The global Road Safety market is projected to reach USD 8.14 billion by 2030, growing at a CAGR of 9.9%
Growing urban population and rising demographic trends, accelerated motorization, increasing levels of road fatalities / accidents, and government efforts to improve road safety are key factors driving the road safety industry. There were a number of 1.35 million deaths in the road traffic and around a range of 20 to 50 million people were injured and affected because of road crashes in 2018, according to the WHO Global Status Report on Road Safety 2018. In low- and middle-income nations, more than 90% of accidents arising from road traffic incidents occur. Path users in road are largely at risk of death, such as pedestrians, motorcyclists and cyclists. The leading cause among the top 8 of death among all age classes worldwide is currently projected to be road traffic deaths and is predicted to be the 7th leading cause for the number of deaths by the year 2030.
The growing road safety initiatives provides a global CAGR of above 9.3% with a huge demand for the road safety in the market over the forecast period. The data shows that the number of road traffic accidents and injuries are expected to cause economic damages of up to around 5 % of GDP in low level and middle level income countries. More than half of the world's road traffic accidents are among pedestrians, cyclists and motorcyclists who, in many countries, are too too much ignored in the construction of road traffic networks. Africa has the highest rate of death (26.6 per 100,000 people), while Europe's average rate of 9.3 per 100,000 population is well below the world average rate of death.
Road Safety Market Scope
|Revenue forecast in 2030
|USD 8.14 billion
|CAGR of 9.9 % during 2020-2030
|By Solution, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Clearview Intelligence, Conduent, Connected Wise LLC, Cubic Corp, Dahua Technology, FRED Engineering, IDEMIA, JENOPTIK, Kapsch TrafficCom, Kodiak Robotics, Laser Technology, LiveRoad Analytics, Motorola Solutions, Sensys Gatso Group, Siemens, SWARCO, Traffic Management, Vebit AI, Verra Mobility, and VITRONIC.
Key Segments of the Global Road Safety Market
Solution Overview (USD Billion)
- Red Light
- Bus Lane
- Section Enforcement
Service Overview (USD Billion)
- Consulting and Training
- System Integration and Deployment
- Support and Maintenance
Regional Overview (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
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.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global road safety market. The report will benefit: Every stakeholder involved in the road safety market.
- Managers within the road safety industry looking to publish recent and forecasted statistics about the global road safety market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global road safety market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
A big blow to the shipping sector was caused by the surge in the number of COVID-19 incidents. With most governments implementing isolation practises, the road transport sector is undergoing a major downturn. The US is witnessing the early stages of the pandemic; a decrease in the number of passengers can still be observed, though. Subway ridership is significantly down in New York; March 11 saw 948,000 fewer trips in January than an typical weekday.
This pattern is also seen in other US cities, such as the Bay Area Rapid Transit (BART) in San Francisco, which has recorded an 85% drop in ridership and a 50 percent fall in economic activity. Services are also being shut down in some parts of the United States, such as city buses in Great Falls, Montana, which will not restore operation until at least March 27. Effects are starting to be felt by rising office closures and the drastic reduction in aviation passengers, taxis and ride hailing suppliers.
Uber, which usually depends on 15 percent of gross bookings from air travellers, raised early worries about future impacts. Uber has also halted pool rides in the US and Canada alongside Lyft, and GrabShare 's ride hailing app has pushed this step further, halting its services until the public health crisis de-escalates in some parts of the Philippines.
Based on the solution, the market is segmented into red light, speed, bus lane, section enforcement, and ALPR/ANPR. The enforcement solution segment has the largest share in the market in 2019 and the market is forecasted to grow with the significant rate of above 8% CAGR over the forecast period. The municipal police have historically been responsible for enforcement compliance; however, the overwhelming size of road use raises the need to track the vast majority of violations using new electronic systems that are more effective than previous road traffic enforcement strategies. Solutions for road safety compliance help police and related agencies enforce traffic rules and conduct traffic monitoring to promote road safety and increase public safety.
In terms of the service segment, the market is segmented into consulting and training, system integration and deployment, and support and maintenance. In 2019, the consulting and training segment has the fastest growth in the market in 2019 and the market is forecasted to grow with the significant rate of above 10% CAGR over the forecast period. As the implementation of road safety technologies is on the rise, the related facilities are also expected to be quickly adopted. Road safety systems are mainly used to upgrade the current networks and also to combine the new road safety technologies with the existing ones.
North America region has the largest share in market with a CAGR of more than 35.2% in 2019 and is anticipated to continue with the same position during the forecast years 2018-2028. In terms of technical acceptance and growth of infrastructure, it is the most advanced area. On average, 800 cars per 1,000 residents are owned by US residents, while Canada has about 650 cars per 1,000 residents. The US has implemented some of the most sophisticated systems in order to control and track heavy road traffic. Initiatives to improve security networks and eliminate road deaths are being pursued by numerous government and law enforcement authorities in the US and Canada.
Asia Pacific region is anticipated to provide a high CAGR of over 11% during the forecast period. Asia pacific is a major contributor in the global industry with some of the leading countries, such as China, Japan, Singapore, and the rest of APAC, to the growth of various data analytics solutions in the road safety industry. Asia Pacific 's rising rise is due to the region's increasing spending, as well as the expanded acceptance of IoT and automation technologies.
The major players of the global road safety market are Jenoptik, Kapsch TrafficCom, Sensys Gatso Group, Redflex Holdings, Verra Mobility, IDEMIA, FLIR Systems, Motorola Solutions, SWARCO, and Information Engineering Group Inc. Moreover, the market comprises several other prominent players in the road safety market as Cubic Corporation, VITRONIC, Kria, Traffic Management Technologies, AABMATICA, Laser Technology, Siemens, Conduent, Optotraffic, Syntell, and Clearview Intelligence. The road safety market consists of top, medium level and a number of domestic players in the global market. In addition to this, the well-established players in the industry have made various strategies and research & developments to compete with other players in the regional and global market.