The continuous growth of government initiatives for enhancing road safety has been providing opportunities in market
The global road safety market size is projected to reach nearly USD 6.3 billion by 2028. Additionally, the market is forecasted to grow a CAGR of above 9.3% over the forecast period of 2020-2028. The growing number of road accidents around the world has contributed to an urgent need for precautionary steps and strategies that have a positive effect on the development of the industry. Furthermore, increased government investment on the construction of road networks to boost the connectivity landscape is expected to sustain the market for technologies and facilities for traffic monitoring.
The report also outlines the various characteristics of the global Road safety industry by assessing the market from value chain analysis. Moreover, the Road safety market report comprises various qualitative parts of the Road safety industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The road safety market has huge competition amongst the already well-known and new market players. Also, the Road safety industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
As a result of increased crime rates and the frequency of natural disasters, the introduction of traffic safety compliance technologies and corresponding resources, such as installation, system integration, support and repair, and supervision and training, has increased. In current or newer infrastructures, these technologies may be implemented. The growing acceptance of consultancy services provided by security solution providers to simplify the complexity of current networks is another driving force in the industry.
In Europe, various government programmes are aiming at creating cleaner streets, and the industry had a significant share of sales in 2019. In order to prevent injuries and casualties, the European Union has implemented the Vision Zero and Safe Framework strategy. Although the industry retained a moderate sales share in Asia Pacific in 2019, the market is projected to demonstrate the highest growth over the forecast years due to growing infrastructure investment and rising numbers of commuters.
The major players of the global Road safety market are Sensys Gatso Group, Motorola Solutions, SWARCO, Redflex Holdings, Verra Mobility, Jenoptik, Kapsch TrafficCom, IDEMIA, FLIR Systems, and Information Engineering Group Inc. Moreover, the market comprises several other prominent players in the road safety market as Conduent, Traffic Management Technologies, AABMATICA, VITRONIC, Kria, Laser Technology, Cubic Corporation, Siemens, Optotraffic, Syntell, and Clearview Intelligence. The major players in the market comes up with some of the developments to enhance the market growth in the global industry.
Segment Overview of Global Road Safety Market
Solution Overview, 2018-2028 (USD Billion)
- Red Light
- Bus Lane
- Section Enforcement
Service Overview, 2018-2028 (USD Billion)
- Consulting and Training
- System Integration and Deployment
- Support and Maintenance
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America