequently Asked Questions

1. What is the projected market size & growth rate of Global Road Safety Market?

Ans- Road Safety Market was valued at USD 3.1 Billion in 2019 and is projected to reach USD 5.31 Billion by 2027, growing at a CAGR of 9.4 % during the forecast period.

2. What are the key driving factors for the growth of Global Road Safety Market?

Ans- The market for road safety is expected to grow due to an increase in the number of accidents, growing motorization, and government measures to improve road safety.

3. Which region accounted for the largest Global Road Safety Market share?

Ans- North America dominated the global road safety market with a share of more than 37 percent, which was followed by Europe. This is attributed mostly to a variety of government efforts, enormous regional expenditure, and early technology

4. What makes Asia Pacific a Lucrative Market for Global Road Safety Market?

Ans- Due to an increase in the number of incidents, the number of cars, and numerous government measures to promote public safety, Asia Pacific is expected to grow at the fastest CAGR of 11% during the forecast period. China, Australia, Japan, and India are among the countries with high demand for road safety and solutions.

5. What are the top players operating in Global Road Safety Market?

Ans- The major players operating in the WES market include Kapsch TrafficCom, Sensys Gatso Group, Redflex Holdings, Verra Mobility, IDEMIA, FLIR Systems, Motorola Solutions, SWARCO, Information Engineering Group Inc., Cubic Corporation, and Siemens.

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