Road Safety Market is estimated to reach $4.39 billion by 2025, rising at a CAGR of 8.97 percent in 2020-2025. Trends in road safety standards are one of the main concerns in the new mode of transport. The Increasing population, as well as the increasing number of automobiles in use worldwide, is one of the major challenges the road safety industry. Continuously growing urban population, rising number of road services, incidents and rapid vehicle modernization are some of the key issues that drive the development of the global market for road safety solutions. Growing implementation of road safety technologies since the last decade is expected to drive the market forward in competition for road safety. In turn, the Governments are taking road safety measures taking into account the "cost-of-loss" arising from loss of life and damage to infrastructure.
Road Safety Market Report Coverage
The report: “Road Safety Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Road Safety Market.
By Component: Solution, Services
By Application: Bridges, Highways, Tunnels, Urban Roads, Others
By Geography: North America, South America, Europe, Asia-Pacific, ROW
Key Takeaways
- Globally, traffic injuries are now a significant cause of death for infants as well as for young adults aged between 15 and 30. While the recognition of road safety technology is growing, it is therefore anticipated that the associated facilities will be implemented rapidly. Road safety solutions are used mainly to improve the existing network and combine the new road safety technology with existing infrastructure
- The strategy for road protection and services directs the planning, management, design, function and usage of the road traffic system, thus maintaining health rather than human error.
- Thanks to the introduction of advanced technology and infrastructure improvements in this area, North America dominated the road safety market.
- Compliance measures implemented by various government departments that expanded by prosecuting any vehicle for speed violations and charging driver’s license penalties has also been a major driver for these road safety solutions, particularly enforcement solutions.
- In some developing countries, maintaining good safety may pose a challenge because of various criteria such as insufficient government funding, poor infrastructure, low capacity for agencies and lack of political will.
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Road Safety Market Segment Analysis - By Component
The services segment of the road safety market is expected to rise at the highest CAGR between 2019 and 2024 based on component. While the acceptance of road safety technologies is increasing, the related facilities are therefore anticipated to be quickly adopted. Road safety systems are primarily used to improve the existing network and to incorporate the new road safety technologies with the existing infrastructure. Based on services, Managed services are deemed important because they are directly linked to customer experience. Such programs help companies remain competitive. Managed services are provided by suppliers throughout the road safety market's entire life-cycle. These services continue with sourcing to deploy the latest technologies on the roads.
Road Safety Market Segment Analysis - By Geography
Road Safety Market is dominated by North America, with a share of more than X %, North America led the global road safety sector, followed by Europe and APAC regions. In terms of infrastructure expansion and technological advancement, North America is one of the most significant areas. A large number of vehicles in use in North America relative to APAC and Europe, due to inherent vehicle adoption in the U.S., drives the adoption of road safety solutions North American countries have a prosperous and well-established economy, and increased investment in infrastructure development was one of the key factors in the adoption of road safety levels. APAC is expected to grow at the highest CAGR of 11% during the forecast period from 2020 to 2025, owing to the demand for road safety and road safety solutions from various countries, including China, Australia, Japan and India.
Road Safety Market Drivers
- Enforcement to improve compliance with government policies
Compliance steps initiated by various government entities that extended by prosecuting every vehicle for infringement after speeding, and paying penalties or the driver's point license program. Implementation can be human, automated, explicit or locked, mobile or stationary. Manual compliance usually happens publicly or covertly through police officers or other designated authorities who apprehend drivers in violation by halting them on the spot following the violation. Manual compliance is an important tool, however, it appears to be rather inefficient because of the operation's high labour cost. Automated control devices with various monitoring mechanisms are accessible in several different forms: radar, laser, loops each with their own advantages and disadvantages. Automated speed control can be controlled from a variety of devices, including handheld, in-vehicle, semi-fixed, fixed and average speed detection. Thus, these automated enforcement technologies will drive the road safety market.
- Road Safety Program: From advocacy to implementation
The Global Road Safety Facility (GRSF) has dedicated itself to modern road safety for a new route by lobbying and collaborating with numerous organizations and government agencies since 2006. As one of the principal partners of the Russian Federation's first global ministerial meeting on road safety in 2009, the Facility has played an important role in initiating the UN Decade of Road Safety Intervention and remains committed to working with UN Road Safety Partnership actors. GRSF has numerous NGOs as main reform collaborators, and is part of the global road safety alliance of NGOs, helping more than 140 country-based NGOs persuade their local authorities of the need to respond. This introduction of road safety regulations driven by these advocates is expected to drive the market in the coming years.
Road Safety Market Challenges
- Road Safety Management and Safer Road Mobility
In some developing countries, ensuring good safety may pose a challenge due to different criteria like inadequate government funding, poor infrastructure, low agency capability and lack of political will. A working and knowledgeable lead road safety organization in this approach will play a critical role in establishing good safety practices in various countries.
There is accelerated reconstruction and extension of road networks in certain developing economies to meet growing vehicle fleets, and increased traffic combination and sustainable domestic trade development that has not yet happened. Newly built and revamped roads may pose risks if important safety aspects are ignored in the design or left out in the processes of construction and maintenance.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Road Safety market. In 2019, the market of Road Safety market has been consolidated by the top players – Aabmatica, American Traffic Solutions, Clearview Intelligence, Conduent, Cubic Corporation, Dahua Technology, Flir Systems, Idemia, Information Engineers Group, Jenoptik, Kapsch Trafficcom, Kria, Laser Technology, Motorola Solutions, Optotraffic, Redflex Holdings, Sensys Gatso Group, Siemens, Swarco, Syntel, Thales, Traffic Management Technologies, Trefoil, Truvelo, Vitronic.
Launches/Acquisitions
- Kapsch TrafficCom won a contract in May 2019 to provide the Spanish city of Aviles with a new urban traffic management network. The deal sum is worth more than $1.1 million. Kapsch TrafficCom is introducing the Kapsch EcoTrafiX framework, providing a software suite for recording, aggregating, archiving and tracking different traffic data sources.
- IN April 2019 Sensys Gatso was given a five-year deal to expand the New York City traffic safety system in Albany. The deal for five years is worth around $2.4 million (SEK 21.5 million). Sensys Gatso will introduce an automatic red light camera compliance system which originally came into effect in 2015, which will run for another five years and has an annual revenue estimate of approximately $470 thousand.
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