The global road safety market size is anticipated to touch USD 5.1 billion by 2025, according to a new report by Million Insights. The market is projected to exhibit a CAGR of 10.5% over the forecast duration. The rise in the number of road accidents is attributing to the growth of the market as safety features are becoming paramount across the world. In addition, governments across the globe are increasingly spending on developments of road infrastructure to ensure smooth mobility of commuters, which, in turn, projected to supplement the growth of the market.
There has been phenomenal growth in the traffic safety solutions such as system integration, monitoring & training and installation in the recent past. These solutions are being deployed for newer and existing infrastructure. Further, there has been a rise in the adoption of different consulting services owing to the growing need to simplify various intricacy in existing infrastructure. For example, Jenoptik provides maintenance and support apart from 24/7 online platform.
In 2018, Europe held the largest share in the market, primarily because of increasing government initiatives to improve road safety. In order to reduce road fatalities, the European Union has implemented the Safe System and Vision Zero approach. On the other hand, Asia Pacific accounted for the modest share in the market in 2018, however, the region is projected to exhibit significant growth rate over the forecast duration. Increasing investments by governments in the development of road infrastructure are estimated to attribute to the growth of the region.
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Further key findings from the report suggest:
• Increasing traffic congestion and growing numbers of road accidents are attributing to the growth of road safety market.
• ANPR/ALPR is anticipated to register the considerable growth owing to increasing focus on safety and security.
• The professional service is likely to grow at a CAGR of over 10% over the forecast period.
• Europe held the largest market share in 2018 while Asia Pacific is estimated to register a considerable growth rate over the forecast period.
Million Insights has segmented the global road safety market based on solution, service, and region:
Road Safety Solution Type Outlook (Revenue, USD Million, 2015 - 2025)
• Red Light & Speed Enforcement
• Incident Detection & Response
Road Safety Service Outlook (Revenue, USD Million, 2015 - 2025)
• Professional Services
• Managed Services
Road Safety Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa