Road safety market is projected to reach USD 6.3 billion by 2028.Growing urban population & rising demographic trends, accelerated motorization, increasing levels of road fatalities / accidents, government efforts to improve road safety are key factors driving the road safety industry.
Dallas, United States - April 15, 2021 /MarketersMedia/ —
As the world is getting connected and logistics and transport is becoming easier due to construction of roads, the number of road accidents and fatalities is increasing. This is the major reason which has led the governments and road regulatory authorities across the world deploy road safety solutions. The safety solutions have decreased fatalities occurred during road accidents. Moreover, the monitoring of road traffic rules has become easier due to deployment of rules regarding speed of vehicles, section control, and compliance. The advanced systems track the speed of vehicles. Moreover, the instant incident detection system and its ability to respond the system has helped in identifying the location of accidents, time, and the information related to the event occurred. Thus, the benefits provided by the system have stirred the Road Safety Market.
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In this world of digitalization, every individual and enterprise across the world is utilizing advanced systems to boost productivity and increase return on investments, and Road Safety Market is no exception. Today, most road safety operations are implemented with the automated software. This has enabled the Road Safety Market develop its business at a faster pace than ever. Due to advanced functionalities offered by the systems, the Road Safety Market is anticipated to record a considerable rise during the forecast years 2022-2027. Moreover, the high usage of smartphones and the internet are driving the Road Safety Market.
The major solution providers in the Road Safety Market are, Continental AG, Truvelo, Trifoil, Dahua Technology, Clearview Intelligence, AABMATICA, Traffic Management Technologies, Syntell, Optotraffic, Laser Technology, Kria, VITRONIC, Conduent, Siemens, Cubic Corporation, Information Engineering Group Inc., SWARCO, Motorola Solutions, FLIR Systems, FLIR Systems, Verra Mobility, Redflex Holdings, Sensys Gatso Group, Kapsch TrafficCom, and Jenoptik among others. The leading countries in the Road Safety Market are Germany, Austria, Sweden, Australia, the US, France, US, Canada, Italy, South Africa, India, UK, China among others.
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One of the major constraints hampering the growth of the Road Safety Market is the increasing number of COVID-19 cases. Due to the pandemic, the transportation industry has hit hardly and has substantially declined the road transport. Due to this, there has been a tremendous decrease in the number of passengers.
Segment Overview of Global Road Safety Market
Solution Overview, 2018-2028 (USD Billion)
• Red Light
• Speed
• Bus Lane
• Section Enforcement
• ALPR/ANPR
Service Overview, 2018-2028 (USD Billion)
• Consulting and Training
• System Integration and Deployment
• Support and Maintenance
Regional Overview, 2018-2028 (USD Million)
• North America
o U.S.
o Canada
• Europe
o UK
o Germany
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
• Middle East and Africa
o UAE
o South Africa
o Rest of Middle East and Africa
• South America
o Brazil
o Rest of South America
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Reasons for the study
• The purpose of the study is to give an exhaustive outlook of the global road safety market.
• Road safety is widely used for various services in consulting and training, system integration and deployment, owing to their excellent properties and the market is expected to gain traction over the coming years
• With the growing support and maintenance sector, there is a rise in the demand for road safety which is further expected to have a positive impact on the overall market growth
What does the report include?
• The study on the global road safety market includes qualitative factors such as drivers, restraints, and opportunities
• The study covers the competitive landscape of existing/prospective players in the road safety industry and their strategic initiatives for the product development
• The study covers a qualitative and quantitative analysis of the market segmented based on Solutions and Services. Moreover, the study provides similar information for the key geographies.
• Actual market sizes and forecasts have been provided for all the above-mentioned segments.
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a Market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable Market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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