Road Safety Market Research Report by Industry Size and Shares, Key Leaders and Regional Growth Prospects 2022-2031

Japan, Japan, Wed, 13 Apr 2022 02:43:25 / Comserve Inc. / -- The road safety market is projected to grow from USD 3.0 billion in 2019 to USD 4.7 billion by 2024, at a CAGR of 9.3% from 2022-2031.

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment. 

The road safety market is projected to grow from USD 3.0 billion in 2019 to USD 4.7 billion by 2024, at a CAGR of 9.3% from 2022 to 2031. Rising urban population and high demographic rates, rapid motorization, increasing number of road fatalities/accidents, and government initiatives for enhancing road safety are projected to drive the growth of the market across the globe. However, lack of standardization and uniformity in road safety solutions is expected to restrict the growth of the market across the globe.

The services segment is expected to ghrow with the highest CAGR during the forecast period. As there is an increase in the adoption of road safety solutions, the associated services are also expected to be adopted rapidly. Road safety services are majorly deployed to enhance the existing infrastructure and also integrate the latest road safety solutions with the existing one. The road safety services that have been taken into consideration for the report include professional services and managed services. The professional services segment has been further divided into consulting and training, support and maintenance, and system integration and deployment. Due to the complexities in the existing infrastructures, the demand for consulting services is expected to increase, which, in turn, is likely to boost the overall growth of the road safety services segment.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Road Safety Market Insights by Emerging Trends, Growth and Forecast till 2022-2031

Compliance through enforcement has conventionally been the responsibility of the local police; however, the sheer scale of road usage increases the need to detect the vast majority of offenses using modern electronic technologies that are more efficient than the previous methods of road traffic enforcement. Enforcement solutions, comprising hardware (sensors, cameras, displays, and radars) and software, are vital for road safety. Road safety enforcement solutions help the police and related authorities to enforce traffic law and perform traffic surveillance to improve road safety and increase public safety. Deploying enforcement solutions would encourage safer driving habits, thereby reducing the number of fatal accidents/incidents.

APAC is emerging as the world's most powerful region, which houses several smart cities. The governments in this region are highly concerned about the increased security spending to keep pace with the evergrowing threat landscape. APAC comprises emerging economies, such as China, India, Australia, Hong Kong, and Japan. It is witnessing a surge in the number of smart-city projects, which in turn, is creating a demand for public and road safety security technologies, such as surveillance technology, speed enforcement, red light enforcement, and incident-detection system. The increasing number of megacities and the growing population in the developed and developing countries of APAC have increased the need for road safety. The road safety market in APAC has a high growth potential. The demand for road safety solutions and services in APAC is expected to be driven by the region's strong economic growth, the rise in population, and rapid urbanization.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Road Safety Market Insights by Emerging Trends, Growth and Forecast till 2031

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the road safety market.

• By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%
• By Designation: C-level – 38%, Directors – 30%, and Others – 32%
• By Region: North America – 40%, Europe – 15%, Asia Pacific – 35%, MEA – 5%, and Latin America– 5%

Research coverage

The market study covers the road safety market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on by components (solutions and services), and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

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