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The road safety market size is estimated to grow at a CAGR of 8.3% between 2022 and 2027. The market size is forecast to increase by USD 1,442.69 million. The growth of the market depends on several factors, such as the increase in the number of road fatalities or accidents, the growing initiatives on road safety, and the rising urbanization coupled with traffic congestion.
This report extensively covers market segmentation by component (solution and services) and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Road safety Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Globally, road accidents are responsible for a significant portion of annual deaths caused by accidents. Most of these accidents occur in low- and middle-income countries where road safety monitoring frameworks are still in the process of being developed and implemented.
However, the use of smart traffic lights aims to reduce the number of road traffic fatalities and injuries by more than 50% by 2025. The number of road accidents is increasing, and traffic regulation authorities globally are taking measures to prevent them and are expected to augment the growth of the global road safety market during the forecast period.
Wireless networks enable the monitoring and management of vehicles connected to mobile devices. Connect vehicles work on the IoT, which allows vehicles to connect with wireless networks and enables the authorities to monitor and manage them (vehicles) remotely. Moreover, utilizing intelligent traffic signals, along with connected vehicles, helps achieve better road safety.
Moreover, the smart traffic lights respond to the volume of vehicular and pedestrian traffic, unlike conventional traffic lights that are based on a fixed-time, light-changing sequence. The implementation of smart traffic lights enhances road safety for both motorists and pedestrians. Thus, the adoption of connected vehicles and connected road infrastructure will drive the growth of the global road safety market during the forecast period.
Traffic laws and road safety measures vary in different parts of the world. Such unpredictability across countries creates challenges for providers of road safety solutions as they must develop different products according to different traffic regulations, which prevents the creation of standardized solutions.
Moreover, many countries do not have the financial resources necessary to fully equip roads with enhanced road safety solutions. Hence, The use of road safety solutions across the globe is hampered by insufficient resources, which will pose challenges to the growth of the global road safety market during the forecast period.
The solution segment will account for a major share of the market's growth during the forecast period. Road safety solutions are implemented by the authorities to prevent road users from meeting any accidents or getting injured. The increasing number of vehicles worldwide is driving up demand for these solutions.
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The solution segment was valued at USD 1,641.35 million in 2017 and continued to grow until 2021. The solution segment is further divided into other sub-segments, such as red light and speed enforcement, automated license plate readers/automatic number plate recognition (ALPR/ANPR), and incident detection and response, among others. The market for traffic lights and speed enforcement is growing due to the rising number of accidents and injuries caused by road accidents, particularly in developing countries.
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Europe is estimated to contribute 30% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Another region offering significant growth opportunities to vendors is North America. North America is the largest region in the global road safety market. The US is the biggest contributor in terms of revenue to the road safety market in the region. The road safety market is growing due to a rise in road accidents and higher investments in improving road safety.
Moreover, the road safety measures such as red lights and speed enforcement solutions, as well as incident detection response, help in improving road safety by alerting cars and traffic authorities about natural or man-made hazards, such as landslides, roadblocks, or road incidents. The implementation of road safety measures reduces the need for excessive police patrols to ensure safety on the roads. Thus, all these factors are leading to an increased demand for road safety solutions in the region during the forecast period.
The road safety market in North America witnessed slow growth due to the outbreak of COVID-19 in 2020. However, the initiation of large-scale vaccination drives in North America led to the lifting of lockdown restrictions, and manufacturing units resumed their operations, which created the demand for road safety solutions. Furthermore, standard practices such as wearing masks and social distancing norms were implemented in workplaces to prevent the spread of COVID-19. Moreover, the North American economy has almost fully recovered from the impact of the pandemic as of the second half of 2022. The region's initiation of new road projects is also expected to have a positive influence on the market. Such factors are expected to drive the growth of the regional road safety market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Belcons International doo - The company offers road safety under the brand AABMATICA Technologies Pvt.
Conduent Inc. - The company offers public safety solutions that provide communities safer while optimizing transportation operations and helping cities maintain sustainable funding.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Altumint, Clearview Intelligence Ltd., Cubic Corp., IDEMIA France SAS, IEG America, Jenoptik AG, Kapsch TrafficCom AG, Laser Technology Inc., Motorola Solutions Inc., Sensys Gatso Group AB, Siemens AG, Stein Bildverarbeitungssysteme GmbH, SWARCO AG, Syntell Pty. Ltd, Teledyne Technologies Inc., Verra Mobility Corp., and Zhejiang Dahua Technology Co. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The road safety market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Road Safety Market Scope |
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Report Coverage |
Details |
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Page number |
151 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.3% |
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Market growth 2023-2027 |
USD 1,442.69 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.7 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 30% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Altumint, Belcons International doo, Clearview Intelligence Ltd., Conduent Inc., Cubic Corp., IDEMIA France SAS, IEG America, Jenoptik AG, Kapsch TrafficCom AG, Laser Technology Inc., Motorola Solutions Inc., Sensys Gatso Group AB, Siemens AG, Stein Bildverarbeitungssysteme GmbH, SWARCO AG, Syntell Pty. Ltd, Teledyne Technologies Inc., Verra Mobility Corp., and Zhejiang Dahua Technology Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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