According to the report by Expert Market Research (EMR), the Global Road Safety Market Share is projected to grow at a CAGR of 9% between 2023 and 2031. Aided by the rising need for advanced public safety solutions and the growing adoption of road safety technologies, the market is expected to grow significantly by 2031.
Road safety comprises methods and measures used to prevent road users from being injured or killed. Traditional methods include road signage and traffic rules enforcement, while modern solutions incorporate advanced technologies such as radars, sensors, high-definition cameras, analytics, and machine learning. These technologies help in incident detection and response, red light enforcement, speed limit enforcement, and predictive analytics, among others.
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The global road safety market growth is driven by the increase in mobility and the corresponding rise in traffic hazards. As traffic volumes grow, there is an increasing demand for advanced technology solutions to ensure road safety. Moreover, the rising number of road fatalities and the escalating costs associated with road accidents have brought road safety to the forefront.
The expansion of smart city projects globally is another major driver of the road safety market. These projects often involve the implementation of advanced transportation systems, including smart traffic management and surveillance systems, which increase the demand for road safety solutions.
Another factor contributing to the road safety market expansion is the rapid urbanisation and development of infrastructure, particularly in emerging economies. As a result, governments are heavily investing in transport infrastructure and safety measures, including advanced technologies, to improve road safety standards.
Additionally, the growing awareness about road safety, coupled with stringent government regulations and initiatives promoting road safety further boosts the market growth. Many countries have implemented strict laws and guidelines to enhance road safety, such as the mandatory use of seat belts, speed limits, and traffic rules.
Furthermore, the advent of autonomous vehicles and the Internet of Things (IoT) provides lucrative opportunities for the global road safety market. These technologies are set to revolutionise the concept of road safety by enabling real-time traffic management and predictive incident analysis.
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Market Segmentation
The market can be divided based on component and region.
Market Breakup by Component
- Solutions
- Enforcement Solutions
- Automatic License Plate Recognition/Automatic Number Plate Recognition
- Incident Detection & Response
- Others
- Services
- Professional Services
- Managed Services
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global road safety companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Jenoptik AG
- Kapsch TrafficCom AG
- Sensys Gatso Group AB
- Verra Mobility Corporation
- Teledyne FLIR LLC
- Motorola Solutions, Inc.
- Others
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