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The road safety market size is forecast to increase by USD 1,442.69 million between 2023 and 2027. The Report covers the Road safety Market industry forecast and is segmented into Component (solution and services) and Geography (North America, Europe, APAC, Middle East and Africa, and South America). The market size, historical market size (2017-2021), and forecasts are provided on the basis of value (USD million) for all the above segments.
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The market size for Road safety Market is projected to experience a CAGR of 8.3% between 2023 to 2027 with a Year over Year (YoY) growth of 7.7%.
In 2020, North America's road safety market experienced a slowdown due to COVID-19. Lockdowns and restrictions temporarily halted vendor manufacturing and reduced demand for safety solutions. However, with vaccination drives and safety measures in place, the market rebounded in 2021 as manufacturing resumed. By the second half of 2022, the North American economy had largely recovered from the pandemic's impact. The launch of new road projects is expected to further boost the market. These factors are set to drive the growth of the regional road safety market in the coming years.
An increase in the number of road fatalities or accidents is a key factor driving the market growth. Globally, road accidents are a major contributor to annual accident-related fatalities, especially in low- and middle-income countries that are still developing their road safety monitoring systems. Common causes include speeding, drunk or distracted driving, lack of safety equipment use, and unsafe road infrastructure. These factors are responsible for over 50% of recorded deaths in road accidents involving pedestrians, cyclists, and motorcyclists.
Efforts to reduce road traffic fatalities and injuries are underway, with the aim of cutting these numbers by over 50% by 2025, and smart traffic lights play a significant role. Countries are investing in road safety measures, including equipment like traffic cones, delineators, signs, channelizers, and barriers at strategic locations to guide drivers. With the increasing incidence of road accidents and global initiatives to prevent them, the road safety market is expected to grow in the forecast period.
Solutions Segment Dominates the Market
The solutions segment was valued at USD 1,641.35 million in 2017 and continued to grow until 2021. The increasing number of accidents and injuries as a result of road accidents is driving the market for traffic lights and speed enforcement, especially in developing countries. The retrofitting of incandescent traffic lights with LED lights in major developed countries has contributed to the growth of the traffic lights market. The development of safer roads has a positive impact on the economic development of a country, as it allows for faster transportation and the implementation of rapid transit systems. Increasing investments in road infrastructure, including devices for traffic management across various countries, has driven the growth of the traffic light and speed enforcement segment significantly. The introduction of portable traffic lights in the market has facilitated various road construction activities and repair works by enhancing the safety of work zones. Such trends are shaping the market growth.
Road Safety Market - Revenue Share by Solutions Segment, 2017-2027
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Europe Holds a Prominent Position in the Road safety Market
Europe is estimated to contribute 30% to the growth of the global 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.
Road safety Market Size, By Region, Global, 2017-2027
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The Road safety Market is fragmented in nature. Some significant players include Altumint, Belcons International doo, Clearview Intelligence Ltd., Conduent Inc., Cubic Corp.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
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 - 2021.
Road Safety Market Scope |
|
Report Coverage |
Details |
Page number |
151 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.3% |
Market growth 2023-2027 |
USD 1,442.69 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.7 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 30% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
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, Market condition analysis for forecast period |
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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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
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