Road Safety Market

Market Overview:

The global road safety market size reached US$ 4.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.7 Billion by 2032, exhibiting a growth rate (CAGR) of 10.89% during 2024-2032. The rising number of road accidents, increasing public awareness regarding road safety, the implementation of supportive government policies to ensure public safety and significant technological advancements are some of the major factors propelling the market.

Road safety refers to the systematic implementation of strategies, measures, and policies aimed at reducing the risk of injuries, accidents, and fatalities on roads. It involves various solutions and services, such as automatic license plate recognition (ALPR), incident detection and response, system integration services, and enforcement solutions. Road safety is widely used to protect drivers, motorists, bicyclists, pedestrians, passengers, road construction workers, and wildlife. It aids in saving lives, improving quality of life, boosting economic activities, and enhancing mobility. Moreover, road safety aids in reducing the likelihood and severity of accidents by addressing factors such as speeding, drunk driving, inadequate infrastructure, poor road conditions, and non-compliance with traffic laws.

The implementation of supportive government policies to ensure public safety, reduce the risks of accidents, and encourage the adoption of advanced technology in traffic management is providing an impetus to the market growth. Furthermore, the widespread adoption of road safety solutions, such as crosswalk enhancements, dedicated bike lanes, and smart pedestrian crossings, due to the growing demand for pedestrian and cyclist safety, is positively influencing the market growth. Additionally, the integration of advanced safety technologies into vehicles, such as lane departure warning systems, automatic emergency braking, adaptive cruise control, and blind-spot detection systems, is contributing to the market growth. Moreover, the increasing focus on data-driven decision-making in road safety by utilizing the vast amounts of data related to traffic patterns, accidents, and road conditions is providing a thrust to the market growth. Other factors, including increasing smart city initiatives, rapid urbanization activities, and growing demand for smart transportation, are anticipated to drive the market growth.

Road Safety Market Trends/Drivers:

The rising number of road accidents across the globe

Road safety solutions and services play a vital role in preventing accidents and enhancing the safety of roads worldwide. It utilizes sensors, cameras, and communication networks to improve traffic management, reduce congestion, and monitor road conditions, which aids in providing timely warnings to drivers and minimizing the risks of accidents. Furthermore, road safety solutions, such as incident detection and management systems and advanced driver assistance systems (ADAS), assist drivers in avoiding potential accidents by providing alerts and even intervening in critical situations. Apart from this, road safety education campaigns aid in educating the masses about the dangers of distracted driving, speeding, and driving under the influence of narcotics and alcohol, which further strengthens accident prevention measures.

The increasing public awareness regarding road safety

There has been a significant increase in public awareness regarding road safety and the need for proactive measures to improve road conditions and prevent accidents. In line with this, government agencies and transport authorities are organizing public awareness campaigns to disseminate information about the risks and consequences of road accidents, which, in turn, is providing an impetus to the market growth. Furthermore, increasing public awareness has influenced corporate behavior and prompted companies to incorporate road safety initiatives into their corporate social responsibility (CSR) program, resulting in the incorporation of road safety solutions in their internal vehicle fleet. Apart from this, companies specializing in road safety solutions are partnering with non-governmental organizations (NGOs) to implement awareness programs and provide technological solutions to address unique challenges.

Significant technological advancements

The road safety market has witnessed considerable innovations aimed at improving vehicle safety, enhancing infrastructure, and providing advanced technologies to prevent accidents and reduce fatalities. In line with this, the introduction of advanced driver assistance systems (ADAS), which utilize sensors, cameras, and artificial intelligence (AI) to assist drivers in avoiding collisions, maintaining lane discipline, and adapting to changing road conditions, is supporting the market growth. Additionally, the development of smart traffic lights that adapt to real-time traffic conditions, thus eliminating manual intervention and reducing the risk of human errors, is providing an impetus to the market growth. Moreover, the utilization of connected vehicle technologies, which enable vehicles to communicate with each other and allow the real-time exchange of information about traffic conditions, hazards, and potential collisions, is supporting the market growth.

Road Safety Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global Road safety market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on offering.

Breakup by Offering:

• Solution
  • Enforcement Solution
  • ALPR or ANPR (Automatic License Plate Recognition/Automatic Number)
  • Incident Detection and Response
  • Others
• Service
  • System Integration and Deployment
  • Support and Maintenance
  • Consulting and Training
     

Solution dominates the road safety market.

The report has provided a detailed breakup and analysis of the road safety market based on offering. This includes solution (enforcement solution, ALPR or ANPR (automatic license plate recognition/automatic number), incident detection and response, and others) and service (system integration and deployment, support and maintenance, and consulting and training). According to the report, solution represented the largest market segment.

Solutions are dominating the market due to their effectiveness in improving road safety, enhancing law enforcement capabilities, and optimizing traffic management. In line with this, enforcement solutions play a crucial role in deterring traffic violations and promoting safe driving behaviors. They capture and record violations, enabling authorities to enforce penalties and create a sense of accountability among drivers. Furthermore, ALPR or ANPR (automatic license plate recognition/automatic number) solutions are extensively used for various applications, such as law enforcement, toll collection, parking management, and security. They aid in identifying stolen vehicles, monitoring vehicle movements, detecting unregistered vehicles, and facilitating efficient traffic flow. Apart from this, the incident detection and response systems are designed to monitor and identify incidents or abnormal events on the road, such as accidents, congestion, and road hazards. They generate alerts and notify relevant authorities for prompt response and mitigation.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance in the market, accounting for the largest road safety market share.

The report has also provided a comprehensive analysis of all the major regional markets, which includes North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represented the largest market segment.

North America is dominating the road safety market due to the presence of a well-developed transportation infrastructure, including an extensive road network, highways, and urban transportation systems, which, in turn, facilitates the effective deployment of road safety technologies and products. Furthermore, the implementation of supportive regulations by regional governments to ensure road safety compliance, maintain vehicle safety standards, and increase investment in the management of traffic lights, signage, and road markings is contributing to the market growth. In addition to this, transportation agencies and non-profit organizations in the region have adopted a proactive approach by supporting public awareness campaigns, education programs, and initiatives promoting safe driving practices to reduce traffic accidents, injuries, and fatalities. Moreover, North America is home to several prominent road safety companies that have established a strong market presence and global recognition, which further contributes to the region's leadership position in the road safety market.

Competitive Landscape:

Leading companies in the road safety market are developing intelligent solutions to manage traffic and enhance road safety. Furthermore, companies are leveraging data analytics and predictive technologies to provide data-driven solutions and insights, which aid in acquiring new customers and increasing sales. Moreover, the growing partnerships between key players and government agencies and transportation authorities to implement safety programs, conduct research studies, and develop standards and regulations for best practices are positively influencing the market growth. Apart from this, several companies are offering customized solutions to cater to the unique traffic laws and safety rules of different geographical regions, which is providing an impetus to the market growth. Additionally, top companies in the market are investing in road safety education and training programs to raise awareness and promote safer driving practices.

The report has provided a comprehensive analysis of the competitive landscape in the global Road safety market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Clearview Intelligence Ltd.
• Conduent Business Services LLC
• Cubic Corporation
• Dahua Technology Co Ltd
• Idemia
• Jenoptik AG
• Kapsch TraficCom AG
• Sensys Gatso Group AB
• Swarco AG
• Truvelo (UK) Limited
• Verra Mobility Corporation
• Vitronic GmbH

Recent Developments:

• In Feb 2023, Conduent Business Services LLC announced the implementation of speed and red-light camera program in Cyprus to improve traffic safety and monitor regulations for seat belts and motorcycle helmets.
• In May 2021, Idemia was selected by Abu Dhabi police to implement new and enhanced technology solutions to increase safety, encourage respectful behavior on the roads and preserve the lives of all pedestrians and drivers.
• In April 2021, Vitronic GmbH successfully installed hardware at the Hamburg test track TAVF to optimize traffic flow and increase road safety for particularly vulnerable road users, including pedestrians and cyclists.

Road Safety Market Report Scope:

Key Questions Answered in This Report:

• How has the global Road safety market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global Road safety market?
• What is the impact of each driver, restraint, and opportunity on the global Road safety market?
• What are the key regional markets?
• Which countries represent the most attractive Road safety market?
• What is the breakup of the market based on the offering?
• Which is the most attractive offering in the Road safety market?
• What is the competitive structure of the global Road safety market?
• Who are the key players/companies in the global Road safety market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Road safety market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global Road safety market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Road safety industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.