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Road Safety Market Size Estimated To Reach $4.6 Billion by 2026

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Road Safety Market Size Estimated To Reach $4.6 Billion by 2026

July 08
14:12 2021
Road Safety Market Size Estimated To Reach $4.6 Billion by 2026

Road Safety Market
Increased Adoption of Road Safety Solution, and Services Are Predicted To Drive the Market Forward the Road Safety Market Demand.

Global Road Safety Market size is estimated to reach $4.6 billion by 2026, forecast to grow at a CAGR of 8.4% during 2021-2026. Demand of road safety trends is one of the main concern in the present transportation mode. Increasing population, as well as the increase in vehicles in use across the globe, is one of the major challenges for the road safety industry analysis. Continuously rising urban population, increasing number of road facility, accident, and rapid modernization of vehicles are some of the core concerns pushing the growth of the road safety solutions market across the globe. From the last decade, increased adoption of road safety solution, and services are predicted to drive the market forward the road safety market demand. The adoption of solutions such as Automatic License Plate Recognition (ALPR), speed limit enforcement, red light enforcement, bus lane enforcement and Fitch barriers will propel the market growth. The growing need for an automated roadway integrated with Telematics, vehicle safety communications and lined with pavement marking materials that assist automated vehicles will propel the market growth.

Road Safety Market Segment Analysis – By Components

By component type road safety market is classified in to different segments includes solution and services. Solution segment is further segmented into enforcement solution, automatic license plate recognition/automatic number plate recognition, incident detection & response, and others including Fitch barriers. Service segment is further break down in to professional services and managed services. Enforcement solution is expected to grow at a highest CAGR of 10.9% during the forecast period. Speed reduction measures are increasingly used in various applications which include infrastructure, vehicle technology, telematics and enforcement and indirect applications– education and publicity

Road Safety Market Segment Analysis – By Geography

North America region dominated the global road safety market with a share of more than 36.2%, followed by Europe and APAC regions. North America is one of the major important region in terms of infrastructure development and technological advancement. The high number of vehicles in use in North America compared to APAC and Europe, due to inherent requirement of vehicles in the U.S, drive the adoption of road safety solutions North American countries has sustainable and well established economics, and increasing investment for infrastructure development has been one of the crucial factor road safety adoption rate. APAC is expected to be grow at a highest CAGR of 11% during the forecast periods from 2021 to 2026, owing the demand of road safety and solution from various countries includes China, Australia, Japan and India for road safety market outlook.

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Road Safety Market Drivers

Enforcement to improve compliance with government policies

Enforcement initiatives taken by different government bodies that applied after speeding by punishing any driver for violation, and charging fines or the driver’s license point system. Enforcement can be manual, automatic, overt or covert, mobile or stationary. Manual enforcement generally takes place overtly or covertly by the police officer or other authorized officials confronting violating drivers by stopping them on the spot after violation through usage of Fitch barriers. Manual Enforcement is an effective tool but tends to be quite inefficient due to high labor content of the operation. Automated enforcement systems are available in many different types with various detection method includes radar, laser, loops each having their own advantages and disadvantages and are typically integrated with telematics solutions in vehicles. Automated speed enforcement can be operated from different device includes mobile, in-vehicle, semi-fixed, fixed and average speed detection and thus are set to face significant growth.

Road Safety Program: From advocacy to implementation

Since 2006 the Global Road Safety Facility (GRSF) has been committed to a new road safety for a new journey through advocacy and by making partnership with different institution and government bodies. As one of the primary sponsors of the first global ministerial meeting for Road Safety hosted by the Russian Federation on 2009, the Facility played an important role in the launch of the UN Decade of Action for Road Safety and remains committed to working with actors of the UN Road Safety Collaboration. GRSF also recognizes the role of various NGOs as key partners of change and has pleased support to the global alliance of NGOs for road safety, helping more over 140 country based NGOs convince their local authorities of the need to act.  This advocacy for road safety legislation is set to drive the market over the next few years.

Road Safety Market Challenges

Road Safety Management and Safer Road Mobility

Road Safety Management: In some of the developing countries setting up a good safety might be a challenge due to different parameters includes insufficient funding from government bodies, poor infrastructure, weak agency capacity, and absence of political willing ness. In this solution and services a functioning and competent lead road safety agency can play a critical role in establishing good safety practice in different countries.

Safer Road Mobility

In some of the emerging economies there is rapid renovation and expanding road networks to accommodate expanding vehicle fleets, intensified traffic mix and sustained growth in domestic trade not yet happened. Newly built and reformed roads can present risks when important vehicle safety considerations are omitted in the design, or left out in the construction & maintenance phases.

Road Safety Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the road safety market. In 2020, the market was fragmented considering a number of small and mid-size players are operating in this market. Major players in the road safety market are, Jenoptik, Kapsch Traffic Com, Sensys Gatso Grou, Verra Mobility, FLIR Systems, SWARCO, IDEMIA, Siemens, Conduent, Clearview Intelligence and among others.

Acquisitions/Technology Launches/Contract awarded

In May 2019, Kapsch TrafficCom received a contract to provide a new urban traffic management system for the Spain city of Aviles. The contract amount is more than $1.1 million value. Kapsch TrafficCom is going to the implementation of Kapsch’s EcoTrafiX platform, offering a software suite that is designed to capture, aggregate, archive and monitor various sources of traffic data.

In April 2019, Sensys Gatso has received a five years contract to extend the traffic safety solution in Albany for New York City. The five year contract is valued around $2.4 million (SEK 21.5million). Sensys Gatso is going to implement automated red light camera enforcement program, which originally went into effect in 2015, will continue for five more years and has an approximate annual revenue value of $470 thousand.

Key Takeaways

North American region dominated the road safety market owing to adoption of advanced technology such as telematics and vehicle safety communications and infrastructure developments in this region.

As per World Road Association (PIARC), every year more than 1.24 million people die on road accident across the globe. Many people suffer permanent disability, and between 20 and 50 million people suffers non-fatal injuries.  Road safety solutions are being increasingly adopted to combat this.

Globally road accident become a major causes of death children as well as young people aged between 15-30 years. In the coming future this road injury can be a major problem, and it is estimated that road traffic injury may become the 7th leading cause of death by 2030.

The road safety solution and services guide the planning, managing, designing and operation and use of the road traffic systems such as Fitch barriers, as a result it will provide the safety, instead of human fallibility.

Related Reports

A. Smart Transportation Market 

https://www.industryarc.com/Research/Smart-Transportation-Market-Research-500894

B. Intelligent Transport System Market 

https://www.industryarc.com/Report/15024/intelligent-transport-system-market.html

For more Information and Communications Technology Market reports, please click here

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