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Global Road Safety Market: Overview
The constant need for road safety and public safety prompts governments to impose strict regulations. These regulations in turn encourage the growth of the global road safety market. The growing number of passengers, congestion and traffic on the road, especially on bridges and highways, are promoting the deployment of road safety systems and solutions. In addition, the flourishing growth of the transport sector has a positive impact on the growth of the market.
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Rapid urbanization, especially in emerging countries, paves the way for new infrastructural developments and improvement of existing roads, which also works in favor of the global safety roads market. On the other hand, insufficient public funding from developing and less developed countries is a major obstacle to the growth of the global road safety market. A large part of the budget is allocated to road maintenance, which creates budget shortfalls for the implementation of advanced road technologies. In addition, the lack of knowledge of these systems prevents their widespread adoption.
However, upcoming transport projects around the world, as well as the development of critical transport infrastructure, are expected to bring tremendous growth opportunities. Majority of players in the global road safety market are paying great attention to developing products that are highly reliable and maximize road safety. In addition, they add systems and solutions to their portfolio that are integrated with various technologies to improve efficiency and reduce overall cost. All of these strategies followed by the players are shaping the future of the global road safety market.
Global Road Safety Market: Overview
Many systems, devices and technologies are used to ensure safety on highways, bridges, tunnels and urban roads. Together, they constitute the global road safety market, which is currently characterized by the presence of many actors from the private and public sectors. As a result, the competitive landscape is fragmented.
Based on the different road safety solutions available, the global market can be categorized into Automatic License Plate Recognition, Red Light Enforcement, Incident Detection System, Speed ââControl, and Bus Lane Compliance, among others. Among them, the red light application segment and the automatic license plate segment are the most promising.
Based on the type of service, the global road safety market can be further segmented into professional services and management services. Professional services include training, support and maintenance, consulting and systems integration, as well as risk assessment and analysis. Of these, consulting and systems integration services are expected to gain the most in the near future and also represent maximum market share.
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Global Road Safety Market: Trends and Opportunities
Massive spending on roads including highways and bridges, tunnels and urban roads across the globe is primarily driving the growth of the global road safety market. Another crucial growth driver is the increasing prevalence of road accidents due to the increase in the number of vehicles on the roads. Speeding or driving recklessly in disregard of the rules most often results in accidents. Efforts to stem them have led to the rapid adoption of road safety devices and systems such as the Automatic License Plate Recognition solution. Automatic license plate recognition, for example, is easy to install and has features like video cameras, speed calculation, and alarms to monitor vehicles.
The application of red lights is expected to contribute the most to the global road safety market. Indeed, the application of red lights is easy to install and comparatively less expensive. Additionally, with the emergence of smart cities and increased security measures adopted by governments, red lights will see increased demand.
Smart city initiatives by various governments have dramatically increased the need for the development of advanced infrastructure and new technologies such as incident response systems, driver assistance systems, vehicle lane control systems, automatic number plate recognition systems.
Global Road Safety Market: Regional Perspectives
Geographically, the key segments of the global road safety market are Asia-Pacific, Europe, North America and the rest of the world. North America, among them, occupies a leading position due to the early adoption of the latest cutting edge technologies and the presence of a multitude of solution providers in the region. In the coming years, however, Asia-Pacific is expected to overtake all other regions in terms of growth rate due to stellar economic growth and various government initiatives to strengthen road safety in the region. Countries in Australia, India, China and the Philippines, for example, have undertaken major initiatives to improve strategic planning, agency capacity and the evaluation of road safety projects. Along with Asia-Pacific, the Middle East and Africa are also expected to offer good growth opportunities for players in the near future.
Companies mentioned in the report
To present a detailed assessment of the competition prevailing in the global road safety market, the report profiles companies such as Swarco AG, American Traffic Solutions, Kapsch AG, Jenoptik, Motorola Solutions, Inc. and Redflex.
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