Press release
Road Safety Industry to Achieve $7.14 Billion Growth by 2029
Road Safety
How Will the Road Safety Market Grow by 2025 in Terms of Size and Growth?
In recent times, there has been a swift expansion in the size of the road safety market. The predictions for its growth are optimistic, with an expected increase from $4.23 billion in 2024 to $4.65 billion in 2025, indicating a compound annual growth rate (CAGR) of 10.0%. Factors behind this considerable growth during the historical period include the enforcement of traffic rules aimed at promoting road safety, enhancements in automobile safety features like airbags and seatbelts, public campaigns emphasizing the significance of road safety, surge in urbanization leading to increased vehicular traffic and the formation of regulatory bodies to supervise and implement road safety measures.
What Are the Estimated Growth Rates for the Road Safety Industry Through 2029?
In the coming years, the road safety market is anticipated to experience accelerated growth. The market is projected to increase to $7.14 billion by 2029, with a compound annual growth rate (CAGR) of 11.3%. This growth during the predicted period might be due to the increased adoption of advanced driver assistance systems (ADAS), the incorporation of vehicle-to-everything (v2x) communication for immediate safety warnings, the growth in the creation and acceptance of autonomous vehicles, the adoption of smart infrastructure and traffic management systems, and an increasing emphasis on sustainable and eco-friendly transportation modes. The forecasted period is expected to see trends such as the use of data analytics to predict potential road safety issues, vision zero movement, collaboration among various stakeholders, the creation of connected and intelligent crosswalks for pedestrian safety, and active transportation.
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What Are the Strategic Drivers Boosting Road Safety Market Performance?
The growth of the road safety market is being significantly fueled by the rising number of road accidents and fatalities. Road traffic accidents are characterised by collisions between two or more entities on the road, resulting in severe injuries or death. Road safety systems work by monitoring and detecting potential hazards on the road, and by propagating and enforcing road safety rules in order to prevent accidents. For instance, a report released in May 2023 by the Bureau of Infrastructure and Transport Research Economics (BITRE), a government agency in Australia specializing in economic analysis and stats related to infrastructure and transport, showed that in 2022, there was an increase in road crash fatalities to 1,194, which represents a 5.8 percent rise compared to 2021. As such, the escalating number of road accidents and deaths is spurring the growth of the road safety market.
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What Are the 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
What Are the Key Adoption Trends in the Road Safety Market?
The primary trend gathering momentum in the road safety market is technological innovations. Numerous esteemed companies in the field are introducing inventive solutions to tackle novel and intricate road safety problems, while also enhancing the effectiveness of currently implemented measures. For instance, in July 2023, Toyota's Collaborative Safety Research Center, a research initiative based in the US, publicized new projects geared towards enhancing road safety. These projects are centered around devised driver aid features for lane centering, development of in-car intervention prototypes, and leveraging data to improve driver decision-making. Moreover, Toyota has partnered with the Vulnerable Road User Injury Prevention Alliance, contributing to research aimed at preventing accidents involving pedestrians and cyclists.
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Which Companies Lead the Competitive Landscape of the Road Safety Industry?
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
Where Are the Key Road Safety Market Opportunities by Region?
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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Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
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