Transparency Market Research
Road safety involves products and services that are being introduced in market to prevent and reduce risk of accidents, maintain traffic discipline, control and curb wayward vehicle movement and ensure safe travel of commuters. The components of traffic safety include median barrier, crash cushions, guardrail, and end treatments; truck escape ramps and breakaway supports for signs and light standards. Constant need of road safety for commuters, reducing traffic and congestion on the road, new infrastructure development and longer commuting and many more are some of factors which are going to boost the overall road safety market. In order to ensure that the increasing vehicle population does not adversely affect social costs and productivity, there is a continuous growing demand of road safety solutions and services.
The main drivers for growth of global road safety market is due to rapid increase in urbanization, growth in mobility and associated increasing demand for transportation systems, growing stringent government regulations for road safety and continuous increase in road accidents. The global road safety is expected to grow in the forecast period. Insufficient government funding, difficulties to implement advanced road safety infrastructure, over growing population of road users are some of factors which are affecting the growth of global road safety market.
The global road safety market can be categorized on the basis of solution such as speed enforcement, automatic license plate recognition, red light enforcement, bus lane compliance, incident detection system, and others. On the basis of service, the global road safety market can be categorized into professional services and managed services. The professional road safety services can be further categorized into training, support and maintenance, consulting and system integration, risk assessment and analysis. On the basis of geography, the global road safety is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Among the solution model in global road safety market, red light enforcement market is expected to increase in forecast period. The growth of red light enforcement market is due to increasing adoption and usage of connected devices and strict regulatory compliances. Various other factors such as easy installation, cost effective as compared to other solutions and push towards growth of smart cities are some of factors which are further growing to boost this segment. Hence, red light enforcement segment is expected to dominate the global road safety solutions market. Among the service model in global road safety market, professional road safety services is expected to be the largest segment in terms of revenue share during the forecast period. Among regions in the global road safety market, North America is the largest market of global road safety market and is expected to have a steady growth over forecast period. This is mainly due to various government initiatives, large-scale investments in the region and early adoption of technology. The North America is followed by Europe in the global road safety market which is expected to grow in the forecast period due to presence of large amount of equipment manufacturers and solution providers. Also among the regions in global road safety market Asia Pacific region is expected to grow in the forecast period mainly due to growing number of accidents, growing number of vehicles and various government initiatives to improve public safety.
The key players in the global road safety market include Sensys Gatso Group, Swarco, Kapsch TrafficCom AG, FLIR Systems, Inc., Huawei Enterprise, Jenoptik AG, Redflex Holdings Limited, 3M, Motorola Solutions, American Traffic Solutions, and Information Engineering Group, Inc. These companies are investing a lot in their R&D so as to incorporate new technologies in their systems and develop new products to excel in global road safety market.
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