Road Safety Global Market Report 2024

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Road Safety Global Market Report 2024 – By Service (Consulting And Training, Support And Maintenance, Managed), By Solution (Light Speed, Bus Lane And Section Enforcement, ALPR/ANPR, Incident Detection And Response, Other Solutions), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) – Market Size, Trends, And Global Forecast 2024-2033

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Road Safety Market Definition And Segments

Road safety refers to strategies and tactics for lowering the likelihood that someone may be involved in a car accident. The road safety is used to prevent road users from getting severely injured or being killed by the means of spreading awareness through various road safety tools including road signs, fences, speed detectors and others.

The main types of services in road safety are consulting and training, support and maintenance, and managed services. Consulting and training in road safety refer to training and educating the public on better road and traffic practices to mitigate road accidents and deaths. The various solutions include light speed, bus lane and selection enforcement, ANPR/ALPR, incident detection and response and others. The different types of vehicles include passenger cars, light commercial vehicles, and heavy commercial vehicles.

The road safety market covered in this report is segmented –

1) By Service: Consulting And Training, Support And Maintenance, Managed

2) By Solution: Light Speed, Bus Lane And Section Enforcement, ALPR/ANPR, Incident Detection And Response, Other Solutions

3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles

The road safety market size has grown rapidly in recent years. It will grow from $3.84 billion in 2023 to $4.27 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to implementation of traffic laws and regulations for road safety, advances in vehicle safety technologies, including airbags and seatbelts, public awareness campaigns on the importance of road safety, growth in urbanization and increased vehicular traffic, establishment of law enforcement agencies to monitor and enforce road safety.

The road safety market size is expected to see rapid growth in the next few years. It will grow to $6.49 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to surge in adoption of advanced driver assistance systems (ADAS), integration of vehicle-to-everything (v2x) communication for real-time safety alerts, growth in the development and adoption of autonomous vehicles, adoption of smart infrastructure and traffic management systems, increasing focus on sustainable and eco-friendly transportation modes. Major trends in the forecast period include use of data analytics for predictive analysis of potential road safety issues, vision zero movement, collaboration between different stakeholders, development of connected and intelligent crosswalks for pedestrian safety, active transportation.

Rising Road Accidents Fuel Demand For Road Safety Technologies

The increasing number of road accidents and fatalities is significantly contributing to the growth of the road safety market going forward. Road traffic accidents are defined as collisions involving two or more objects on the road leading to severe injury or death. Road safety systems monitor and identify threats to road safety, and they educate and enforce road safety norms to prevent road accidents. For instance, in 2021, the National Highway Traffic Safety Administration (NHTSA), a US-based department of transportation reported 42,915 deaths in the US caused by motor vehicle traffic crashes, a 10.5% increase from the 38,824 fatalities in 2020.Therefore, the increasing number of road accidents and fatalities is driving the growth of the road safety market.

Increasing Traffic Congestion Is Anticipated To Fuel The Road Safety Market

The increasing traffic congestion is expected to propel the growth of the road safety market going forward. Traffic congestion refers to the condition in which the flow of vehicles on roads or transportation networks is significantly impeded or slowed down, often resulting in a high volume of vehicles moving at a much slower speed than their normal or desired rate. Road safety measures are vital in alleviating traffic congestion by reducing the frequency of accidents and subsequent traffic disruptions. For instance, in 2023, according to the 2022 Global Traffic Scorecard by Inrix, a US-based software company, the average American driver spent 51 hours stuck in traffic, equivalent to approximately one hour per week. This marked an increase from the 31 hours lost to traffic congestion in 2021.Therefore, the increasing traffic congestion is driving the road safety market.

