The road safety global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Road Safety Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The road safety market size has grown rapidly in recent years. It will grow from $3.84 billion in 2023 to $4.27 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to implementation of traffic laws and regulations for road safety, advances in vehicle safety technologies, including airbags and seatbelts, public awareness campaigns on the importance of road safety, growth in urbanization and increased vehicular traffic, establishment of law enforcement agencies to monitor and enforce road safety.
The road safety market size is expected to see rapid growth in the next few years. It will grow to $6.49 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to surge in adoption of advanced driver assistance systems (adas), integration of vehicle-to-everything (v2x) communication for real-time safety alerts, growth in the development and adoption of autonomous vehicles, adoption of smart infrastructure and traffic management systems, increasing focus on sustainable and eco-friendly transportation modes. Major trends in the forecast period include use of data analytics for predictive analysis of potential road safety issues, vision zero movement, collaboration between different stakeholders, development of connected and intelligent crosswalks for pedestrian safety, active transportation.
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Scope Of Road Safety Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing number of road accidents and fatalities is significantly contributing to the growth of the road safety market going forward. Road traffic accidents are defined as collisions involving two or more objects on the road leading to severe injury or death. Road safety systems monitor and identify threats to road safety, and they educate and enforce road safety norms to prevent road accidents. For instance, in 2021, the National Highway Traffic Safety Administration (NHTSA), a US-based department of transportation reported 42,915 deaths in the US caused by motor vehicle traffic crashes, a 10.5% increase from the 38,824 fatalities in 2020. Therefore, the increasing number of road accidents and fatalities is driving the growth of the road safety market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The road safety market covered in this report is segmented –
1) By Service: Consulting And Training, Support And Maintenance, Managed
2) By Solution: Light Speed, Bus Lane And Section Enforcement, ALPR/ANPR, Incident Detection And Response, Other Solutions
3) By Vehicle Type: Passenger Cars, Lighht Commercial Vehicles, Heavy Commercial Vehicles
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Regional Insights –
North America was the largest region in the road safety market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the road safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the road safety market report are Kapsch TrafficCom AG, Sensys Gatso Group, Redflex Holdings Pty Ltd., Verra Mobility Corp, Teledyne FLIR LLC, Motorola Solutions Inc., Information Engineering Group Inc., Cubic Corporation, Siemens AG, Conduent Inc., Vitronic Machine Vision Ltd., Laser Technology Inc., Syntell Inc., Clearview Intelligence Group Ltd., Zhejiang Dahua Technology Co. Ltd., Truvelo Specialised Manufacturing Ltd., Jenoptik AG, Idemia Identity & Security India Private Ltd., TriFoil Imaging, Swarco Industries Inc., Traffic Management Technologies, Kria Infotech Private Ltd., Simicon GmbH, Minnesota Mining and Manufacturing Company, Flir Systems Inc., Redflex Holdings Limited, JSP Ltd., Heskins Ltd., Iteris Inc., 3M Company
Table of Contents
1. Executive Summary
2. Road Safety Market Report characterstics
3. Road Safety Market Trends And Strategies
4. Road Safety Market – Macro Economic Scenario
5. Global Road Safety Market Size And Growth
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31. Global Road Safety Market Competitive Benchmarking
32. Global Road Safety Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Road Safety Market
34. Road Safety Market Future Outlook and Potential Analysis
35. Appendix
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