Road Safety Market Growth Rate Analysis and End-User Outlook till 2028

Posted on 2022-12-12 by researchinsights in Food & Beverage // 0 Comments

San Francisco, California , USA, Dec 13, 2022 — /EPR Network/ —

Road Safety Industry Overview

The global Road Safety Market size is expected to reach USD 6.66 billion by 2028, expanding at a CAGR of 12.4% from 2021 to 2028, according to a study conducted by Grand View Research, Inc. World health organization estimates say that over 1.3 million people die of road accidents every year. This statistic is enough to suggest that road safety is crucial for all. With countries focusing on lowering accidents, the deployment of road safety solutions including surveillance or continuous vehicle monitoring systems has gained prominence.

Over the years, alcohol and speeding have been the leading causes of fatalities related to road accidents, making road safety systems a mandate across most countries. Providing a safer environment for pedestrians and cyclists will also create a safe road environment for the population, creating avenues for future growth. To keep pace with market demand, vendors aim to develop technologically advanced products, have an extended life, and are less prone to vandalism. Intelligent displays, high-resolution cameras, and systems that can monitor in terrible weather conditions or low light are gaining traction favoring the demand for road safety products over the next few years. Several countries are engaged in conducting formal road safety assessments every year while developing strategies to achieve road safety. Such initiatives will play a vital role in creating demand for road safety solutions over the forecast period.

Road Safety Market Segmentation

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

Based on the Solution Insights, the market is segmented into Red Light & Speed Enforcement, Incident Detection & Response, ANPR/ALPR, and Others

Automatic Number/License Plate Recognition (ANPR/ALPR) captures the largest share in 2020, contributing over 25% of the overall market revenue.
The red light and speed enforcement segment captured over half of the global revenue in 2020. The segment will register a CAGR exceeding 10% over the forecast period.

Based on the Service Insights, the market is segmented into Professional Services and Managed Services.

The managed road safety services segment is estimated to register a CAGR exceeding 9% from 2021 to 2028.
System integration, installation, training, consultancy, and support and maintenances are covered under the professional services segment. The segment captured over 70% of the overall revenue share in 2020 and will continue to dominate the overall market revenue by 2028.

Road Safety Regional Outlook

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

Key Companies Profile & Market Share Insights

Key players are adopting strategies such as mergers and acquisitions, product portfolio expansion, contracts, and geographical expansion to increase their market penetration and strengthen their position in the industry.

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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