Road Safety Market worth $5.8 billion by 2026, growing at a CAGR of 9.6%: Report by MarketsandMarkets™

Chicago, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The global Road Safety market is expected to grow from USD 3.7 billion in 2021 to USD 5.8 billion by 2026 at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period, according to a new report by MarketsandMarkets™. 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.

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180 – Tables
45 – Figures
187 – Pages
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Scope of the Report

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.

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The solutions segment of the component is leading the road safety market in 2020. The road safety solutions include enforcement solution; incident detection and response; ALPR/ANPR, and others (railroad crossing safety, school bus stop-arm enforcement, and back-office systems). These solutions enable government agencies to protect pedestrians and vehicle drivers from all types of road accidents. With the rapid increase in the number of vehicles on the road, these solutions are gaining traction across the globe.

The speed enforcement solution of the enforcement solution segment is expected to grow with the highest CAGR during the forecast period. Speed enforcement system plays a significant role in checking whether road vehicles comply with the recommended speed limit on roads and highways. Speed enforcement includes the use of cameras, parabolic radars using radio waves, and other technologies, including LiDAR, and number plate recognition. The speed enforcement solution helps to acquire a specific target when attempting to determine the speed of vehicle in a congested and crowded roadway. Hence, LiDAR is a widely used tool in speed enforcement solutions.

North America is estimated to account for the major share of the road safety market in 2020. It is the most advanced region in terms of technological adoption and infrastructure development. The US residents own on an average of 800 cars per 1,000 residents, whereas Canada has around 650 cars per 1,000 residents. To manage and monitor heavy road traffic, the US has deployed some of the most advanced technologies. Various government and law enforcement agencies in the US and Canada are taking initiatives to strengthen the security infrastructure and reduce road fatalities. For instance, some of the major US cities are planning to implement “Vision Zero” strategies, with a focus on developing urban mobility systems, wherein any road traffic death is considered unacceptable.

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In various developed economies, road safety developments have proceeded with the open-data movement. “Smart city” development and the open-data movement endeavor to make data accessible to commercial vendors whenever possible and have resulted in an open-modernization platform on which new road safety services can be implemented and commercialized. Public agencies gather traffic data from various infrastructural sources, such as telematics and GPS, and sell, lease, or release them freely into the public domain for private vendors to create road safety service applications. There are 2 important benefits of using open data, namely, the ability to utilize road safety services using Open Application Programming Interfaces (Open API) and improved level of interconnectivity within different road safety solutions.

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.

Key Industry Development

• In order to analyse massive amounts of data from multiple sources, including traffic cameras, sensors, and automobiles, the road safety industry is increasingly using AI and machine learning. These technologies were applied to identify unsafe driving patterns, predict accident-prone regions, and improve traffic management.
• Industry participants were collaborating and forming partnerships to pool their resources and skills in tackling road safety issues. Collaborations between tech firms, automakers, academic institutes, and governmental organisations were among them.
• To increase road safety, governments around the world are enacting stronger laws and rules. These programmes included things like bettering road infrastructure, car safety regulations, and public awareness campaigns.
• The industry of road safety was greatly impacted by the Internet of Things (IoT). In order to collect real-time data and enable communication between moving cars and their environment, IoT-enabled devices and sensors are being integrated into automobiles, roads, and infrastructure.
• Big data gathering and analysis were used to discover trends and patterns in road safety. To increase road safety, this data-driven method assisted in locating high-risk zones, enhancing traffic flow, and making wise decisions.

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