Road Safety Market: Current Analysis and Forecast (2022-2030)

The road safety market is a broad category that encompasses a wide range of products, services, and technologies designed to improve road safety and reduce the risk of accidents. These can include items such as road safety equipment, such as reflective jackets, helmets, and safety vests that are designed to increase visibility and protect road users. There are several key drivers of the road safety market, including increasing road traffic, growing awareness of the importance of road safety, government regulations, technological advancements, and economic growth.

The Road Safety Market is expected to grow at a strong CAGR of 9 % during the forecast period owing to the growing awareness of the importance of road safety is also driving demand for road safety products and services. As people become more aware of the risks of accidents on the road, they are more likely to invest in products and services that can help to improve their safety. For instance, General Motors has invested heavily in developing advanced driver assistance systems (ADAS) and autonomous driving technology. In 2020, the company announced plans to launch a fully autonomous ride-sharing service in 2023.

Based on solutions, the market is segmented into enforcement solution, automatic license plate recognition/automatic number plate recognition, incident detection and response and others. Amongst these, the enforcement solution segment of the road safety market holds the largest share because it involves the use of technologies and strategies to enforce traffic laws and regulations. This includes the use of speed cameras, red light cameras, and other types of automated traffic enforcement systems.

By services, the market is bifurcated into professional services and managed services. Among these, The managed services segment holds a significant share of the road safety market because it involves the use of technology to manage and maintain road safety systems. This includes the use of cloud-based platforms, data analytics, and other technologies to monitor and analyze road safety data, as well as to manage and maintain road safety infrastructure such as traffic cameras and sensors.

For a better understanding of the market adoption of the road safety industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. North America dominates the road safety market due to a combination of factors. Strong government support, high vehicle ownership, strong economic conditions, advancements in technology, and a high road accident rate all contribute to the region's leadership in this field. Governments in North America have invested heavily in road safety research and development, leading to the development of advanced technologies such as intelligent transportation systems and automated vehicle systems. Additionally, the high level of vehicle ownership in the region has created a demand for advanced road safety technologies, such as automated emergency braking and adaptive cruise control, which are becoming increasingly common in new vehicles. Strong economic conditions have also provided a favorable environment for the growth of the road safety market, while advancements in technology, particularly in the areas of automation and connectivity, have led to the development of advanced road safety systems. Finally, the high road accident rate in North America has created a strong demand for advanced road safety technologies and systems, driving the growth of the road safety market in the region.

Some of the major players operating in the market include: Verra Mobility, Kapsch TraficCom, Jenoptik, Sensys Gatso Group AB, Redflex Holdings, Saferoad Group, Dahua Technology, Conduent, Silicon Labs, and IDEMIA.