Pune, Jan. 25, 2023 (GLOBE NEWSWIRE) -- According to the " Road Safety Market " research published by Maximize Market Research, the market is expected to grow from USD 3.24 billion in 2021 to USD 8.25 billion in 2029, at a CAGR of 12.4 percent during the forecast period from 2022 to 2029. The heavy investment of companies in the development of advanced technologies and the increase in government initiatives towards road safety is expected to drive the market.
Road Safety Market Scope and Research Methodology
The primary and secondary data sources are used in the analysis of the Road Safety Market. Government policy, market environment, competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and the technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges, are all investigated during the research process. To produce the final quantitative and qualitative data, all possible components impacting the markets covered in the report were thoroughly researched and validated through primary research. The market size for top-level markets and sub-segments is standardized, and the influence of inflation, economic downturns, regulatory & policy changes, and other variables is accounted for in the forecast.
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Road Safety Market Overview
The probability of deaths and injuries from traffic accidents can be decreased by implementing a number of safeguards. Road safety precautions are taken not only for cars but also for bicycles, pedestrians, and motorcyclists. There is a great demand for road safety solutions because of the growth in traffic accidents, particularly in areas without enough infrastructure for preventing them. Road safety solutions are being used more frequently as a consequence of the increasing number of traffic incidents, which is fuelling the market's growth. Road safety market growth is hampered by technical issues related to road safety technology. The market for road safety is experiencing significant growth due to the integration of connected cars with intelligent transportation systems (ITS). A significant obstacle to the development of the road safety market is the high risk of cyberattacks and the theft of personal information affecting the road safety market.
Road Safety Market Dynamics
The increasing in traffic accidents, there has been a surge in the adoption of road safety solutions, which is fuelling the market's growth. Due to the rapid development of connected cars and intelligent transportation systems, the road safety industry is growing dramatically (ITS). Growth will be facilitated throughout the forecasting period by beneficial initiatives promoting the adoption of measures to increase road safety, such as laws and regulations and tracking devices. Rapid technological improvements in the transportation industry, a growing global population, and a major increase in the number of cars being installed are some of the key drivers expected to drive the growth of the road safety market over the forecast period.
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Road Safety Market Regional Insights
North America is expected to dominate the road safety market during the forecast period. This dominance is attributed to the large-scale infrastructure investments and programs to promote safety in transportation services. The region's growth is being fuelled by the adoption of new technologies and the availability of improved transportation infrastructure. The presence of OEMs and several service providers has also led to growth in the region's road safety market. During the forecast period, the Asia Pacific region is expected to witness growth at the fast rate. One aspect that has contributed to the region's increasing need for traffic safety solutions is the surge in government attempts to improve road safety measures to avoid traffic deaths.
| Market Size in 2021 | USD 3.24 Bn |
| Market Size in 2029 | USD 8.25 Bn |
| CAGR | 12.4% (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 213 |
| No. of Tables | 110 |
| No. of Charts and Figures | 112 |
| Segement Covered | by Solution, Service and region |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Road Safety MarketKey Competitors:
- Kapsch Traffic Com
- Sensys Gatso Group
- Redflex Holdings
- Verra Mobility
- IDEMIA
- FLIR Systems
- Motorola Solutions
- SWARCO
- Information Engineering Group Inc.
- Cubic Corporation
- Siemens
- Conduent
- VITRONIC
- Kria
- Laser Technology
- Optotraffic
- Syntell
- Traffic Management Technologies
- AABMATICA
- Clearview Intelligence
- Dahua Technology
- Truvelo
- Trifoil
- Continental AG
Key questions answered in the Road Safety Market are:
- What are the technological innovations in Road Safety Market?
- What are the factors driving the growth of the Road Safety Market?
- Which technology insight dominated the Road Safety Market in 2021?
- How has COVID-19 affected the growth of the Road Safety Market?
- What is the growth rate of the Road Safety Market during the forecast period?
- What are the trends of the Asia-Pacific region in the Road Safety Market?
- Who are the market top 3 leaders in Road Safety Market in the North American region?
- Which deployment mode led the Road Safety Market in 2021?
- Who are the key players in the Road Safety Market?
- What are the key factors restraining the growth of the Road Safety Market?
- Which region held the largest market share in Road Safety Market?
- What is the growth rate of the North America Road Safety Market
- What is key feature of Road Safety?
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Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics –Drivers, Restraints, Investment Opportunities, and Key Trends, challenges, market strategy, competitive landscape
- Market Segmentation –Service, Solution and Region
- Competitive Landscape – Top Key market players and Other Prominent players
Maximize Market Research is leading automotive and transporatation research firm, has also published the following reports:
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Traffic Management Market: Traffic Management Market was valued at USD 35.30 Bn. in 2021. Global Safety Box for Syringe Market size is estimated to grow at a CAGR of 10.8 percent over the forecast period.
Roadside Drug Testing Devices Market: Roadside Drug Testing Devices Market is expected to grow at a CAGR of 6.5 percent during the forecast period. Global Safety Light Curtains Market is expected to reach USD 728.7 Bn. by 2029
Low-Speed Vehicle Market: Low-Speed Vehicle Market is expected to grow at a CAGR of 8.4 percent during the forecast period. Global Fire Safety Equipment Market is expected to reach US$ 17.20 Bn. by 2029.
About Maximize Market Research:
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