Road Safety Market Share, Size, Trends, Industry Analysis Report, By Solution (Enforcement Solution, Automatic License Plate Recognition/Automatic Number Plate Recognition, Incident Detection and Response, Others); By Services; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jun-2023
- Pages: 114
- Format: PDF
- Report ID: PM2426
- Base Year: 2021
- Historical Data: 2019-2021
Report Outlook
The global road safety market was valued at USD 3,812.03 million in 2022 and is expected to grow at a CAGR of 12.0% during the forecast period.The road safety market encompasses a wide range of products and services to enhance road safety and reduce accidents, injuries, and fatalities. With increasing urbanization, motorization, and the growing importance of transportation infrastructure, road safety has become a critical concern for governments, organizations, and individuals worldwide.
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Additionally, road safety market education and awareness campaigns are vital in promoting safe driving habits and behavior. These campaigns target drivers, pedestrians, and other road users, providing information on traffic rules, safe driving practices, and the potential consequences of reckless behavior. According to the World Health Organization (WHO), over 1.35 million people die yearly from road traffic accidents, and millions suffer injuries. This alarming statistic has propelled governments and transportation authorities to invest in road safety measures and technologies.
The road safety market is driven by government initiatives and regulations to improve road infrastructure and implement safety measures. Governments worldwide are investing in developing and maintaining safer roads, implementing stricter traffic regulations, and enforcing penalties for traffic violations.
Furthermore, technological advancements, such as the Internet of Things (IoT), artificial intelligence (AI), and big data analytics, are revolutionizing the road safety market. These technologies enable real-time monitoring of road conditions, predictive analytics for accident prevention, and smart traffic management systems.
The COVID-19 pandemic has had a significant impact on the road safety market. Lockdowns and travel restrictions decreased traffic volumes, reducing the overall risk of accidents. However, there was a shift in road users as public transportation declined and delivery vehicles increased, potentially increasing vulnerability. Road safety measures were adapted to prioritize essential services. Advancements in technology and automation continued, aiming to improve road safety. Road safety campaigns were launched to educate users about pandemic-related protocols. Infrastructure projects related to road safety experienced delays or temporary halts in certain regions.
Industry Dynamics
Growth Drivers
The road safety market is experiencing growth due to the increasing number of road accidents worldwide has raised concerns and prioritized road safety. Governments and regulatory bodies are taking proactive measures to improve road safety, leading to a higher demand for road safety solutions and technologies.
Stringent government regulations and guidelines are being implemented globally to enhance road safety. These regulations often mandate the adoption of advanced safety technologies in vehicles, such as ABS, ESC, and LDWS. This enforcement drives the demand for road safety products and solutions as manufacturers and vehicle owners strive to comply with these requirements.
In addition, technological advancements play a significant role in shaping the road safety market. Innovations like AI, ML, IoT, and connected vehicle technologies have enabled the development of advanced driver assistance systems (ADAS) and intelligent transportation systems (ITS). These technologies help reduce accidents and enhance overall road safety by providing real-time data, automated warnings, and assistance to drivers.
Moreover, factors like growing urbanization and vehicle population contribute to the need for effective road safety measures. Awareness and education campaigns conducted by various entities promote safe practices and traffic rules, creating a demand for road safety products and services. Additionally, investments in infrastructure development to improve road conditions and the insurance industry's involvement in promoting road safety through incentives and discounts further drive the growth of the road safety market.
Report Segmentation
The market is primarily segmented based on solution, services, and region.
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By Solution |
By Services |
By Region |
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Enforcement solution segment dominated the market in 2022
The enforcement solution segment has dominated the market. These solutions are crucial in implementing traffic rules and regulations related to speed control, section control, and bus lane compliance. The increasing demand for enforcement solutions in road safety is driving collaborations among key market players to meet the rising needs. For example, in July 2020, Siemens Mobility partnered with the WJ Group to install automatic speed cameras in the UK to address speeding issues.
