Road Safety Market 2023 Growth Opportunities, Market Shares, Future Estimations and Key Countries by 2029

Road Safety Market size was valued at USD 3.64 Bn. in 2022 and the total Road Safety revenue is expected to grow by 12.4 % from 2023 to 2029, reaching nearly USD 8.25 Bn.

Road Safety Market Scope and Research Methodology

This Road Safety Market research report provides a comprehensive view of competition, including market share and profiles of major industry rivals worldwide. The study delves into various sectors to examine the factors that influence the industry's growth.

The top-down and bottom-up approaches are used to validate and estimate market size by segment. Road Safety Market estimates are based on sale prices, with weights applied to usage rate and average sale price to produce percentage splits, market shares, and segment breakdowns. The geographical divisions are based on the adoption or usage percentage of the market size in each area.

Road Safety Market Drivers :

Traffic accidents kill around 1.2 million people and damage up to 50 million people globally. they are the greatest cause of death in people aged 15 to 29. Road traffic deaths adversely effect low- and middle-income countries, which account for 90% of global road deaths. Rising incomes in many developing countries have resulted in rapid motorization, but road safety management and laws have delayed, which expected to drive the Road Safety Market. Road traffic deaths disproportionately impact low- and middle-income countries, which account for 90% of global road deaths. Rising incomes in many developing countries have resulted in rapid motorization, but road safety management and regulations have lagged.

Reducing traffic-related deaths and injuries can boost income growth in road safety market. According to the research, road traffic deaths and injuries have an impact on medium- and long-term growth prospects by removing prime-age individuals from the labour market and lowering productivity due to the cost of injuries. The study indicates that a 10% decrease in road traffic deaths improves per capita real GDP by 3.6% over a 24-year horizon, based on thorough data on mortality and economic indicators from 135 countries. Over the period 2014-38, halving road traffic deaths and injuries might add 22% to GDP per capita in Thailand, 15% in China, 14% in India, 7% in the Philippines, and 7% in Tanzania.

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Road Safety Market Segmentation Analysis:

Based on Formulation, the Tablets Supplements segment held the largest market share of  the Market in 2023. According to the MMR analysis,  It stands out as the dominant segment in Market thanks to its rapid technological advancement and growing adoption of smart devices with data connectivity and integration.

by Solution

• Red Light & Speed Enforcement
• ANPR/ALPR
• Incident Detection & Response
• Others

by services

• Professional services
• Managed services

by Type

ENFORCEMENT SOLUTION
ENFORCEMENT SOLUTION TYPE
• Red Light Enforcement
• Speed Enforcement
• Section Enforcement
• Bus Lane Enforcement
• ALPR or ANPR
• INCIDENT DETECTION AND RESPONSE
• RAILROAD CROSSING SAFETY
• SCHOOL BUS STOP -ARM ENFORCEMENT
• BACK OFFICE SYSTEMS

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Key players include Road Safety Industry :

• 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

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Key Questions Answered in the Road Safety Market Report are:

• Which segment asserted the greatest market share in 2024 for Road Safety ?
  • How does the competitive landscape unfold within the Road Safety market?
  • What pivotal factors steer the growth trajectory of the Road Safety market?
  • In the realm of the Road Safety market, which region commands the most significant market share?
  • What is the anticipated Compound Annual Growth Rate (CAGR) for the Road Safety market during the forecast period (2024-2030)?

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