Road Safety Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, China, Japan, UK, Germany - Size and Forecast 2023-2027
| Published: Oct 2023 | Pages: 151 | SKU: IRTNTR71159 |
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.
Road safety Market Size
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Road safety Market Analysis
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.
Road safety Market Trends
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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Road safety Market Companies Overview
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.
Segment Overview
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.
- Component Outlook (USD Million, 2017 - 2027)
- Solution
- Services
- Region Outlook (USD Million, 2017 - 2027)
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- France
- Rest of Europe
- APAC
- China
- India
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Chile
- Argentina
- Brazil
- North America
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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, Market condition analysis for 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. |
What are the Key Data Covered in this Road Safety Market Research Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the market between 2023 and 2027
- Precise estimation of the size of the market size and its contribution of the market in focus to the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Growth of the market industry across North America, Europe, APAC, Middle East and Africa, and South America
- Thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 13: Chart on Global - Market size and forecast 2022-2027 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2022-2027 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global road safety market 2017 - 2021
- Exhibit 17: Historic Market Size – Data Table on global road safety market 2017 - 2021 ($ million)
- 4.2 Offering Segment Analysis 2017 - 2021
- Exhibit 18: Historic Market Size – Offering Segment 2017 - 2021 ($ million)
- 4.3 Geography Segment Analysis 2017 - 2021
- Exhibit 19: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
- 4.4 Country Segment Analysis 2017 - 2021
- Exhibit 20: Historic Market Size – Country Segment 2017 - 2021 ($ million)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 21: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 22: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 23: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 24: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 25: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 26: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 27: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Component
- 6.1 Market segments
- Exhibit 28: Chart on Component - Market share 2022-2027 (%)
- Exhibit 29: Data Table on Component - Market share 2022-2027 (%)
- 6.2 Comparison by Component
- Exhibit 30: Chart on Comparison by Component
- Exhibit 31: Data Table on Comparison by Component
- 6.3 Solution - Market size and forecast 2022-2027
- Exhibit 32: Chart on Solution - Market size and forecast 2022-2027 ($ million)
- Exhibit 33: Data Table on Solution - Market size and forecast 2022-2027 ($ million)
- Exhibit 34: Chart on Solution - Year-over-year growth 2022-2027 (%)
- Exhibit 35: Data Table on Solution - Year-over-year growth 2022-2027 (%)
- 6.4 Services - Market size and forecast 2022-2027
- Exhibit 36: Chart on Services - Market size and forecast 2022-2027 ($ million)
- Exhibit 37: Data Table on Services - Market size and forecast 2022-2027 ($ million)
- Exhibit 38: Chart on Services - Year-over-year growth 2022-2027 (%)
- Exhibit 39: Data Table on Services - Year-over-year growth 2022-2027 (%)
- 6.5 Market opportunity by Component
- Exhibit 40: Market opportunity by Component ($ million)
- Exhibit 41: Data Table on Market opportunity by Component ($ million)
7 Customer Landscape
- 7.1 Customer landscape overview
- Exhibit 42: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
8 Geographic Landscape
- 8.1 Geographic segmentation
- Exhibit 43: Chart on Market share by geography 2022-2027 (%)
- Exhibit 44: Data Table on Market share by geography 2022-2027 (%)
- 8.2 Geographic comparison
- Exhibit 45: Chart on Geographic comparison
- Exhibit 46: Data Table on Geographic comparison
- 8.3 North America - Market size and forecast 2022-2027
- Exhibit 47: Chart on North America - Market size and forecast 2022-2027 ($ million)
