Projected to rise from USD 3.7 billion in 2021 to USD 5.8 billion by 2026, the global Road Safety Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.6%. The market's expansion is driven by rapid urbanization, a surge in vehicle numbers, enhanced road facilities, and government initiatives to curb road accidents.

Road safety refers to the orderly development and management of roads for the provision of safer vehicles and provides a comprehensive response to accidents. Road safety denotes protection of citizens by preventing accidents and other dangers on roadways. It ensures the safety of travelers, such as pedestrians, cyclists, motorists, and passengers traveling through built-up urban streets, non-built-up rural roads, and major highways.

Over the years, the scope of road safety has widened with the rising urban population and high demographic rates, rapid motorization, increasing number of road fatalities/accidents, and the increased government initiatives for enhancing road safety. Developing economies are looking forward in cooperating with private sector partners with world-class experience in road-safety solution implementation. This is one of the growing opportunities in the road safety market. Collaboration with government agencies or regional corporations that have their workforce and flexible methods of accessing market information, has the potential to form new joint ventures or strategic alliances. A new business model of sustainable public–private partnership is desirable in which both international and national organizations partner with governments.

Top Trends in Global Road Safety Market

  • The use of ADAS technologies was growing to improve traffic safety. These systems come equipped with functions like blind-spot recognition, adaptive cruise control, automated emergency braking, and lane departure warning. These technologies were being included into a wider variety of automobiles as they improved in sophistication and price.
  • The idea of intelligent transport systems was taking off. By enabling communication between vehicles and infrastructure components including traffic signals, road signs, and other vehicles, V2I and V2V communication sought to increase traffic safety. As a result of giving drivers real-time information, accidents and traffic congestion were reduced.
  • Urban planning techniques to increase road safety were being concentrated on in cities all over the world. This includes steps like building traffic calming zones, designated cycling lanes, and safer pedestrian routes to slow down traffic in metropolitan areas.
  • Data on traffic safety were being gathered and analysed with increasing sophistication. With the help of this information, high-risk zones, accident trends, and specific improvement plans for road safety were all identified.
  • A persistent theme was the advancement of autonomous and networked automobiles. Through their ability to communicate with other vehicles and their surroundings, these vehicles had the potential to eliminate human error, a significant cause of traffic accidents.

North America region to record the highest market share in the Road Safety market.

North America is highest market share in the Road Safety market . In 2020, North America accounted for the majority of the road safety market. In terms of technical acceptance and infrastructure development, it is the most advanced region. The US has installed some of the most advanced systems to manage and monitor road safety and heavy traffic. Various government and law enforcement agencies in the US and Canada are working to improve security infrastructure and minimize traffic deaths.

 Key and innovative vendors in the Road Safety market are JENOPTIK (Germany), Kapsch TrafficCom (Austria), Sensys Gatso Group (Sweden), IDEMIA (France), Teledyne FLIR (US), Motorola Solutions (US), Verra Mobility (US), SWARCO (Austria), Siemens (Germany), Cubic Corporation (US), Conduent (US), VITRONIC (Germany), Dahua Technology (China), Laser Technology (US), Traffic Management Technology (South Africa), Truvelo (UK), Kria (Italy), Syntell (South Africa), Clearview Intelligence (UK), Simicon (Russia), FRED Engineering (Italy), Kodiak Robotics (US), Humanising Autonomy (UK), Vebit AI (US), Connected Wise LLC (US), Saferoad (Germany), LiveRoad Analytics (US).

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