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The road safety market size is estimated to grow by USD 1.81 billion at a CAGR of 9.45% between 2023 and 2028. The market expansion is influenced by various critical factors. Primarily, the escalating number of road accidents and fatalities serves as a significant driver. This trend is further exacerbated by the increasing urbanization, which in turn leads to traffic congestion. Conversely, growing initiatives aimed at enhancing road safety present a promising opportunity for market growth. These initiatives may include the implementation of advanced technologies, such as intelligent transport systems and autonomous vehicles, as well as stricter regulations and public awareness campaigns. Ultimately, the delicate balance between these factors will shape the trajectory of the market.
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The market is a crucial element in the efforts of local and national governments to ensure the safety of citizens and essential workers. With the increasing reliance on freight systems and digital services, the role of transport operators and road safety solution providers has become even more vital. Ensuring smooth traffic mobility and highway safety is a shared responsibility, which is why initiatives like the Road to Zero initiative and the involvement of organizations like the National Safety Council are pivotal. The market for road safety products is continuously evolving to meet the demands of modern traffic management and the regulatory standards set by safety authorities. As the focus on road safety intensifies, the collaboration between various stakeholders is key to achieving a comprehensive and effective solution. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their 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 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 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 for both motorists and pedestrians. Thus, the adoption of connected vehicles and connected road infrastructure will drive the growth of the 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 solutions. Hence, The use of these solutions across the globe is hampered by insufficient resources, which will pose challenges to the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
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.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The solution segment will account for a major share of the market's growth during the forecast period. These 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 1.74 billion in 2018. 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 these accidents, particularly in developing countries.
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North America is estimated to contribute 29% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that 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 market. The US is the biggest contributor in terms of revenue to the market in the region. The market is growing due to a rise in accidents and higher investments in improving safety.
Moreover, these measures such as red lights and speed enforcement solutions, as well as incident detection response, help in improving by alerting cars and traffic authorities about natural or man-made hazards, such as landslides, roadblocks, or incidents. The implementation of these 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 these solutions in the region during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Traffic Safety Products Market: Traffic Safety Products Market Analysis APAC, North America, Europe, Middle East and Africa, South America - China, US, Germany, India, UK - Size and Forecast
Road Stud and Delineator Market: Road Stud and Delineator Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, Japan, Germany, UK - Size and Forecast
Automotive Passive Safety System Market: Automotive Passive Safety System Market Analysis APAC, Europe, North America, Middle East and Africa, South America - US, China, Japan, Germany, UK - Size and Forecast
The market is at the forefront of freight system and business operations, with a focus on traffic management solutions and understanding travel behavior and transport demand. The advent of digitalization and latest technologies such as computer vision, IoT sensors, and artificial intelligence has revolutionized traffic management tools and enhanced cameras at intersections to gather granular data on pedestrian movement, vehicle movement, and cyclist movement, thus optimizing traffic volume. Image-Processing and Smartphone applications coupled with Geographic Information System and Global Positioning System have enabled precise monitoring using Drones and insights from social media and Virtual-reality experiences.
Furthermore, simulators, Radar, and Sensors have contributed to capturing Big Data for analyzing road safety factors, road user behavior, and road characteristics in diverse operational environments. The integration of hardware components like radars and equipment have been standardized through protocols and common protocol for seamless communication and workflow within the global road safety system. The mass adoption of these technologies has improved procedures and transportation safety while addressing environmental impact and threats. Road safety data is managed through state-of-the-art information technology and robust data security, especially in ensuring railroad crossing safety and back-office systems. Red light enforcement, bus lane enforcement, and section enforcement have been bolstered by cooperation with government agencies to reduce road traffic injuries while ensuring adherence to traffic rules and guidelines
Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.45% |
Market growth 2024-2028 |
USD 1.80 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.42 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 29% |
Key countries |
US, China, UK, Germany, and Japan |
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., Dahua Technology Co. Ltd., 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., and Verra Mobility Corp. |
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 market 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. |
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 Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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