The global road safety market size was US$ 4.7 billion in 2021. The global road safety market size is estimated to reach US$ 13.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.5% during the forecast period from 2022 to 2030.
Road safety management includes precautions and methods taken to stop major injury or death on highways. The common road users are cyclists, pedestrians, motorists, horse riders, motorists, and motorcyclists of on-road public transportation (primarily trams and trucks).
Factors Influencing Market Growth
The expansion of autonomous cars boosts the overall market growth.
Fast urbanization with an increasingly urban population, which reach out for more suitable management of traffic and transport protection, boosts the expansion of the global market.
There is an increasing demand for road safety due to government expenditures and ambitions to enhance road security management. Also, the substantial threat of identity theft and cyberattacks drives the overall market growth.
Effect of the COVID-19 Pandemic
The COVID-19 outbreak severely impacted the expansion of the global market. Moreover, traffic discharge improved in 2020 when lockdown restrictions were loosened. This year witnessed an upsurge in road deaths due to drivers involved in misconduct like surpassing speed limitations, ignoring wearing seat belts, and drinking alcohol. As a result, traffic control and safety agencies established a movement to decrease such mishappenings by investing in creative road protection standards all over the globe.
Regional Insights
North America is expected to record a significant global market share. Active promotion of government standards to reduce the events associated with traffic and road disasters has contributed to the expansion of the overall market. Also, large-scale acquisition infrastructure tasks along with ambitions to boost safety in mobility services are predicted to boost the overall market growth in the region.
Leading Competitors
The prominent players in the global road safety market are:
Silicon Labs
Conduent
Dahua Technology
Saferoad Group
Redflex Holdings
Sensys Gatso Group AB
Jenoptik
Kapsch TraficCom
Verra Mobility
Others
Segmentation Analysis
The global road safety market segmentation focuses on Offering, Type, and Region.
Segmentation on the basis of Offering
Solution
Services
o System Integration and Deployment
o Support and Maintenance
o Consulting and Training
Segmentation on the basis of Type
Enforcement Solution
o Red Light Enforcement
o Speed Enforcement
o Section Enforcement
o Bus Lane Enforcement
ALPR or ANPR
Incident Detection and Response
Railroad Crossing Safety
School Bus Stop -Arm Enforcement
Back Office Systems
Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
