Road Safety Market Size Shows Promising Figures | Reaching USD 14.8 Billion by 2031
Increasing number of road accidents and fatalities worldwide is propelling the demand for road safety solutions.
PORTLAND, PORTLAND, OR, UNITED STATES, May 19, 2023 /EINPresswire.com/ — The size of the global market for road safety was $4,658.4 million in 2021 and is anticipated to grow to $14,787.7 million by 2031, with a CAGR of 12.5% from 2022 to 2031.
After these sectors recognised it as a significant and valuable public good and developed policies and programmes to support and maintain it, the road safety industry was the result of deliberate and methodical efforts on the part of many sectors of society, including both government and non-government organisations.
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The road safety market is experiencing significant growth and is driven by several key drivers and trends. Firstly, the increasing number of road accidents and fatalities worldwide is propelling the demand for road safety solutions. Governments, transportation authorities, and private organizations are prioritizing road safety initiatives to reduce accidents, improve traffic management, and enhance the overall safety of road users.
Secondly, technological advancements and innovations are playing a crucial role in shaping the road safety market. Intelligent transportation systems, connected vehicles, and advanced driver assistance systems (ADAS) are being increasingly integrated into road infrastructure and vehicles. These technologies enable real-time monitoring, predictive analytics, and proactive safety measures, such as collision warning systems, lane departure warnings, and automated emergency braking, helping to mitigate risks and prevent accidents.
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Thirdly, the growing adoption of smart city concepts and initiatives is driving the demand for comprehensive road safety solutions. Smart city infrastructure incorporates various technologies, including sensors, cameras, and data analytics, to monitor traffic patterns, detect violations, and optimize traffic flow. These initiatives aim to create safer and more efficient road networks, improve pedestrian safety, and reduce congestion.
Lastly, changing regulations and government initiatives are shaping the road safety market. Governments worldwide are implementing stricter regulations related to vehicle safety standards, speeding limits, and alcohol and drug impairment. Road safety campaigns and awareness programs are also being launched to educate and promote responsible driving behavior. These efforts are driving the adoption of road safety technologies and creating a favorable market environment for safety solution providers.
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In summary, the road safety market is driven by the need to reduce road accidents and fatalities, technological advancements, the adoption of smart city concepts, and changing regulations. These drivers, along with the growing emphasis on data-driven decision-making and collaboration between public and private sectors, are shaping the road safety market and leading to the development of innovative solutions that enhance road safety and save lives.
The key players profiled in the report include Cubic Corporation, Dahua Technology, Flir Systems, Inc., IDEMIA, Jenoptik, Kapsch TraficCom, Redflex Holdings, Sensys Gatso Group AB, Siemens AG and VITRONIC. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the road safety market.
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