Road Safety Market Research Report 2019-2026: Latest Business Trends, Emerging Economies are Key Opportunity Areas for Market Key Vendors

Road Safety Market

The global road safety market is expected to register steady growth during the forecast period with a CAGR of 6.2% and reach a value of USD 5.02 billion by 2026.

Road traffic accidents can be fatal and often result in injuries; they have a long-term impact on individuals, communities, and countries. Road accidents involve massive costs, overburden healthcare systems, consume resources and result in significant loss of productivity with deep social and economic repercussions. According to the World Health Organization, each year, about 1.24 million people globally die as a result of road traffic crashes, which amounts to nearly 3400 deaths a day. Among people aged between 15 and 29 years, road traffic injuries are the leading cause of death around the globe. Drinking and driving, speeding and failing to use seat-belts, motorcycle helmets, and child restraints are some of the other leading causes of road accidents. Road safety systems can better accommodate human errors and take into consideration the vulnerability of the human body, rather than just maintaining a focus on human error.

An increasing number of road accidents, coupled with the growing two-wheeler and Four-wheeler Park globally, are key factors driving the growth of the road safety market. In addition to fatalities, up to 50 million people incur injuries each year as a result of road crashes, where there are additional indirect health consequences. As per a WHO report, 1.35 million road traffic deaths were recorded globally in 2016. Road safety is necessary to reduce the number of accidents on the road and thus, road safety systems have been witnessing steady demand.
According to the International Organization of Motor Vehicle Manufacturers (OICA), the total number of cars and commercial vehicles was pegged at 97,302,534 in 2017. Therefore, to manage such a massive fleet, ensure safety and reduce traffic, road safety systems are quickly emerging as a necessity. Furthermore, new technologies have created other avenues for road safety including intelligent speed adaptation wherein the vehicle determines the road’s speed limit and alcohol-ignition interlock systems that detect alcohol on the breath of drivers, preventing them from starting their engines.

Among these, the bus lane & section enforcement segment is projected to hold the largest market share during the forecast period, as several governments and regulating authorities around the globe have been enforcing traffic laws and monitoring traffic to enhance road and public safety.

North America is projected to dominate the road safety market, owing to technological advancements, availability of developed infrastructure, and significant investments in road safety and security solutions. According to NHTSA, job growth and low fuel prices are the two factors that actively contribute to the increasing number of drivers in the U.S.

Europe is expected to grow at a significant rate in the road safety market. The EU has adopted the Safe System approach in line with Vision Zero, which aims to entirely eliminate deaths and serious injuries on European roads by 2050. In addition, 200 million Euro are being made available for road digitalization, infrastructure upgrade, and other road safety actions as well as capacity building.

Asia Pacific is anticipated to grow with the highest rate in the road safety market during the forecast period, due to rapid economic growth and various government initiatives supporting road safety measures in the region. In addition, various countries such as India, China, and Australia have implemented various solutions and strategies to optimize road security. According to estimates by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), by 2030, 2.7 billion people will live in urban areas in Asia. This continuous growth of urbanization in Asia Pacific is expected to lead to a rapid increase in transport activities and private vehicle ownership, which in turn will surge the demand for road safety systems to enhance road safety.

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The Major Prominent Players Covered in this Report:
Thales (France), Jenoptik (Germany), American Traffic Solutions (U.S.), Siemens (Germany), Traffic Management Technologies (South Africa), Motorola (U.S.), Flir Systems (U.S.), Cubic Corporation (U.S.), Conduent (U.S.) and Alcatel-Lucen (France). & More.

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

By Service
Consulting & Training
Support & Maintenance
Managed

By Solution
Light Speed
Bus Lane & Section Enforcement
ALPR/ANPR
Incident Detection & Response
Others

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2019 to 2026, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

View this report with a detailed description and TOC @ https://straitsresearch.com/report/road-safety-market/toc

Key Road Safety Market Trends:
- The report identifies, determines, and forecasts the Global Road Safety Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Road Safety Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Road Safety Market.

Key Questions Answered in The Report:
What will the Road Safety market growth rate?
What are the key factors driving the global Road Safety market?
Who are the key manufacturers in the Road Safety market space?
What are the market opportunities, market risk, and market overview of the Road Safety market?
What are sales, revenue, and price analysis of top manufacturers of the Road Safety market?
Who are the distributors, traders, and dealers of the Road Safety market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Road Safety Industry?
What are sales, revenue, and price analysis by regions of Road Safety industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Why Buy This Report?
The road safety market is expected to register significant growth throughout the forecast period. Road safety is a critical concern globally, and thus, there exist numerous opportunities for investment. Further, road safety can significantly impact a nation’s economy, be it a low-income, middle-income or high-income country; for instance, as per the National Highway Traffic Administration’s estimates, the cost of motor vehicle crashes in the U.S. is USD 242 billion. Therefore, solutions such as road safety management, safer roads and mobility, safer vehicles, safer road users and post-crash care present several opportunities. Also, companies can make a substantial difference by collaborating with governments for road safety operations.

In this report on the road safety market, we have covered key market drivers, restraints and trends. We have also provided an in-depth analysis of key strategies such as mergers, acquisitions and new product development adopted by prominent players to excel in the industry. The following sections have specifically been covered in the report.

Definitive Market Data
Road Safety Market Analysis
Competitive Analysis
Recent Opportunities in the Market
6-7-Year Performance Forecasts: Major Segments Covering Top Products and Geographies
Market Share Analysis
Potential Venture Avenues

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