- Exhibit 48: Data Table on North America - Market size and forecast 2022-2027 ($ million)
- Exhibit 49: Chart on North America - Year-over-year growth 2022-2027 (%)
- Exhibit 50: Data Table on North America - Year-over-year growth 2022-2027 (%)
- 8.4 Europe - Market size and forecast 2022-2027
- Exhibit 51: Chart on Europe - Market size and forecast 2022-2027 ($ million)
- Exhibit 52: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
- Exhibit 53: Chart on Europe - Year-over-year growth 2022-2027 (%)
- Exhibit 54: Data Table on Europe - Year-over-year growth 2022-2027 (%)
- 8.5 APAC - Market size and forecast 2022-2027
- Exhibit 55: Chart on APAC - Market size and forecast 2022-2027 ($ million)
- Exhibit 56: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
- Exhibit 57: Chart on APAC - Year-over-year growth 2022-2027 (%)
- Exhibit 58: Data Table on APAC - Year-over-year growth 2022-2027 (%)
- 8.6 Middle East and Africa - Market size and forecast 2022-2027
- Exhibit 59: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
- Exhibit 60: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
- Exhibit 61: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- Exhibit 62: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- 8.7 South America - Market size and forecast 2022-2027
- Exhibit 63: Chart on South America - Market size and forecast 2022-2027 ($ million)
- Exhibit 64: Data Table on South America - Market size and forecast 2022-2027 ($ million)
- Exhibit 65: Chart on South America - Year-over-year growth 2022-2027 (%)
- Exhibit 66: Data Table on South America - Year-over-year growth 2022-2027 (%)
- 8.8 US - Market size and forecast 2022-2027
- Exhibit 67: Chart on US - Market size and forecast 2022-2027 ($ million)
- Exhibit 68: Data Table on US - Market size and forecast 2022-2027 ($ million)
- Exhibit 69: Chart on US - Year-over-year growth 2022-2027 (%)
- Exhibit 70: Data Table on US - Year-over-year growth 2022-2027 (%)
- 8.9 China - Market size and forecast 2022-2027
- Exhibit 71: Chart on China - Market size and forecast 2022-2027 ($ million)
- Exhibit 72: Data Table on China - Market size and forecast 2022-2027 ($ million)
- Exhibit 73: Chart on China - Year-over-year growth 2022-2027 (%)
- Exhibit 74: Data Table on China - Year-over-year growth 2022-2027 (%)
- 8.10 UK - Market size and forecast 2022-2027
- Exhibit 75: Chart on UK - Market size and forecast 2022-2027 ($ million)
- Exhibit 76: Data Table on UK - Market size and forecast 2022-2027 ($ million)
- Exhibit 77: Chart on UK - Year-over-year growth 2022-2027 (%)
- Exhibit 78: Data Table on UK - Year-over-year growth 2022-2027 (%)
- 8.11 Germany - Market size and forecast 2022-2027
- Exhibit 79: Chart on Germany - Market size and forecast 2022-2027 ($ million)
- Exhibit 80: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
- Exhibit 81: Chart on Germany - Year-over-year growth 2022-2027 (%)
- Exhibit 82: Data Table on Germany - Year-over-year growth 2022-2027 (%)
- 8.12 Japan - Market size and forecast 2022-2027
- Exhibit 83: Chart on Japan - Market size and forecast 2022-2027 ($ million)
- Exhibit 84: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
- Exhibit 85: Chart on Japan - Year-over-year growth 2022-2027 (%)
- Exhibit 86: Data Table on Japan - Year-over-year growth 2022-2027 (%)
- 8.13 Market opportunity by geography
- Exhibit 87: Market opportunity by geography ($ million)
- Exhibit 88: Data Tables on Market opportunity by geography ($ million)
9 Drivers, Challenges, and Trends
- 9.1 Market drivers
- 9.2 Market challenges
- 9.3 Impact of drivers and challenges
- Exhibit 89: Impact of drivers and challenges in 2022 and 2027
- 9.4 Market trends
10 Vendor Landscape
- 10.1 Overview
- 10.2 Vendor landscape
- Exhibit 90: Overview on Criticality of inputs and Factors of differentiation
- 10.3 Landscape disruption
- Exhibit 91: Overview on factors of disruption
- 10.4 Industry risks
- Exhibit 92: Impact of key risks on business
11 Vendor Analysis
- 11.1 Vendors covered
- Exhibit 93: Vendors covered
- 11.2 Market positioning of vendors
- Exhibit 94: Matrix on vendor position and classification
- 11.3 Belcons International doo
- Exhibit 95: Belcons International doo - Overview
- Exhibit 96: Belcons International doo - Product / Service
- Exhibit 97: Belcons International doo - Key offerings
- 11.4 Conduent Inc.
- Exhibit 98: Conduent Inc. - Overview
- Exhibit 99: Conduent Inc. - Business segments
- Exhibit 100: Conduent Inc. - Key news
- Exhibit 101: Conduent Inc. - Key offerings
- Exhibit 102: Conduent Inc. - Segment focus
- 11.5 Cubic Corp.
