According to a new report published by Allied Market Research the global road safety market size was $4,658.4 million in 2021 and is projected to reach $14,787.7 million by 2031, registering a CAGR of 12.5% from 2022 to 2031.
The rising death toll on roads in low- and middle-income nations, particularly in emerging economies, has played a significant role in the increase in traffic fatalities worldwide.
The probability of experiencing a road traffic injury is influenced by a number of societal factors in many middle-income nations, including drinking and driving, excessive speed, traffic flow, and urban and infrastructure development.
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The rate of progress has been gradual even though the nations of the Region have been adopting and putting into practice several initiatives to lower traffic injuries. Therefore, these several factors have led to the growing road safety industry.
The key players profiled in the report include Cubic Corporation, Dahua Technology, Flir Systems, Inc., IDEMIA, Jenoptik, Kapsch TraficCom, Redflex Holdings, Sensys Gatso Group AB, Siemens AG and VITRONIC. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the road safety market.
According to road safety market analysis, the speed enforcement segment was the highest revenue contributor to the market, with $401.2 million in 2021, and is estimated to reach $1,232.9 million by 2031, with a CAGR of 12.1%. The section enforcement segment is estimated to reach $1,151.8 million by 2031, at a significant CAGR of 13.3% during the forecast period.
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The outbreak of COVID-19 has significantly impacted the growth of the road safety market. The rise in demand for enforcement solutions across various sectors has significantly propelled the demand for the road safety market during the pandemic.
However, the emergence of the third wave of COVID-19 across the U.S. and the UK is anticipated to affect the growth of the road safety market in 2022. Moreover, incident detection and response globally started to deploy road safety solutions and thus is expected to drive the growth of the road safety market analysis post-pandemic.
KEY FINDINGS OF THE STUDY
- The solution segment was the highest revenue contributor to the road safety market share, with $3,461.7 million in 2021, and is estimated to reach $11,815.0 million by 2031, with a CAGR of 13.3%.
- The services segment of road safety market forecast is estimated to reach $2,972.7 million by 2031, at a significant CAGR of 9.8% during the forecast period.
- The system integration and deployment segment was the highest revenue contributor to the market, with $526.1 million in 2021, and is estimated to reach $1,364.5 million by 2031, with a CAGR of 10.2%.
- The ALPR/ANPR segment is estimated to reach $3,804.8 million by 2031, at a significant CAGR of 13.2% during the forecast period.
- The speed enforcement segment was the highest revenue contributor to the market, with $401.2 million in 2021, and is estimated to reach $1,232.9 million by 2031, with a CAGR of 12.1%.
- North America was the highest revenue contributor, accounting for $1,649.1 million in 2021, and is estimated to reach $5,560.2 million by 2031, with a CAGR of 13.2%.
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