Press release
Road Safety Market Size, Share Analysis, Growth, Trends And Industry Forecast 2023-2032
Road Safety Market Report
The Business Research Company's Road Safety Global Market Report 2023 identifies the increasing number of road accidents and fatalities as the major driver for the road safety market's growth in the forecast period. Road traffic accidents are defined as collisions involving two or more objects on the road leading to severe injury or death. Road safety systems monitor and identify threats to road safety, and they educate and enforce road safety norms to prevent road accidents.
The global road safety market size grew from $3.44 billion in 2022 to $3.83 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The road safety market size is expected to grow to $5.63 billion in 2027 at a CAGR of 10.1%.
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Major competitors in the road safety market are Kapsch TrafficCom AG, Sensys Gatso Group, Redflex Holdings, Verra Mobility, Teledyne FLIR LLC.
A key trend in the road safety market includes technological innovations. Major companies operating in the road safety market are coming up with new technology to solve complex and new road safety issues and improve already existing solutions being implemented in road safety. For instance, in February 2021, Motorola Solutions Inc., a US-based video equipment and telecommunications company that provides road safety solutions introduced a video-as-a-Service solution. It combines body-worn cameras, cloud-based support, and digital evidence management software in the new package for law enforcement organizations. The V300 body-worn camera, a mounting kit, an extra battery, and access to digital evidence management are all included in the body-worn camera as-a-service package. The company's product line was expanded by the new item.
Read More On The Global Road Safety Market Report Here:
https://www.thebusinessresearchcompany.com/report/road-safety-global-market-report
The road safety market is segmented -
•By Service: Consulting And Training, Support And Maintenance, Managed
•By Solution: Light Speed, Bus Lane And Section Enforcement, ALPR/ANPR, Incident Detection And Response, Other Solutions
•By Vehicle Type: Passenger Cars, Lighht Commercial Vehicles, Heavy Commercial Vehicles
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the road safety market.
The Business Research Company's "Global Road Safety Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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https://www.thebusinessresearchcompany.com/report/road-safety-global-market-report
The Table Of Content For The Road Safety Market Include:
1. Executive Summary
2. Road Safety Market Characteristics
3. Road Safety Market Trends And Strategies
4. Road Safety Market - Macro Economic Scenario
5. Road Safety Market Size And Growth
……
26. Africa Road Safety Market
27. Road Safety Market Competitive Landscape And Compan
29. Road Safety Market Future Outlook and Potential Analysis
30. Appendix
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