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.
Road safety industry is the result of deliberate and methodical efforts on the part of many sectors of society, including both government and non-government organisations, after these sectors have acknowledged it as a significant and valuable public good and have developed policies and programmes to support and maintain it. Everybody should be extremely concerned about the alarmingly high and constant number of traffic fatalities. The number of accidents is rising in tandem with the sharp growth in the number of vehicles, particularly the recent influx of mini buses, sharing autos, omni buses, and minidors.
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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. 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 growing road safety industry.
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 the COVID-19 has significantly impacted the growth of the road safety market. Rise in demand for enforcement solution across various sectors has significantly propelled the demand for road safety market during the pandemic. However, the emergence of third wave of COVID-19 across U.S. and UK is anticipated to affect the growth of road safety market in 2022. Moreover, the incident detection and response globally started to deploy road safety solution, and thus is expected to drive the growth of the road safety market analysis post pandemic.
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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.
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