Road Safety Market Size and Forecast 2024-2033| Kapsch TrafficCom AG, Sensys Gatso Group, Redflex Holdings Pty Ltd., Verra Mobility Corp, Teledyne FLIR LLC

Overview and Scope

Road safety refers to strategies and tactics for lowering the likelihood that someone may be involved in a car accident. The road safety is used to prevent road users from getting severely injured or being killed by the means of spreading awareness through various road safety tools including road signs, fences, speed detectors and others.

Sizing and Forecast

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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Segmentation & Regional Insights

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

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

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Major Driver Impacting Market Growth

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.

Key Industry Players

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

The road safety market report table of contents includes:

1. Executive Summary

2. Road Safety Market Characteristics

3. Road Safety Market Trends And Strategies

4. Road Safety Market – Macro Economic Scenario

5. Global Road Safety Market Size and Growth

26. South America Road Safety Market

27. Brazil Road Safety Market

28. Middle East Road Safety Market

29. Africa Road Safety Market

30. Road Safety Market Competitive Landscape And Company Profiles

Top Major Players: