"Smart Strategies, Giving Speed to your Growth Trajectory"
The increasing number of road facilities, advance transportation infrastructures, and road accidents has generated the necessity to maintain public safety. For instance, according to the World Health Organization (WHO), the massive number of road traffic accidents attributed to nearly 1.35 million deaths every year. Thus, road safety solutions are implemented by the authorities to prevent road users from getting injured. Road safety refers to maintaining traffic discipline and prevent road accidents to ensure commuters' safety. Furthermore, the rising urbanization and the growing need for mobility are fuelling the demand for road safety solutions.
The government is initiating rules and regulations to enhance road safety in order to reduce the number of road accidents, which is driving the growth of the road safety market. For instance, the National Safety Council working under the federal government of the U.S. launched the Road to Zero initiative that will help to eliminate traffic mortalities by 2050. This initiative focuses on adopting safe and technologically advanced systems to end traffic accident mortalities. Additionally, the government is investing in the development of road infrastructure to enhance the traveling experience of the passengers without compromising the safety of the mobility environment. For example, the Land Transport Authority (LTA) of Singapore and Intelligent Transportation Society Singapore (ITSS) jointly developed the Smart Mobility 2030 strategic plan, which is sanctioned by the Singapore Government to provide sustainable smart mobility solutions for commuters. Thus, the demand for road safety solutions is increasing rapidly in the market.
However, insufficient funding for uniform and advanced technologies in developing economies is one of the factors limiting the market growth of road safety.
Key Market Driver -
Favourable government initiatives to enhance road safety
Key Market Restraint -
Insufficient funding for uniform and advanced technologies in developing economies
Based on the component, the market is segmented into solutions and services. By solutions, the market is further segmented into red light enforcement, speed enforcement, bus lane enforcement and section enforcement, automatic license plate recognition/automatic number plate recognition (ALPR/ANPR), incident detection and response and others. By services, the market is further segmented into consulting, support and maintenance, and integration and deployment.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global road safety market report include RAD, Verra Mobility, FLIR System Inc., Kapsch TrafficCom, eTrans Solutions Pvt. Ltd., Conduent Business Services, LLC., Huawei Technologies Co., Ltd., 3M, Saferoad Holding AS, and Jenoptik.
The global road safety market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America, followed by Europe, dominated the global road safety market in 2018, owing to the increasing availability of technically advanced road safety solutions and the rising number of road vehicles. Furthermore, the favorable government initiatives to enhance public safety is anticipated to fuel the demand for road safety solutions in Asia Pacific. Additionally, the increasing number of road accidents and facilities is driving the road safety market growth in Asia Pacific. Latin America and the Middle East & Africa are projected to register a comparatively higher CAGR by the end of the forecast period.
To gain extensive insights into the market, Request for Customization
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry