The global road safety market size was worth around USD 3.61 billion in 2023 and is predicted to grow to around USD 14.71 billion by 2032 with a compound annual growth rate (CAGR) of roughly 16.90% between 2024 and 2032.
The evaluation of road safety market dynamics provides a concise analysis of the market’s drivers and restraints, as well as their long-term influence on demand.
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Road safety essentially refers to the procedures and measures implemented to avert collisions. Passengers of motor vehicles, cyclists, pedestrians, horseback riders, motorists, and users of public transportation (particularly buses and railroads) comprise the majority of typical commuters.
The expanding global road safety market is being propelled by the rising concern for the road safety of commuters and the pressing need to alleviate traffic congestion. Increasing apprehension regarding the safety of new infrastructure developments will contribute to the growth of commuters’ demand for road safety during the period of forecast. Furthermore, as the need to regulate the expanding variety of motors and mitigate its negative effects on productivity and social cost increases, so does the requirement for road safety services and solutions.
In turn, this is driving the expansion of the global road safety market. Increasing commuter numbers and road congestion are additional factors that are impacting the global road safety market. Diverse technologies are currently being implemented on city roads, highways, tunnels, and bridges to improve safety. It is expected that highways and bridges will increasingly incorporate safety measures in the near future. Nonetheless, road safety-related budgetary constraints and a dearth of awareness may impede the market’s expansion in the coming years.
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The Global Road Safety Market is segmented based on product, application and region
Global Road Safety Market: Product Segment Analysis
● Red Light Enforcement
● Speed Enforcement
● Bus Lane Enforcement and Section Enforcement
● Automatic License Plate Recognition/Automatic Number Plate Recognition (ALPR/ANPR)
● Incident Detection and Response
● Others
Global Road Safety Market: Application Segment Analysis
● Consulting and Training
● Support and Maintenance
● System Integration and Deployment
● Managed Services
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The global Road Safety market profiles key players such as:
● Jenoptik
● Sensys Gatso Group
● Kapsch Trafficcom
● Redflex Holdings
● Idemia
● FLIR Systems
● American Traffic Solutions
● Motorola
● Swarco
● Siemens
The Asia-Pacific region is anticipated to experience significant growth in the global road safety market as a result of the region’s robust economic expansion and the implementation of numerous safety measures by the government. To combat road incidents, India, China, and Australia have each implemented distinct strategies to modify the planning and execution of security measures. Furthermore, technological advancements and population growth in these areas are propelling the need for public transportation and long-distance commuting.
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