Road Safety Market Worth USD 8.25 Bn by 2029 Market Analysis, Key Trends, Growth Opportunities, Challenges and Key Players

December 05 08:38 2022
Road Safety Market was valued at USD 3.24 Billion in 2021, and it is expected to reach USD 8.25 Billion by 2029, exhibiting a CAGR of 12.4% during the forecast period (2022-2029)

Pune, 05, Dec 2022: Maximize Market research has published a market intelligence and industry analysis report on “Road Safety Market“. The global Road Safety Market was valued at USD 3.24 billion in 2021, and is expected to be worth USD 8.25 billion by 2029, growing at a CAGR of 12.4% during the forecast period. Research objective is to provide comprehensive information about factors that affect market dynamics and to analyze several micro-market indicators considering growth factors, market prospects, and contribution to the market strategically.

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Road Safety Market Scope and Research Methodology

MMR analyses market dynamics by determination of key drivers, restraints influencing market and monitoring market trends. Market size estimation & forecast includes estimation of historical market revenues based on secondary data and primary insights, estimating  market recast by assigning weightage to market forces (drivers, restraints, opportunities), freezing historical and forecast market size estimations based on evolution, trends, outlook and strategies, consideration of geography specific revenues, region-specific product/service demand for geographic market segmentation, and consideration of product utilization rates, product demand outlook for segmentations.

Road Safety Market Overview

A considerable increase in road fatalities has increased global sales of road safety equipment. Traffic accidents kill about 1.3 million people each year and injure over 15 million more, resulting in disability or other health difficulties, according to the World Health Organization (WHO). As a result, transportation safety has grown in importance, with governments all over the world calling for ways to minimise these statistics. Because of these factors, the road safety market is expected to grow over the forecast period, reaching USD 6.5 billion by 2029. Favorable activities that encourage the implementation of road safety measures, such as legislation and regulations and traffic-tracking devices, will go a long way toward favouring growth during the forecast period.

Road Safety Market Dynamics

As the number of traffic accidents and fatalities grows, the road safety market is gaining pace. The increased need for public security and road infrastructure upgrades bode well for industry growth. In recent years, there have been several breakthroughs in road safety products. Traditionally, red light and speed monitoring devices were installed independently along highways and crossings to maintain traffic discipline.

Companies are heavily investing in the development of new technologies that detect traffic problems using artificial intelligence, cameras, and sensors. Transoft Solutions (ITS) Inc., for example, provides solutions to help urban planners gather, monitor, and analyse traffic data. An in-depth examination of the collected data aids in understanding of road user behaviour and traffic flow. This data helps municipal planners make more informed and effective transportation infrastructure planning decisions.

Several nations across the world are implementing a range of programmes and initiatives to prevent road accidents. To fight the escalating number of road accidents and fatalities, governments across the world are focusing on maintaining traffic discipline and ensuring commuter safety. Growing public safety concerns have prompted authorities to invest in road infrastructure.

Road Safety Market Regional Insights

Europe held highest demand for road safety solutions in 2021, with a market share of approximately 27%. North America is expected to hold the highest demand by 2029, followed by Asia Pacific. Sales in Europe have been increased by cutting-edge road infrastructure and high technology penetration until 2021. The region will continue to contribute to overall market demand as different enterprises create a strong regional presence as well as a substantial end consumer base.

Large-scale infrastructure projects and initiatives to improve safety in transportation services are likely to boost regional growth over the forecast period. Due to infrastructure development and a desire to minimise traffic congestion and road mortality, Asia Pacific is expected to grow at a CAGR of 12% during the forecast period.

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Road Safety Market Segmentation

By Solution   

  • Red Light & Speed Enforcement
  • Incident Detection & Response
  • Others

By Service      

  • Professional services
  • Managed services

Road Safety Market Key Competitors:

  • Kapsch Traffic Com
  • Sensys Gatso Group
  • Redflex Holdings
  • Verra Mobility
  • FLIR Systems
  • Motorola Solutions
  • Information Engineering Group Inc.
  • Cubic Corporation
  • Siemens
  • Conduent
  • Kria
  • Laser Technology
  • Optotraffic
  • Syntell
  • Traffic Management Technologies
  • Clearview Intelligence
  • Dahua Technology
  • Truvelo
  • Trifoil
  • Continental AG

Key questions answered in the Road Safety Market are:

  • What is Road Safety?
  • What is the nature of competition in the Road Safety Market in developed economies and developing economies?
  • What are the factors affecting growth in the Road Safety Market?
  • What is the growth rate of the Road Safety Market during the forecast period?
  • What are the factors for the growth of the Asia-Pacific region in the Road Safety Market?
  • Who are the market leaders in Road Safety Market in Europe?
  • Who are the key players in the Road Safety Market?
  • Who are the market leaders in Road Safety Market in India, China, Japan, and South Korea?
  • Who are the market leaders in Road Safety Market in USA and Canada?
  • Who held the largest market share in Road Safety Market?

Key Offerings:

  • Market Share, Size & Forecast by Revenue | 2022−2029
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
  • Market Segmentation – A detailed analysis by Solution, Service and Region and Region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:

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Road Weather Information System Market: The Road Weather Information System Market is expected to reach USD 2.07 billion by 2029 at a CAGR of 6.3 percent during the forecast period. The drivers of the Road Weather Information System Market are rapidly growing transportation industries in developing countries and increase in the accuracy of the information.

Road Freight Transportation Market: The Road Freight Transportation Market is expected to reach USD 5.44 billion by 2029 at a CAGR of 5 percent during the forecast period. The Road Freight Transportation Market drivers are growing demand for inland transportation for logistics and affordability, convenince and flexibility of road freight transportation.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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