Global Road Safety Market - 2022-2029

Global Road Safety Market - 2022-2029

Market Overview

The road safety market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

Transportation and roads have become an integral part of everyone's everyday lives. Road safety is a critical issue that must be adhered to protect the safety of drivers, passengers and pedestrians. Road traffic accidents are the prominent cause of death among those aged 15 to 29. Investments in road safety can increase productivity, save lives and reduce the cost of traffic crashes, which is estimated to be at least 1-2% of most countries' gross domestic product.

Traffic laws and guidelines must be set and strictly followed to avoid serious accidents and injuries. Continuously rising urban populations, increasing road facilities, accidents and increasing cars are major factors driving the global market for road safety solutions. Increased use of road safety solutions and services is also expected to propel the road safety industry forward.

Market Dynamics

The rising number of fatalities boosts the global road safety market due to road accidents.

Rising number of fatalities due to severe road accidents

Almost 1.3 million people's lives are lost every year due to traffic accidents. Non-fatal injuries affect approximately 20 and 50 million more people, with many resulting in disability due to their injury. Individuals, families, and nations suffer significant economic losses due to road traffic injuries. The treatment cost and lost productivity for individuals killed or crippled by their injuries and family members who must take time off school or work to care for the injured contribute to these losses. Most countries lose 3% of their GDP due to road accidents. Road traffic deaths account for more than 90% of mortality in low- and middle-income nations. The African continent has the greatest rate of traffic-related deaths. People from lower socioeconomic origins are more likely to be involved in road traffic crashes, even in high-income countries.

The rising number of traffic fatalities and accidents necessitates road safety solutions, significantly reducing road fatalities. Speed and red-light enforcement, bus lane compliance and section control are areas where enforcement measures can help. An incident detection and response system would identify the place, time and other event-related information about accidents. By providing precautions to prevent road fatalities, the overall advantages of road safety solutions and services are projected to minimize the number of road fatalities.

Lack of standardization

Standardization of connected road safety is essential for their widespread adoption. The connected infrastructure and linked vehicle technology make up the road safety system. The availability of connectivity is a challenge in combining linked technology in automobiles and road infrastructure.

Furthermore, various countries and regions have distinct communication and network standards and protocols, making it difficult for solution providers to offer their services globally. As a result, a global communication and workflow protocol for a road safety system is required for widespread implementation.

COVID-19 Impact Analysis

The market for road safety has been unstable during the covid-19 outbreak. The rise in covid cases has caused a significant blow to the transportation industry. Governments all across the globe have enforced strict regulations on traveling, which resulted in a substantial decline in the road transportation industry.

Road passenger traffic in China declined by 52.4% and road freight reduced by 24.8%. Traffic accidents and crash-related injuries and deaths were almost halved during the pandemic, which reduced the demand for road safety technologies and services. However, the concerns regarding road accidents have increased during the pandemic and governments are expected to make huge investments after resuming regular operations.

Segment Analysis

By solution, the road safety market is segmented into red light enforcement, speed enforcement, bus lane enforcement, section enforcement and others.

Recently passed bills on road safety are boosting the sales of speed enforcement

Speed enforcement improves road safety at accident blackspots and hazardous road sections such as motorways, bridges, tunnels, country roads and public buildings. The technology can be used at accident blackspots, busy junctions, in traffic-calmed areas such as older people's homes and kindergartens and on hazardous road sections such as motorways, tunnels and country roads. The companies are designing different models which are particularly compact and are therefore quick and easy to install in a permanently fixed external housing.

Various recent bills have been passed, increasing the necessity of speed traffic systems. In 2018, legislators passed Georgia House Bill 978, enabling speed cameras for traffic enforcement in school zones. In 2021, Sensys Gatso Group entered a new school zone safety program in Georgia. This managed service speed enforcement program with Hoschton is for 5 years and is expected to yield approximately US$ 1.2 million over the contract term. Sensys Gatso will provide multiple school zone safety camera systems with software and fulfillment services.

Geographical Analysis

Governments working to reduce the number of accidents will boost sales in Europe

The European Union has been working on reducing the fatalities from road accidents with its initiatives. The fatalities in road traffic accidents in the EU decreased by 53% between 2001 and 2016. Almost 18,800 people lost their lives on European Union roads in 2020. Sweden and the Netherlands are the most protected countries to drive in. While Romania, Bulgaria and Croatia have the largest rate of accidents and fatalities per 100. The companies are getting numerous projects project to enhance mobility efficiency in the cities, help in road safety and reduce vehicle emissions by controlling access.

For instance, in 2019, The City Council of Avilés, in Spain, has awarded Kapsch a contract to renew the management of the city's traffic control system over the next four years. The contract, which exceeds the US $1.1 million, includes implementing Kapsch's EcoTrafiX platform, offering a software suite designed to aggregate, capture, archive and monitor various sources of traffic data. The data helps the municipal transportation management department manage and analyze traffic in real-time. As a result, even smaller municipalities, such as Avilés, with a population of only 78,000, can identify and examine the causes of congestion and provide effective solutions.

Moreover, in 2021, SFC Energy AG and Jenoptik signed a cooperation agreement to bundle their expertise in road safety. Speed measurement systems from Jenoptik's Light & Safety division contribute to sustainably increasing traffic safety and reducing accidents by measuring the speed of vehicles and thus ensuring a better and more efficient traffic flow. Together, SFC Energy and Jenoptik take sustainable road safety to an innovative level.

Competitive Landscape

The road safety market is consolidated with the presence of global companies. The players need advanced technologies and high investments to enter the market. Key players in the market are Kapsch Traffic Com, Sensys Gatso Group, Verra Mobility, Siemens AG, FLIR Systems, Information Engineering Group Inc., IDEMIA, Conduent, SWARCO, Cubic Corporation and others. The players are strategizing different prospects to dominate the market, such as launching new services, acquisitions, collaborations and expansions, contributing to the global growth of the road safety market.

Sensys Gatso Group

Overview: Sensys Gatso Group is a leader in traffic management solutions for cities, nations and fleet owners. Sensys Gatso Group has subsidiaries in Germany, Australia, Costa Rica, the Netherlands, Sweden and U.S and a branch office in the UAE with 252 employees.

Product Portfolio: The company offers road safety solutions for a sustainable city, managed highways and safe rural roads.

Key Development: In 2021, Sensys Gatso Group received a TRaaS contract extension for Puls and Xilium software licenses to maintain and operate a red light, speed enforcement and section control program in the Turkish Republic of Northern Cyprus. The project is expected to yield approximately US$ 0.68 million (EUR 0.6 million) in revenue over a five-year contract term.

Why Purchase the Report?

Visualize the road safety market segmentation by service, solution and region, highlighting the key commercial assets and players.

Identify commercial opportunities in road safety by analyzing trends and co-development deals.

Excel data sheet with thousands of data points of road safety market-level 4/5 segmentation.

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global road safety market report would provide an approximate 53 market data table, 45 figures and 185 pages

Target Audience

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