- Exhibit 103: Cubic Corp. - Overview
- Exhibit 104: Cubic Corp. - Product / Service
- Exhibit 105: Cubic Corp. - Key offerings
- 11.6 IDEMIA France SAS
- Exhibit 106: IDEMIA France SAS - Overview
- Exhibit 107: IDEMIA France SAS - Product / Service
- Exhibit 108: IDEMIA France SAS - Key offerings
- 11.7 IEG America
- Exhibit 109: IEG America - Overview
- Exhibit 110: IEG America - Product / Service
- Exhibit 111: IEG America - Key offerings
- 11.8 Jenoptik AG
- Exhibit 112: Jenoptik AG - Overview
- Exhibit 113: Jenoptik AG - Business segments
- Exhibit 114: Jenoptik AG - Key news
- Exhibit 115: Jenoptik AG - Key offerings
- Exhibit 116: Jenoptik AG - Segment focus
- 11.9 Kapsch TrafficCom AG
- Exhibit 117: Kapsch TrafficCom AG - Overview
- Exhibit 118: Kapsch TrafficCom AG - Business segments
- Exhibit 119: Kapsch TrafficCom AG - Key news
- Exhibit 120: Kapsch TrafficCom AG - Key offerings
- Exhibit 121: Kapsch TrafficCom AG - Segment focus
- 11.10 Laser Technology Inc.
- Exhibit 122: Laser Technology Inc. - Overview
- Exhibit 123: Laser Technology Inc. - Product / Service
- Exhibit 124: Laser Technology Inc. - Key offerings
- 11.11 Motorola Solutions Inc.
- Exhibit 125: Motorola Solutions Inc. - Overview
- Exhibit 126: Motorola Solutions Inc. - Business segments
- Exhibit 127: Motorola Solutions Inc. - Key offerings
- Exhibit 128: Motorola Solutions Inc. - Segment focus
- 11.12 Sensys Gatso Group AB
- Exhibit 129: Sensys Gatso Group AB - Overview
- Exhibit 130: Sensys Gatso Group AB - Business segments
- Exhibit 131: Sensys Gatso Group AB - Key offerings
- Exhibit 132: Sensys Gatso Group AB - Segment focus
- 11.13 Siemens AG
- Exhibit 133: Siemens AG - Overview
- Exhibit 134: Siemens AG - Business segments
- Exhibit 135: Siemens AG - Key news
- Exhibit 136: Siemens AG - Key offerings
- Exhibit 137: Siemens AG - Segment focus
- 11.14 Stein Bildverarbeitungssysteme GmbH
- Exhibit 138: Stein Bildverarbeitungssysteme GmbH - Overview
- Exhibit 139: Stein Bildverarbeitungssysteme GmbH - Product / Service
- Exhibit 140: Stein Bildverarbeitungssysteme GmbH - Key offerings
- 11.15 SWARCO AG
- Exhibit 141: SWARCO AG - Overview
- Exhibit 142: SWARCO AG - Product / Service
- Exhibit 143: SWARCO AG - Key news
- Exhibit 144: SWARCO AG - Key offerings
- 11.16 Teledyne Technologies Inc.
- Exhibit 145: Teledyne Technologies Inc. - Overview
- Exhibit 146: Teledyne Technologies Inc. - Business segments
- Exhibit 147: Teledyne Technologies Inc. - Key news
- Exhibit 148: Teledyne Technologies Inc. - Key offerings
- Exhibit 149: Teledyne Technologies Inc. - Segment focus
- 11.17 Verra Mobility Corp.
- Exhibit 150: Verra Mobility Corp. - Overview
- Exhibit 151: Verra Mobility Corp. - Business segments
- Exhibit 152: Verra Mobility Corp. - Key offerings
- Exhibit 153: Verra Mobility Corp. - Segment focus
12 Appendix
- 12.1 Scope of the report
- 12.2 Inclusions and exclusions checklist
- Exhibit 154: Inclusions checklist
- Exhibit 155: Exclusions checklist
- 12.3 Currency conversion rates for US$
- Exhibit 156: Currency conversion rates for US$
- 12.4 Research methodology
- Exhibit 157: Research methodology
- Exhibit 158: Validation techniques employed for market sizing
- Exhibit 159: Information sources
- 12.5 List of abbreviations
- Exhibit 160: List of abbreviations
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
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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road safety market market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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