Road Safety Market Key Players, Industry Survey and Current Scenario till 2028

Posted on 2022-10-11 by researchinsights in Automotive, Transportation & Logistics // 0 Comments

San Francisco, California , USA, Oct 11, 2022 — /EPR Network/ —

Road Safety Industry Overview

The global road safety market size was valued at USD 2.87 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.4% from 2021 to 2028.

During the COVID-19 pandemic, road fatalities witnessed a sharp decline. However, in the second quarter of 2020, traffic volume witnessed a rise with ease in lockdown restrictions. This period witnessed an increase in road fatalities caused mainly by drivers engaging in risky behavior by violating speed limits, failing to wear seat belts, and being under alcohol influence. Therefore, traffic management and safety authorities worldwide kicked off a program to mitigate such incidences by investing in new road safety solutions. Although the pandemic hindered the growth in 2020, the market was expected to reach pre-COVID levels by the end of 2020 and a steady recovery in 2021.

Road safety future is uncertain and not the same for all regions worldwide. For instance, countries in Europe have a mature road safety approach, focusing on proactive techniques. Although the mortality rate due to road accidents is lower in Europe than the global average, it varies mainly among countries. Therefore, several countries are engaged in designing their road safety strategies to lower the risk of such fatalities. Initiative and guidelines promoting road safety will upkeep the demand for road safety equipment in the EU.

Gather more insights about the market drivers, restrains and growth of the Global Road Safety market

Globally, a rise in road fatalities has been a primary factor favoring road safety sales. As per the World Health Organization (WHO), road accidents lead to over 1.3 million deaths each year, with over 15 million people suffering non-fatal injuries resulting in disability or other health conditions. Therefore safety on highways has gained prominence, with governments worldwide promoting initiatives to lower these numbers. On account of these factors, the road safety market will gain traction over the forecast period and shall surpass USD 6 billion by 2028.

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. For instance, the U.S. federal government launched the Road to Zero initiative to eliminate traffic fatalities by 2050. The initiative is launched by the National Safety Council and is encourages the use of safe and advanced systems to put an end to traffic fatalities. In India, the Ministry of Road Transport and Highways have also been taking initiatives towards the improvement of road safety to reduce accidents on National Highways.

Browse through Grand View Research’s Automotive & Transportation Industry Research Reports.

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Road Safety Market Segmentation

Grand View Research has segmented the global road safety market based on solution, service, and region:

Road Safety Solution Outlook (Revenue, USD Million, 2017 – 2028)

Red Light & Speed Enforcement
Incident Detection & Response
ANPR/ALPR
Others

Road Safety Service Outlook (Revenue, USD Million, 2017 – 2028)

Professional Services
Managed Services

Road Safety Regional Outlook (Revenue, USD Million, 2017 – 2028)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global Road Safety market include

Jenoptik
Kapsch TraficCom
Flir Systems, Inc.
IDEMIA
Sensys Gatso Group AB
VITRONIC
Redflex Holdings

Order a free sample PDF of the Road Safety Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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