Road Safety Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1777
Road Safety Market Size is expected to grow substantially over 2021-2027, on account of the sharp increase in fatal accidents and subsequent development of road safety projects worldwide. As per reliable statistics, vehicle crashes claimed the lives of over 42,060 people in the U.S. in 2020, an 8% hike over 2019 and the 1st jump in the past 4 years. In addition, the NHAI (National Highway Authority of India) announced plans to install an ATMS (Advanced Traffic Management System) on all the new roads being developed for immediate identification of areas with traffic bottlenecks to curb road accidents.
Road traffic safety is the implementation of different measures and methods to reduce the risk of harm resulting from vehicle accidents on public roads. Various authorities are employing road safety strategies and designs to ensure that the speeds of the vehicles remain within the human tolerances for injury and avoid other severe cases like death.
Rapid advancements in technology across the transport sector, increasing global population, and significant rise in vehicle deployment are among the major factors fostering the road safety market growth over the upcoming years. The adoption of digitization and technologies such as computer vision, IoT sensors, artificial intelligence, and computing technology has resulted in the development of new traffic management tools such as cameras at intersections, enabling the collection of granular data on pedestrian, vehicle, and cyclist movement as well as traffic volume.
On the basis of solution, the red-light enforcement segment is projected to hold a prominent industry share by 2027, owing to the increasing development of red-light camera programs to emphasize transparency & implementation based on safety concerns. Furthermore, high awareness among the local & state governments and law enforcement agencies regarding the capability of automated enforcement with red-light cameras to remotely capture evidence of traffic law violations and reduce traffic crashes will also drive the segment expansion in years to come.
From a regional perspective, North America is poised to emerge as a lucrative revenue pocket for the market during the forecast timeline. This is attributable to the mounting infrastructural developments, coupled with the rising prominence of automation and IoT technologies in countries such as the U.S. The logistics sector in the region has historically displayed the highest acceptance of the IoT solutions due to various digital transformations, including 5G network developments, thus providing drivers with real-time traffic updates.
The competitive landscape of the market comprises of companies such as Siemens AG, Alcatel-Lucent (China Huaxin Post & Telecom Technologies Co., Limited), Tyco, Thales Group, Redflex, Swarco AG, Kapsch (Datax Handelsgmbh), Jenoptik AG, RAD Data Communication, American Traffic Solutions (Verra Mobility), and Motorola Solutions, among others. These firms are focusing on innovation, new solution launches and business expansions to sustain a strong position in the global market.
For instance, MiX Telematics updated its video telematics offering with the launch of MiX Vision AI in May 2021, designed to improve road safety and lower operating costs of the customers. Meanwhile, in April 2021, Astrata launched a video surveillance solution, VideoLinc, with an objective to improve road safety, reduce accident claim costs & cargo damage, as well as guard against false allegations by enabling a 360° view of the roads.
Impact of Increasing Road Accidents Amid COVID-19 on Road Safety Market Trends:
Due to the onset of the coronavirus pandemic, countries across the globe have had to enforce strict restrictions on transportation, as an emergency response to curb the virus spread. Public transport has been hard hit by the outbreak, with a dramatic decline in ridership, which may, in turn, hamper the industry demand in the coming years.
However, the pandemic has spawned a dramatic increase in distracted driving behavior, some of which had contributed to the rapid upsurge in the motor vehicle death tool in 2020. This ever-increasing rate of road accidents, coupled with the rising road safety awareness, is anticipated to make the market regain traction over the coming years.
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