Road Safety Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1777
Road Safety Market size is witnessing a rapid growth owing to the rising need for public security and road safety and improvement in the road infrastructure. To meet the public safety requirements, governments have come up with stringent laws and regulations, which in turn, will augment the industry growth. The rise in population and vehicles on the road and the rising technological advancements in the transportation sector are further fueling the road safety market demand.
Rapid urbanization also results in the infrastructural development, especially of highways and bridges, which have a positive impact on the road safety market. Road safety is a method that assists road users from getting seriously injured or killed owing to the rising fatal accidents, threats, and natural as well as unnatural disasters. Furthermore, the increasing number of crimes , terrorist attacks, and other natural disasters are also boosting the road safety market growth.
Factors, such as the increase in mobility, a rise in the adoption of vehicles, and longer commuting, are anticipated to augment the industry demand. Construction of safer roads, , development of infrastructure that will protect pedestrians and cyclists, and the adoption of safer riding measures will reduce road injuries and contribute to the safety among the population. Hence, the major global players are concentrating more on the development of products that provide road safety and are integrating systems with various technologies to improve efficiency at reduced costs, thus accelerating the road safety market growth.
The smart city initiative adopted by the governments and a rise in demand for advanced infrastructure further increase the road safety market demand. Smart city initiative enables the adoption of smart transportation techniques, such as parking and traffic management, automated traffic assistance, passenger information system, predictive traffic analytics, and smart signaling, which improve the safety measures for the travelers, creating a positive impact on the road safety market.
The governments of various developing and less developed countries are not spending enough funds for the development of roads and this hinders the industry growth. The governments spend huge funds on repair and maintenance work, which leads to budget insufficiencies for the implementation of advanced road technologies. Lack of awareness about such systems is also hampering the road safety market growth.
The advancements in various transportation projects coupled with critical transportation infrastructure offer lucrative opportunities for the road safety market growth. Factors, such as huge spending on roadways, which include bridges, highways, and tunnels further boost the industry growth. Furthermore, measures undertaken to reduce traffic injuries have a positive impact on health such as improved repository health and increased physical activity, which accentuate the industry demand.
The road safety market can be segmented on the basis of solutions, services, and technology. Based on solutions, the road safety market is sub-segmented into automatic license plate detection, bus lane compliance, red light enforcement, speed enforcement, and incident detection system. Red light enforcement dominates the industry as it is one of the safest control systems, easy-to-install, and is also cost-effective. Furthermore, governments of various countries are adopting these services owing to the rise of smart cities and safety initiatives.
The adoption of red light enforcement has resulted in the reduction in the number of collisions and right-angle crashes, which augment the industry growth. The automatic license plate detection is growing rapidly owing to the need for traffic enforcement and accident prevention. These automatic license plates are easy to install and provide facilities such as video cameras, over speed detection, and alarm system.
Based on services, the road safety market is sub-segmented into professional services and managed services. Professional services are further segmented into risk assessment and analysis, training, support and maintenance, and consulting and system integration. Professional services have a huge share in the road safety market owing to the improvement of operational efficiency, business productivity, and wise financial management. Consulting and system integration services are the major contributor due to the increase in demand for these services followed by support, training, risk measurement, and maintenance services.
Based on technology, the road safety market is segmented on the basis of radar and sensor-based devices, analytics, and surveillance. Growing traffic volumes require sensor-based devices to handle both urban and non-urban traffic. Advanced driver assistance system uses sensor technology, which aids drivers in different traffic and weather conditions. These sensors assist the drivers by providing necessary information such as lane departure warning, high-beam assist, and collision warning. Hence, the sensor-based devices are anticipated to witness a huge demand over the forecast time span.
North America dominates the road safety market owing to its technological advancements, large-scale investment in road safety and security solutions, advanced infrastructure, and the presence of many service providers. The region is among the early adopters of the latest technology, giving it an edge over the other regions. Europe is the second largest region in the road safety market owing to the presence of a large number of service providers and manufacturers.
Asia Pacific is the fastest growing region in the road safety market due to the economic growth and various government initiatives to support road safety measures. Countries, such as India, China, and Australia, have adopted various strategies to introduce changes in the implementation and planning of security measures for optimizing the roadways security.
The main players operating in the road safety market include Motorola Solutions, American Traffic Solutions, Rad Data Communication, Jenoptik, Kapsch AG, Swarco AG, Redflex, Thales, Tyco, Alcatel-Lucent, and Siemens AG. New product developments, mergers & acquisitions, and partnerships are the strategies adopted by these key players to emerge strongly in the road safety market. They provide facilities such as video surveillance, real-time traffic flow systems, and communication systems for maximizing the road safety.
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