Selbyville, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) --
The road safety market valuation is expected to cross USD 55.3 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing prevalence of awareness campaigns and initiatives aimed at promoting the significance of road safety serves as a significant pillar of support for the market demand. In November 2023, in India, commencing a road safety campaign, the Nashik rural police initiated a special operation targeting traffic violators in the rural areas of the district. The primary objective was to reduce road accidents and fatalities. This crackdown encompassed taking stringent measures against those who indulge in over-speeding, driving without helmets and seatbelts, driving on the wrong side, and operating vehicles without the necessary driving license and required documents. According to API Pravin Patil from the traffic branch, motorists must adhere to speed limits as over-speeding violations can incur a fine of Rs 2,000. Rapid urbanization and increasing traffic congestion heighten the need for advanced road safety solutions, further supporting the industry growth.
The road safety market from service component segment could exhibit a decent growth rate over 2023-2032, claims the report. The demand for road safety services is primarily driven by the critical need to reduce accidents, injuries, and fatalities on our roadways. Safety-conscious individuals and organizations seek services such as driver training, vehicle inspections, and traffic management to mitigate risks and enhance overall safety. Regulatory requirements, public awareness campaigns, and the desire for safer transportation options also contribute to the growing demand for road safety services.
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Highway segment will register a noteworthy CAGR from 2023 to 2032, as per the report. Highways, as vital arteries of transportation, are hotspots for accidents and safety concerns. Governments and highway authorities globally prioritize the implementation of cutting-edge safety measures. These include advanced signage, smart lighting, surveillance systems, and innovative barriers. The demand for road safety solutions tailored specifically for highway applications remains high to mitigate risks, enhance visibility, and protect both drivers and pedestrians. As traffic volumes increase, the road safety market size continues to witness substantial growth in response to the critical need for safer highway infrastructure.
North America road safety market will register a robust CAGR between 2023 and 2032, owing to the stringent government regulations and a commitment to reducing road accidents in the region. The region's extensive road network, high vehicle ownership, and traffic congestion intensify the necessity for innovative road safety technologies. Moreover, growing awareness of the economic and human costs of accidents fosters a culture of safety. As a result, there is a sustained and growing demand for road safety solutions in North America, shaping the market's dynamics and growth.
Major players involved in road safety market are TomTom, SmartDrive Systems, Kapsch TrafficCom AG, Siemens Mobility, Trimble, Honeywell, 3M, among others. Companies within the road safety industry are actively committed to enhancing road safety by focusing on the development of safer vehicles, strengthening their foothold in the industry.
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For instance, in January 2023, Honeywell unveiled its extended partnership with Nexceris, the creator of Li-ion Tamer® lithium-ion gas detection solutions, with the shared objective of enhancing safety in electric vehicles (EVs). This collaboration is set to provide cutting-edge automotive sensing technology aimed at preemptively averting situations that could trigger thermal runaway within EV batteries. Thermal runaway can lead to dangerously high temperatures within battery cells, potentially resulting in a fire. The partnership underscores a strong commitment to bolstering the safety of electric vehicles by addressing critical battery-related challenges and fostering safer EV operations.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Road safety market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Component trends
2.5 Application trends
Chapter 3 Road Safety Industry Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.8.1 Partnership/Collaboration
3.8.2 Merger/Acquisition
3.8.3 Investment
3.8.4 Level of autonomy launch & innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Rising need to prevent traffic congestion
3.10.1.2 Increasing government regulations & initiatives
3.10.1.3 Development of sophisticated safety systems for vehicles
3.10.1.4 The proliferation of autonomous driving systems
3.10.1.5 Growing number of road accidents & fatalities
3.10.2 Industry pitfalls & challenges
3.10.2.1 Insufficient government funding
3.10.2.2 Data breaching & privacy concerns
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
