Road Safety Market Size, Share, Revenue, Demand, Industry Trends and Forecast to 2028 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, the global road safety market size is expected to reach USD 6.66 billion by 2028. It is expected to expand at a CAGR of 12.4% from 2021 to 2028.

The global road safety market size is expected to reach USD 6.66 billion by 2028, expanding at a CAGR of 12.4% from 2021 to 2028, according to a study conducted by Grand View Research, Inc. World health organization estimates say that over 1.3 million people die of road accidents every year. This statistic is enough to suggest that road safety is crucial for all. With countries focusing on lowering accidents, the deployment of road safety solutions including surveillance or continuous vehicle monitoring systems has gained prominence.

Over the years, alcohol and speeding have been the leading causes of fatalities related to road accidents, making road safety systems a mandate across most countries. Providing a safer environment for pedestrians and cyclists will also create a safe road environment for the population, creating avenues for future growth. To keep pace with market demand, vendors aim to develop technologically advanced products, have an extended life, and are less prone to vandalism. Intelligent displays, high-resolution cameras, and systems that can monitor in terrible weather conditions or low light are gaining traction favoring the demand for road safety products over the next few years. Several countries are engaged in conducting formal road safety assessments every year while developing strategies to achieve road safety. Such initiatives will play a vital role in creating demand for road safety solutions over the forecast period.

 

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Road Safety Market Report Highlights

Road fatalities are preventable with a practical system approach and the installation of road safety equipment to manage traffic concerns and injuries. The global market for road safety is anticipated to surpass USD 6 billion by 2028 amid the proliferation of favorable policies and measures undertaken to ensure the safety
The Automatic Number/License Plate Recognition (ANPR/ALPR) segment captured a sizeable chunk of the overall revenue and is anticipated to witness healthy demand by 2028. Advances in the ANPR product technology will be a key reason instigating growth over the forecast period
Professional services emerged as a preferred choice among policymakers. The ability to offer end-to-end monitoring and maintenance services will help upkeep segment growth
Asia Pacific will witness a rapid uptake in the forthcoming years. Rapid urbanization has brought the region at the risk of increased fatalities, positively impacting the demand for traffic management systems. However, a lack of clear guidelines and policies to control road fatalities could pose a challenge to the growth

 

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Road Safety Market Segmentation

Grand View Research has segmented the global road safety market based on solution, service, and region:

Road Safety Solution Outlook (Revenue, USD Million, 2017 – 2028)

Red Light & Speed Enforcement
Incident Detection & Response
ANPR/ALPR
Others

 

Road Safety Service Outlook (Revenue, USD Million, 2017 – 2028)

Professional Services
Managed Services

 

Road Safety Regional Outlook (Revenue, USD Million, 2017 – 2028)

North America
The U.S.
Canada
Europe
U.K.
Germany
France
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa

 

List of Key Players of Road Safety Market

Jenoptik
Kapsch TraficCom
Flir Systems, Inc.
IDEMIA
Sensys Gatso Group AB
VITRONIC
Redflex Holdings

 

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Browse More Related Report:

Intelligent Traffic Management System Market Size, Share & Trends Analysis Report By Solution (Integrated Corridor Management, Traffic Signal Control System), By Region, And Segment Forecasts, 2022 – 2030

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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