Global Road Safety Market: was valued at USD 3.24 Billion in 2021, and it is expected to reach USD 8.25 Billion by 2029, exhibiting a CAGR of 12.4% during the forecast period (2022-2029)
Global Road Safety Market Overview:
The market research study Global Road Safety Market analyses and assesses the market’s position during the forecast period. It is a comprehensive examination that focuses on primary and secondary drivers, market share, leading segments, and geographical analysis. Key actors, big partnerships, mergers, and acquisitions, as well as current innovation and corporate strategies, are also examined in the research.
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Global Road Safety Market Dynamic:
Development in Road Safety Products: The road safety market is gaining traction as the number of traffic accidents and fatalities rises. The growing need for public security and improvements in road infrastructure bode well for industry expansion. Several advancements in road safety products have occurred in recent years. To enforce traffic discipline, red light and speed monitoring systems were traditionally erected separately along roadways and crossings. However, as technology advances, firms are focusing on providing systems that integrate speed and red light monitoring capabilities in a single unit. Jenoptik, for example, introduced TraffiStar systems, which use high-resolution cameras to provide integrated red light and speed monitoring and can capture traffic violations across four lanes. Similarly, Vitronik offers the Poliscan Red+Speed system, which is built specifically for intersections to detect speed and red light infractions of cars driving in opposite directions. Because of the introduction of such systems, the market is likely to increase significantly over the forecast period.
Market Scope:
Using both primary and secondary research approaches, we researched the Global Road Safety Market from every viewpoint. This helped us gain a better understanding of current market dynamics such as supply-demand imbalances, pricing trends, product preferences, customer habits, and so on. The data is then compiled and analyzed using a range of market estimation and data validation techniques. Furthermore, we have an in-house data forecasting engine that forecasts market growth through 2027.
Following the successful completion of market engineering, which included calculations for market statistics, market size estimations, market projections, market breakdown, and data triangulation, extensive primary research was conducted to gather information and verify and validate key figures. Top-down and bottom-up procedures, as well as numerous data triangulation methods, were frequently used throughout the market engineering process to perform market estimating and forecasting for the overall market segments and sub-segments discussed in this research. In order to give vital information throughout the report, extensive qualitative and quantitative analysis is done on all statistics gathered during the whole market engineering process.
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Global Road Safety Market Segmentation:
Based on Solution, the market is segmented into Red Light & Speed Enforcement, ANPR/ALPR Incident Detection & Response and Others. In 2021, Automatic Number/License Plate Recognition (ANPR/ALPR) had the biggest market share, accounting for more than 25% of total market revenue. The ANPR/ALPR segment’s substantial revenue share is due to a variety of end use applications such as parking lots, road intersections, schools, and private land, among others. These solutions assist in the recovery of a car in the event of theft, criminal activity, or traffic offences. The systems are also noted for providing 24-hour monitoring, even in low light or adverse weather, which adds to their popularity. Apart from ANPR/ALPR, the market is divided into red light and speed enforcement, as well as incident detection and investigation.
In 2021, the red light and speed enforcement segment accounted for more than half of global revenue. Over the forecast period, the segment is expected to grow at a CAGR of more than 10%. To enforce traffic discipline, these systems were traditionally built at road intersections or along roads. Companies began to focus on creating systems that offer speed and red-light monitoring functionality in a signal device as technology advanced. In 2021, these advancements in product design fuelled market growth, which is predicted to continue for the next seven years. For example, TraffiStar and Jenoptik offer combined speed monitoring and red light enforcement using high-resolution cameras.
Global Road Safety Market Key Players:
• Kapsch Traffic Com
• Sensys Gatso Group
• Redflex Holdings
• Verra Mobility
• IDEMIA
• FLIR Systems
• Motorola Solutions
• SWARCO
• Information Engineering Group Inc.
• Cubic Corporation
• Siemens
• Conduent
• VITRONIC
• Kria
• Laser Technology
• Optotraffic
• Syntell
• Traffic Management Technologies
• AABMATICA
• Clearview Intelligence
• Dahua Technology
• Truvelo
• Trifoil
• Continental AG
Primary and secondary research is used to identify industry leaders, while primary and secondary research is utilized to determine market revenue. Primary research included in-depth interviews with key opinion leaders and industry professionals such as seasoned front-line personnel, CEOs, and marketing personnel. Secondary research included a review of the leading manufacturers’ annual and financial reports, whereas primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing personnel. Secondary data is utilized to determine percentage splits, market shares, growth rates, and global market breakdowns, which are then checked using primary data. The players highlighted in this report are as follows:
Global Road Safety Market Regional Analysis:
The report covers both qualitative and quantitative data and gives an in-depth look into the Global Road Safety industry area by region. It gives a segment-by-segment overview and forecast of the worldwide Global Road Safety market. It also estimates the market size and forecasts for five major regions from 2021 to 2027: North America, Europe, Asia-Pacific, the Middle East, Africa, and South America. Each area’s Global Road Safety market is further subdivided into regions and segments. The report investigates and forecasts many countries, as well as existing trends and prospects in the field.
COVID-19 Impact Analysis on Global Road Safety Market:
We researched and analyzed the Global Global Road Safety Business Expansion Strategy post-COVID-19, by organizational strategic analysis, landscape, category, utilization, and leading countries, which encapsulates and analyses the global Global Road Safety industry’s potential, providing statistical data on market trends, growth regulators, major challenges, PORTER analysis, and market entry strategy analysis, prospects, and forecasts. The fundamental purpose of the research is to offer industrial businesses a strategic analysis of COVID-19’s influence. Simultaneously, this study looked into the markets of major countries and highlighted their market potential in post-pandemic scenarios.
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Key Questions Answered in the Global Road Safety Market Report are:
- What are the most promising high-growth opportunities in the global Global Road Safety sector, as defined by product category, End User, and Region?
- Which Global Road Safety market segments will expand the fastest, and why?
- Which regions will have the fastest growth, and why?
- What are the primary elements influencing Global Road Safety market dynamics? What are the primary drivers and obstacles in the Global Road Safety market?
- What are the Global Road Safety market’s weaknesses and threats?
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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