Major companies operating in the road safety market report are Kapsch TrafficCom AG, Sensys Gatso Group, Redflex Holdings Pty Ltd., Verra Mobility Corp, Teledyne FLIR LLC, Motorola Solutions Inc., Information Engineering Group Inc., Cubic Corporation, Siemens AG, Conduent Inc., Vitronic Machine Vision Ltd., Laser Technology Inc., Syntell Inc., Clearview Intelligence Group Ltd., Zhejiang Dahua Technology Co. Ltd., Truvelo Specialised Manufacturing Ltd., Jenoptik AG, Idemia Identity & Security India Private Ltd., TriFoil Imaging, Swarco Industries Inc., Traffic Management Technologies, Kria Infotech Private Ltd., Simicon GmbH, Minnesota Mining and Manufacturing Company, Flir Systems Inc., Redflex Holdings Limited, JSP Ltd., Heskins Ltd., Iteris Inc., 3M Company

Technological Advancements Drive Innovations In Road Safety

Technological innovations are the key trend gaining popularity in the road safety market. Major companies operating in the road safety market are coming up with new technology to solve complex and new road safety issues and improve already existing solutions being implemented in road safety. For instance, in February 2021, Motorola Solutions Inc., a US-based video equipment and telecommunications company that provides road safety solutions introduced a video-as-a-Service solution. It combines body-worn cameras, cloud-based support, and digital evidence management software in the new package for law enforcement organizations. The V300 body-worn camera, a mounting kit, an extra battery, and access to digital evidence management are all included in the body-worn camera as-a-service package. The company's product line was expanded by the new item.

Cloud-Based Road Safety Platform To Enhance Road Safety

Major companies operating in the road safety market are launching cloud-based road safety platforms such as Safety View by GM Future Roads and Inrix to enhance road safety. Safety View by GM Future Roads and Inrix is a cloud-based connected vehicle platform designed to provide critical insights and data to transportation planners and officials. For instance, in August 2022, General Motors, a US-based automotive manufacturing company, and Inrix, a US-based software company, launched Safety View by GM Future Roads and Inrix, a cloud-based connected vehicle platform, to provide transportation planners across the United States with critical data and insights for road safety. This application utilizes crash data, vehicle information, vulnerable road user data, and U. S. Census data to assist in prioritizing and assessing the impact of roadway safety projects and their effects on communities. It aims to enhance road safety by offering customizable, real-time insights and data analytics, helping officials make informed decisions to improve roadway networks. It aims to enhance road safety by offering customizable, real-time insights and data analytics, helping officials make informed decisions to improve roadway networks.

Swarco Expands Its Presence And Revenue Stream Through Dynniq Mobility Acquisition

In September 2021, SWARCO, an Austria-based road safety company acquired Dynniq Mobility for an undisclosed amount. The acquisition is expected to help SWARCO to increase its footprint in northern Europe and increase its revenue stream. Dynniq Mobility is a Netherlands-based road safety company that enables safe, sustainable, and efficient movement of people, data, and goods.

North America was the largest region in the road safety market in 2023.Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the road safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the road safety market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The road safety market includes revenues earned by entities by providing rescue operation services, vehicle safety inspection and maintenance, vehicle crash management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The road safety market research report is one of a series of new reports from The Business Research Company that provides road safety market statistics, including road safety industry global market size, regional shares, competitors with market share, detailed road safety market segments, market trends and opportunities, and any further data you may need to thrive in the road safety industry. This road safety market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Road Safety Market Report Scope

Report Attribute	Details
Market Size Value In 2024	$4.27 billion
Revenue Forecast In 2033	$6.49 billion
Growth Rate	CAGR of 11% from 2024 to 2033
Base Year For Estimation	2023
Actual Estimates/Historical Data	2018-2023
Forecast Period	2024 - 2028 - 2033
Market Representation	Revenue in USD Billion and CAGR from 2024 to 2033
Segments Covered	1) By Service: Consulting And Training, Support And Maintenance, Managed 2) By Solution: Light Speed, Bus Lane And Section Enforcement, ALPR/ANPR, Incident Detection And Response, Other Solutions 3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
Regional Scope	Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Country Scope	Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Key Companies Profiled	Kapsch TrafficCom AG; Sensys Gatso Group; Redflex Holdings Pty Ltd.; Verra Mobility Corp; Teledyne FLIR LLC; Motorola Solutions Inc.; Information Engineering Group Inc.; Cubic Corporation; Siemens AG; Conduent Inc.; Vitronic Machine Vision Ltd.; Laser Technology Inc.; Syntell Inc.; Clearview Intelligence Group Ltd.; Zhejiang Dahua Technology Co. Ltd.; Truvelo Specialised Manufacturing Ltd.; Jenoptik AG; Idemia Identity & Security India Private Ltd.; TriFoil Imaging; Swarco Industries Inc.; Traffic Management Technologies; Kria Infotech Private Ltd.; Simicon GmbH; Minnesota Mining and Manufacturing Company; Flir Systems Inc.; Redflex Holdings Limited; JSP Ltd.; Heskins Ltd.; Iteris Inc.; 3M Company
Customization Scope	Request for Sample
Pricing And Purchase Options	Explore Purchase Options