The automatic license plate recognition/automatic number plate recognition segment is expected to experience significant growth during the forecast period. Automatic license plate recognition utilizes computer vision technology to automatically and rapidly read license plates on vehicles. The need for automated solutions that can accurately capture and identify license plates is a key driver for the growth of this segment. Rekor Systems, Inc. is a notable provider in this field, offering OpenALPR, a specialized license plate, and vehicle recognition solution suite.
Professional services segment expected to hold highest CAGR during forecast period
The professional services segment is anticipated to exhibit the highest CAGR during the forecast period in the road safety market. These services encompass system integration and deployment, consulting, training, and support services. The increasing adoption of safety solutions drives the demand for professional services, including designing solutions for deployment, providing consulting services to recommend suitable solutions, and offering deployment services to upgrade existing road and traffic infrastructure. Road Safety Matters is an example of a global professional safety consultancy company that addresses safety requirements.
As road safety expands, there is a growing need for professional expertise to ensure the effective implementation and utilization of safety solutions. System integration and deployment services assist in seamlessly integrating safety technologies into existing infrastructure and ensuring optimal functioning. Consulting services provide valuable insights and recommendations to clients regarding the most suitable safety solutions and services for their specific needs. Training and support services help users understand and utilize safety systems efficiently while providing ongoing assistance and maintenance.
North America dominated the global market with largest market share in 2022
North America holds the largest share of the global market, driven by supportive government initiatives and substantial investments in safety measures. FOR INSTANCE, the U.S. Department of Transportation introduced the National Roadway Safety Strategy (NRSS) in January 2022, providing a comprehensive roadmap to address the issue of roadway fatalities. These initiatives have propelled the market's growth in North America.
Europe is expected to witness significant growth in the road safety market during the forecast period. The region has seen a notable increase in the number of vehicles, contributing to the market's expansion. According to the EU Pocketbook 2020/2021 edition, new vehicle registrations in Europe reached approximately 15.5 million. This rise in vehicle numbers creates a demand for road safety measures and solutions, driving the market's growth in Europe.
Competitive Insight
Some of the major players operating in the global market include FRED Engineering, VITRONIC, Siemens, Sensys Gatso Group, Laser Technology, Cubic Corp, Conduent, Clearview Intelligence, Verra Mobility, SWARCO, JENOPTIK, Dahua Technology, Connected Wise LLC, Traffic Management, IDEMIA, Kapsch TrafficCom, LiveRoad Analytics, Motorola Solutions, Kodiak Robotics, and Vebit AI.
Recent Developments
- In March 2022, Sensys Gatso Group, a prominent provider of traffic safety solutions, secured a contract to supply and support traffic enforcement products and services to the Belgian Walloon government. The contract was awarded to Sensys Gatso Netherlands, a subsidiary of Sensys Gatso Group. Under the agreement, Sensys Gatso will provide its T-series systems and related services with an approximate value of SEK 6 million (USD 575,000).
- In November 2021, Kapsch TrafficCom introduced a climate-friendly mobility solution called Traffic Management 2.0 in Vienna. This innovative solution is designed to reduce emissions and alleviate stress on the road network.
Road Safety Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 3,987.00 million |
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Revenue forecast in 2032 |
USD 11,039.41 million |
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CAGR |
12.0% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments Covered |
By Solution, By Services, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
FRED Engineering, VITRONIC, Siemens, Sensys Gatso Group, Laser Technology, Cubic Corp, Conduent, Clearview Intelligence, Verra Mobility, SWARCO, JENOPTIK, Dahua Technology, Connected Wise LLC, Traffic Management, IDEMIA, Kapsch TrafficCom, LiveRoad Analytics, Motorola Solutions, Kodiak Robotics, and Vebit AI. |
FAQ's
The global road safety market size is expected to reach USD 11,039.41 million by 2032.
Top market players in the Road Safety Market are FRED Engineering, VITRONIC, Siemens, Sensys Gatso Group, Laser Technology, Cubic Corp, Conduent.
North America contribute notably towards the global Road Safety Market.
The global road safety market expected to grow at a CAGR of 12.0% during the forecast period.
The Road Safety Market report covering key segments are solution, services, and region.
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