Road Safety Market Size to grow by USD 1809.6 million between 2024-2028
According to a research report “ Road Safety Market” by Component (Solution, Services) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1809.6 million, at a CAGR of 9.45% during the forecast period. In the global road safety landscape, accidents continue to claim a substantial number of lives annually. This issue is particularly prevalent in low- and middle-income countries, where the development and implementation of robust road safety monitoring frameworks are still underway. Overspeeding, drunken driving, distracted driving, non-usage of in-vehicle safety equipment, and unsafe road infrastructure are leading causes of recorded road accidents, accounting for over 50% of total fatalities involving pedestrians, cyclists, and motorcyclists. To mitigate this challenge, the road safety market is embracing advanced solutions like smart traffic lights, aiming to reduce road traffic fatalities and injuries by more than 50% by 2025.
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By Component, the Solution segment is projected to dominate the market size in 2024
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By Geography, North America segment is expected to hold the largest market size for the year 2024
In the business realm, the Road Safety Market holds significant importance, with a focus on mitigating risks and ensuring the safety of commuters. This market encompasses various solutions, including advanced driver assistance systems, vehicle safety technologies, and infrastructure improvements. By investing in these innovations, businesses can enhance their fleet management, reduce accidents, and ultimately, save costs associated with vehicle damage and insurance claims.
North America is forecasted to hold the largest market size by region in 2024
In North America, the road safety market holds the largest market share globally, with the US leading the revenue generation. Key growth drivers include escalating road accidents, resulting in approximately 38,000 fatalities and 4.4 million injuries annually, and substantial economic losses estimated at USD850 billion. These statistics underscore the significant business opportunity for road safety solutions in this region.
The Road Safety Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Road Safety Market encompasses a range of products and services aimed at ensuring the well-being of transport operators, essential workers, and the general public on our roads. Safety authorities play a crucial role in regulating and enforcing traffic management, with a focus on reducing highway safety risks and minimizing road fatalities. Key players in this market offer digital services, including real-time traffic mobility data and advanced analytics, to optimize freight system efficiency and improve overall transport performance. Road safety products span from physical infrastructure like guardrails and signage to technological innovations such as vehicle safety systems and intelligent transportation systems. The National Safety Council advocates for continuous improvement in road safety, collaborating with stakeholders to develop and implement effective strategies. By investing in advanced road safety solutions, we can enhance traffic management, protect essential workers, and ultimately save lives.
Market Research Overview
The Road Safety Market encompasses a range of Intelligent Corridor solutions designed to ensure Safety authorities maintain effective Traffic management in the context of Urbanization and Motorization. These initiatives aim to mitigate the risks of Accidents, improve Road infrastructure, and enhance Public security. The market includes various programs and initiatives, such as bus lane enforcement, speed enforcement, red light enforcement, and railroad crossing safety. Back-office systems, ALPR/ANPR technology, and data security are integral components of these solutions. The Road Safety Market also incorporates the latest technologies, including Big Data, Sensors, Radars, Simulators, Virtual-reality, social media, Drones, Global Positioning System, Geographic Information System, Smartphone applications, Image-Processing, and IoT sensors. These advanced technologies enable real-time incident detection, traffic volume monitoring, and user behavior analysis. Consulting, planning services, and support and maintenance are essential offerings in the Road Safety Market. The market caters to the operational environment and road characteristics, addressing various road safety factors. Government agencies and transport operators rely on these solutions to ensure Transportation safety, adherence to procedures, and mass adoption of digital services. The market's growth is driven by the increasing need for communication and workflow optimization, common protocols, and the integration of artificial intelligence and computer vision.
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Technavio Research
Jesse Maida
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Email: media@technavio.com
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