Press release
Road Safety Industry Outlook 2025-2029: Market Set to Cross $7.23 Billion Milestone
Road Safety
How Large Will the Road Safety Market Size By 2025?
In recent years, there has been significant growth in the road safety market size. The market size is projected to increase from $4.23 billion in 2024 to $4.68 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.7%. The historical growth in this sector can be traced back to the implementation of traffic laws and road safety regulations, advancements in vehicle safety technology such as airbags and seatbelts, public awareness initiatives stressing on the significance of road safety, urbanization growth resulting in more vehicular traffic, and the formation of law enforcement bodies to supervise and enforce road safety.
How Big Is the Road Safety Market Size Expected to Grow by 2029?
Anticipated swift expansion in coming years is predicted for the road safety market, with a projected size of $7.23 billion in 2029 and a compound annual growth rate (CAGR) of 11.5%. Factors contributing to this predicted growth during the forecast period include a rise in the uptake of advanced driver assistance systems (ADAS), integration of vehicle-to-everything (v2x) communication for real-time safety updates, development and promotion of autonomous vehicles, adoption of intelligent infrastructure and traffic management systems and an increased focus on sustainable and eco-friendly methods of transportation. The forecasted period's key trends include the utilisation of data analytics to predict potential road safety issues, the vision zero movement, collaborations among various stakeholders, the development of intelligent and connected crosswalks for pedestrian safety, as well as a focus on active transportation.
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Which Key Market Drivers Powering Road Safety Market Expansion and Growth?
The escalating tally of road mishaps and casualties are playing a significant role in propelling the expansion of the road safety market. Road traffic incidents are characterized as collusions between two or more entities on the road that result in grave injuries or fatalities. Road safety systems detect potential hazards to road safety and propagate and enforce safety norms to avert these accidents. For example, a report was released by the Bureau of Infrastructure and Transport Research Economics (BITRE), an Australian government agency involved in economic analysis and statistics relevant to infrastructure and transport, in May 2023. According to this, there was an increase in road accidents death toll in 2022, reaching 1,194, indicating a 5.8 percent growth compared to the previous year, 2021. Consequently, the surge in road mishaps and casualties is fueling the expansion of the road safety market.
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Which Fast-Growing Trends Are Poised to Disrupt the Road Safety Market?
Increasing technological advancements are becoming a significant trend in the road safety sector. Major businesses in the market are developing innovative solutions to address intricate and fresh road safety challenges, as well as enhancing current solutions. For instance, in July 2023, Toyota's US-based initiative, the Collaborative Safety Research Center, introduced new research projects aimed at enhancing road safety. These projects will concentrate on the development of driver support system for maintaining lane discipline, the creation of in-car intervention prototypes, and the use of data to improve driver decision-making. Moreover, Toyota has become a member of the Vulnerable Road User Injury Prevention Alliance, where they are conducting research to avoid accidents involving pedestrians and cyclists.
What Are the Emerging Segments in the Road Safety Market?
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 Or ANPR, Incident Detection And Response, Other Solutions
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
Subsegments:
1) By Consulting And Training: Road Safety Audits, Risk Assessment Services, Driver Training Programs, Safety Workshops And Seminars
2) By Support And Maintenance: Safety Equipment Maintenance, Software Support Services, Incident Reporting Systems Maintenance
3) By Managed Services: Traffic Management Solutions, Road Safety Program Management, Fleet Safety Management Services
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Who Are the Global Leaders in the Road Safety Market?
Major companies operating 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, 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
Which are the Top Profitable Regional Markets for the Road Safety Industry?
North America was the largest region in the road safety market in 2024.Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the road safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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