The global road safety market revenue was around US$ 4.9 billion in 2021 and is estimated to reach US$ 14.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 12.5% during the forecast period from 2022 to 2031.
Road safety is the methods and safety measures used to avoid death or serious harm to highway users. Motorists, cyclists, pedestrians, horseback riders, and riders of on-road public transportation (mostly trucks and trams) are all considered standard road users.
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Factors Influencing Market Growth
The development of autonomous vehicles has benefited the road safety sector, which is one of the main drivers promoting its growth.
Rapid urbanization and an increase in the urban population, both of which need better traffic management and transportation planning to fuel market growth.
The high risk of identity theft and cyberattacks associated with the expansion of the road safety business hamper the market expansion.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a significant impact on the road safety market expansion. The increase in the need for enforcement solutions across numerous industries has greatly fueled the road safety market throughout the pandemic. The development of the third wave of COVID-19 in the US and the UK, however, is projected to have an impact on the market’s expansion for road safety in 2022. Additionally, incident detection and response has begun to install road safety solutions globally, which is anticipated to fuel the expansion of the market analysis for road safety post-pandemic.
Regional Insights
North America will hold a sizable road safety market share due to rapid urbanization and an increase in the urban population, both of which need better traffic management and transportation planning to fuel market growth. The government’s active promotion of measures to reduce the possibility of traffic and road mishaps has helped the market. A quantitative prediction of road deaths for the first half of 2021 is also provided.
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Leading Competitors
The leading competitors in the global road safety market are:
Verra Mobility
Kapsch TraficCom
Jenoptik
Sensys Gatso Group AB
Redflex Holdings
Saferoad Group
Dahua Technology
Conduent
Silicon Labs
Others
Segmentation Analysis
The global road safety market segmentation focuses on Type, Nature, Distribution Channel and Region.
Segmentation based on Offering
Solution
Services
System Integration and Deployment
Support and Maintenance
Consulting and Training
Segmentation based on Type
Enforcement Solution
? Red Light Enforcement
? Speed Enforcement
? Section Enforcement
? Bus Lane Enforcement
ALPR or ANPR
Incident Detection and Response
Railroad Crossing Safety
School Bus Stop -Arm Enforcement
Back Office Systems
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Segmentation based on 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 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
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Road Safety market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Road Safety market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Road Safety market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Road Safety business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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