Press release
Expanding Road Safety Market: Decoding the $7.23 Billion Opportunity by 2029
Expanding Road Safety Market
What Is The Projected Market Size Of The Global Road Safety Market And Its Growth Rate?
The road safety market is demonstrating robust growth globally.
•2024 Market Size: $4.23 billion
•2025 Projected Market: $4.68 billion (10.7% CAGR)
•2029 Projected Market: $7.23 billion (11.5% CAGR)
This growth is attributed to the enforcement of traffic laws and regulations, advances in vehicle safety technologies, increasing public awareness on road safety, urbanization and increased vehicular traffic, and establishment of law enforcement agencies.
What Is Driving The Growth In The Road Safety Market?
The significant surge in road accidents and fatalities is a major driver for the road safety market. Road safety systems monitor and identify threats to road safety, while educating and implementing road safety norms to prevent road accidents. The Bureau of Infrastructure and Transport Research Economics reported a 5.8% increase in road crash deaths in 2022 to 1,194, driving the need for effective road safety solutions and subsequently propelling the market's growth.
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Who Are the Key Players Driving Road Safety Market Growth?
Key players in the road safety market include:
•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
•And others
What Are The Key Trends In The Road Safety Market?
Emerging trends in the road safety market are:
•Use of data analytics for predictive analysis of potential road safety issues
•Vision zero movement
•Collaborations between different stakeholders
•Development of connected and intelligent crosswalks for pedestrian safety
•Active transportation
What Are The Segments Of The Global Road Safety Market?
The global road safety market is categorized into:
1) Service: Consulting And Training, Support And Maintenance, Managed
2) Solution: Light Speed, Bus Lane And Section Enforcement, ALPR Or ANPR, Incident Detection And Response, Other Solutions
3) Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
Which Region Leads The Road Safety Market?
North America leads the global road safety market as of 2024, with Asia-Pacific expected to exhibit the fastest growth in the upcoming forecast period. The report covers all major regions including, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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What Is Covered In The Road Safety Market Global Market Report?
- Market Size Analysis: It presents an analysis of the Road Safety Market size by evaluating key regions, countries, product types, and applications.
- Market Segmentation Analysis: It identifies various subsegments within the Road Safety Market for effective categorization.
- Key Player Focus: Focuses on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Evaluates individual growth trends and their potential in the Market.
- Market Contribution: Evaluates the contributions of different segments to the overall Road Safety Market growth.
- Growth Drivers: Details key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyzes challenges and risks affecting the Road Safety Market.
- Competitive Developments: Analyzes competitive developments, such as expansions, agreements, and new product launches in the market.
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