Global Road Safety Market: Overview
The Global Road Safety Market is valued at around USD 8.49 billion in 2022 and is expected to reach USD 9.11 Billion by the year 2030 registering a CAGR of 3.2% over the forecast period. Road traffic safety refers to the methods and measures used to prevent road users from being killed or seriously injured. Typical road users include pedestrians, cyclists, motorists, vehicle passengers, horse riders, and passengers of on-road public transport.
Global Road Safety Market - Growth Factors
The growing number of two wheeler and four wheeler vehicles in the market is the major factor that is driving the growth of the market during the forecast period. The increasing number of vehicles is also leading to the increasing number of accident rate and the use of safety measures is the factor that is estimated to drive the growth of the market during the forecast period. Apart from this the increasing number of adaption of the sports-based vehicles on the common roads is also increasing the chances of the road accidents and this factor is estimated to boost the growth of the market during the forecast period. Apart from this, the growing number of craze of the cars and the bikes among the youth is also the factor that is driving the growth of the market all around the globe during the forecast period.
Global Road Safety Market - Market Trends
Favorable initiatives supporting the deployment of road safety measures including rules and regulations and devices to track traffic will go a long way in favoring the growth over the forecast period and this factor is estimated to drive the growth of the market.
Apart from this, the growing number of craze of the cars and the bikes among the youth is also the factor that is driving the growth of the market all around the globe during the forecast period.
However, the increasing cost of these equipments is estimated to hamper the growth of the market during the forecast period.
Global Road Safety Market - Segmentation
The Global Road Safety Market has been sub-classified into solution type, and service type.
By Solution
Red Light & Speed Enforcement
Incident Detection & Response
ANPR/ALPR
Others
By Service
Professional Services
Managed Services
Global Road Safety Market Regional Analysis
It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Global Road Safety Market Key Market players
American Traffic Solutions (Verra Mobility); Kapsch TrafficCom; Redflex Holdings; Vitronic; Sensys Gatso Group AB; FLIR Systems, Inc.; and Jenoptik are the major players that are driving the growth of the market during the forecast period.