Table Of Contents

1. Executive Summary

2. Road Safety Market Characteristics

3. Road Safety Market Trends And Strategies

4. Road Safety Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market

4.2. Ukraine-Russia War Impact On the Market

4.3. COVID-19 Impact On the Market

5. Global Road Safety Market Size and Growth

5.1. Global Road Safety Market Drivers and Restraints

5.1.1. Drivers Of The Market

5.1.2. Restraints Of The Market

5.2. Global Road Safety Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)

5.3. Global Road Safety Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Road Safety Market Segmentation

6.1. Global Road Safety Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Passenger Cars

Light Commercial Vehicles

Heavy Commercial Vehicles

6.2. Global Road Safety Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Consulting And Training

Support And Maintenance

Managed

6.3. Global Road Safety Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Light Speed

Bus Lane And Section Enforcement

ALPR/ANPR

Incident Detection And Response

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Frequently Asked Questions

What is the definition of the road safety market?

How will the road safety market drivers and restraints affect the road safety market dynamics? What forces will shape the road safety industry going forward?

The road safety market major growth driver - rising road accidents fuel demand for road safety technologies. For further insights on the robo advisory market, request a sample here

What is the forecast market size or the forecast market value of the road safety market ?

The road safety market size has grown rapidly in recent years. It will grow from $3.84 billion in 2023 to $4.27 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to implementation of traffic laws and regulations for road safety, advances in vehicle safety technologies, including airbags and seatbelts, public awareness campaigns on the importance of road safety, growth in urbanization and increased vehicular traffic, establishment of law enforcement agencies to monitor and enforce road safety. The road safety market size is expected to see rapid growth in the next few years. It will grow to $6.49 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to surge in adoption of advanced driver assistance systems (adas), integration of vehicle-to-everything (v2x) communication for real-time safety alerts, growth in the development and adoption of autonomous vehicles, adoption of smart infrastructure and traffic management systems, increasing focus on sustainable and eco-friendly transportation modes. Major trends in the forecast period include use of data analytics for predictive analysis of potential road safety issues, vision zero movement, collaboration between different stakeholders, development of connected and intelligent crosswalks for pedestrian safety, active transportation. For further insights on the robo advisory market, request a sample here

How is the road safety market segmented?

The road safety market is segmentedThe road safety market covered in this report is segmented –
1) By Service: Consulting And Training, Support And Maintenance, Managed
2) By Solution: Light Speed, Bus Lane And Section Enforcement, ALPR/ANPR, Incident Detection And Response, Other Solutions
3) By Vehicle Type: Passenger Cars, Lighht Commercial Vehicles, Heavy Commercial VehiclesFor further insights on the robo advisory market, request a sample here

Which region has the largest share of the road safety market? What are the other regions covered in the report?

North America was the largest region in the road safety market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the road safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa For further insights on the robo advisory market, request a sample here.

Who are the major players in the road safety market?

What are the key trends in the road safety market?

Major trend in the road safety market - technological advancements drive innovations in road safety. For further insights on the robo advisory market, request a sample here.

What are the major opportunities in the road safety market? What are the strategies for the road safety market?

For detailed insights on the major opportunities and strategies in the road safety market, request a sample here.

How does the road safety market relate to the overall economy and other similar markets?

For detailed insights on road safety market's relation to the overall economy and other similar markets, request a sample here.

What are the latest mergers and acquisitions in the road safety industry?

For detailed insights on the mergers and acquisitions in the road safety industry, request a sample here.

What are the key dynamics influencing the road safety market growth? SWOT analysis of the road safety market.

For detailed insights on the key dynamics influencing the road safety market growth and SWOT analysis of the road safety industry, request a sample here.