Press release
Road Safety Market size, Scope, Growth Opportunities, Trends by Manufacturers, And Forecast to 2028
The road safety market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with the CAGR of 10.1% in the forecast period of 2021 to 2028 and expected to reach USD 8,542.86 million by 2028. The increasing growth in number of accidents is boosting the growth of the market.
Road safety involves taking several steps for reducing the risk of road traffic injuries and death. The road safety measures are not only taken for car occupants but are also taken for cyclists, pedestrians and motorcyclists. The increase in the number of road accidents especially in the regions that lack road safety infrastructure has created a high need for road safety solutions to prevent these accidents.
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Global Road Safety Market Scope and Market Size
The road safety market is segmented into three notable segments which are based on the component, technology and road type. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
On the basis of component, the road safety market has been segmented into solutions and services. In 2021, solutions segment dominates the overall market due to the rise in the demand of enforcement solution in the developing countries.
On the basis of technology, the road safety market has been segmented into surveillance, sensors-based devices, radar and analytics. In 2021, surveillance segment augments the market with the largest market share as this is considered to be the primary and convenient solution for the road safety by monitoring the activities or gathering data regarding speed issues, mishaps and accidents with the utilization of surveillance cameras.
On the basis of road type, the road safety market has been segmented into cities, highways, rural roads and others. In 2021, cities segment holds the largest market share due to the maximum utilization of the road safety solution to avoid traffic congestion and other mishaps.
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