Press release
Road Safety Market 2024-2033: Future Outlook, Global Trends, Industry Share And Top Key Players
Road Safety Market
As per the report, the road safety market size has grown rapidly in recent years. It will grow from $3.84 billion in 2023 to $4.27 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The road safety market size is expected to see rapid growth in the next few years. It will grow to $6.49 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.
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Rising Road Accidents Fuel Demand For Road Safety Technologies
The increasing number of road accidents and fatalities is significantly contributing to the growth of the road safety market going forward. 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. For instance, in 2021, the National Highway Traffic Safety Administration (NHTSA), a US-based department of transportation reported 42,915 deaths in the US caused by motor vehicle traffic crashes, a 10.5% increase from the 38,824 fatalities in 2020. Therefore, the increasing number of road accidents and fatalities is driving the growth of the road safety market.
Technological Advancements Drive Innovations In Road Safety
Technological innovations are the key trend gaining popularity in the road safety market. 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.
The road safety market covered in this report is segmented -
1) By Service: Consulting And Training, Support And Maintenance, Managed
2) By Solution: Light Speed, Bus Lane And Section Enforcement, ALPR/ANPR, Incident Detection And Response, Other Solutions
3) By Vehicle Type: Passenger Cars, Lighht Commercial Vehicles, Heavy Commercial Vehicles
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Major companies operating in the road safety market report are Kapsch TrafficCom AG, Sensys Gatso Group, Redflex Holdings Pty Ltd., Verra Mobility Corp, Teledyne FLIR LLC, Motorola Solutions Inc., Information Engineering Group Inc., Cubic Corporation, Siemens AG, Conduent Inc., Vitronic Machine Vision Ltd., Laser Technology Inc., Syntell Inc., Clearview Intelligence Group Ltd., Zhejiang Dahua Technology Co. Ltd., Truvelo Specialised Manufacturing Ltd., Jenoptik AG, Idemia Identity & Security India Private Ltd., TriFoil Imaging, Swarco Industries Inc., Traffic Management Technologies, Kria Infotech Private Ltd., Simicon GmbH, Minnesota Mining and Manufacturing Company, Flir Systems Inc., Redflex Holdings Limited, JSP Ltd., Heskins Ltd., Iteris Inc., 3M Company
Contents of the report:
1. Executive Summary
2. Road Safety Market Report Structure
3. Road Safety Market Trends And Strategies
4. Road Safety Market - Macro Economic Scenario
5. Road Safety Market Size And Growth
…..
27. Road Safety Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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