Newark, NJ, May 06, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the size of the global road safety market was valued at USD 2.7 billion in 2020 and is expected to grow at a compound annual growth rate CAGR of 11.2% from 2021 to 2028.
The market is expected to experience a slight decline due to the outbreak of the COVID-19 pandemic. Companies are seeing a decline in revenue in first-quarter results. The biggest impact on entrances is due to the stop arm of the school bus and the school area cameras' products. This decline is attributable to the closure of schools in the countries due to the coronavirus's spread and the vulnerability of children's health. According to the World Health Organization, road accidents attributed to around 1.4 million deaths each year. In addition, more than 20 million people suffer from non-fatal injuries that result in disabilities and other health conditions. Therefore, the provision of safe road infrastructure to prevent accidents and deaths is expected to positively affect the market over the forecast period.
Road safety is a method that helps road users to be seriously injured or killed due to the growing number of fatal accidents, threats and natural and unnatural disasters. Furthermore, the growing number of crimes, terrorist attacks and other natural disasters is also spurring the growth of the road safety market.
The road safety market is fragmented and is characterized by high competition between the main players. Each region or country is dominated by some of the major players offering solutions to that particular market. These market players focus on partnerships, mergers and acquisitions, and joint ventures/collaborations to strengthen their market. For example, Verra Mobility announced a partnership with the European motorway operator ANPR to strengthen its presence in Europe.
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Key players operating in the road safety market include: Jenoptik, Kapsch TrafficCom, Flir Systems, Inc., IDEMY, Sensys Gatso Group AB, VITRONIC, Redflex Holdings.
The Professional Services segment is expected to show the highest share over the forecast period
On the basis of services, the global road safety market is segmented into professional services and managed services. The professional services segment held the largest share of revenue of 78.5% in the road safety market in 2020. The segment includes various services such as systems integration, training, installation, consulting, support and maintenance. Each system requires training, calibration, installation and support. The managed services segment is expecting to see an 11.2% CAGR from 2021 to 2028.
The speed control and traffic light segment is expected to show the highest share over the forecast period
On the basis of solution, the global road safety market is segmented into red light & speed enforcement, incident detection & response and ANPR/ALPR. The red light & speed enforcement segment acquired a revenue share of 53.7% in the road safety market in 2020. Traditionally, speed and traffic light monitoring systems have been individually installed along roads and intersections to maintain traffic regulation. However, as technology increases, companies focus on offering systems that combine speed and red light monitoring capabilities in one unit.
For instance, Jenoptik has launched its TraffiStar systems, which provide combined red light and speed monitoring using high-resolution cameras and record traffic offenses in up to four lanes.
The segment of automatic license plate recognition (ANPR/ALPR) accounted for 27.1% of the overall road safety market's turnover share in 2020.
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Regional segment:
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global road safety market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe held the largest revenue share of over 30% in 2020. North America also accounted for a significant share in 2020. The number of vehicles in the US is relatively higher than in many countries, Studies show that there are more than 700 cars for every 1000 people in the United States. Asia Pacific is projected to see substantial growth from 2021 to 2028, posting a CAGR of more than 13.0%.
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About the report:
The global road safety market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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