How Is The Road Safety Market Progressing And What Are The Predictions For Market Growth?
The road safety market size has grown rapidly in recent years. It expanded from $4.23 billion in 2024 to an expected $4.68 billion in 2025, showing a compound annual growth rate (CAGR) of 10.7%. The growth in this historical period can be attributed to the 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, proliferation in urbanization and increased vehicular traffic, and development of law enforcement agencies to monitor and enforce road safety.
Predictions for the future of the road safety market suggest further rapid growth. It is expected to reach $7.23 billion in 2029 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to surge in adoption of advanced driver assistance systems (ADAS), integrations of vehicle-to-everything (v2x) communication for real-time safety alerts, growing development and adoption of autonomous vehicles, adoption of smart infrastructure and traffic management systems, and an increasing focus on sustainable and eco-friendly transportation modes.
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What Are The Key Drivers For The Growth Of The Road Safety Market?
Contribution to the growth of the road safety market is significantly derived from the increasing number of road accidents and fatalities. As collisions involving two or more objects on the road leading to severe injury or death increase, so too does the need for road safety systems that monitor and identify threats to road safety and educate and enforce road safety norms. For instance, according to a report published in May 2023 by the Bureau of Infrastructure and Transport Research Economics (BITRE), an Australia-based government agency that provides economic analysis and statistics related to infrastructure and transport, road crash deaths rose to 1,194 in 2022, marking a 5.8 percent increase compared to 2021.
Can You Provide An Outline Of The Major Segments In The Road Safety Market?
The road safety market covered in this report includes the following segments:
1) By Service: Consulting And Training, Support And Maintenance, Managed Services
2) By Solution: Light Speed, Bus Lane And Section Enforcement, ALPR Or ANPR, Incident Detection And Response, Other Solutions
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
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Who Are The Major Players In The Road Safety Market?
Major companies operating in the road safety market include 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., and other noted industry leaders.
What Trends Are Being Seen In The Road Safety Market?
Technological innovations are the key trend gaining popularity in the road safety market. Major companies are developing new solutions to solve complex and new road safety issues and improve on existing solutions. For example, Toyota’s Collaborative Safety Research Center has launched new research projects focused on improving road safety, such as developing driver support features for lane centering, creating in-vehicle intervention prototypes, and using data to enhance driver decision-making.
What Is The Regional Analysis Of The Road Safety Market?
In 2024, North America was the largest region in the road safety market. However, Asia-Pacific is expected to be the fastest growing region in the forecast period.
What Does The Road Safety Market Report 2025 Offer?
Road safety refers to strategies and tactics for lowering the likelihood that someone may be involved in a car accident. The road safety market aims to prevent road users from being seriously injured or killed by spreading awareness through various road safety tools including road signs, fences, speed detectors and others. The Road Safety Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities
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