Road Safety Market: Asia Pacific Is Estimated To Register A CAGR Of Over 13% During The Forecast Period

 Road Safety Industry Overview

The global road safety market size was valued at USD 2.87 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.4% from 2021 to 2028. During the COVID-19 pandemic, road fatalities witnessed a sharp decline. However, in the second quarter of 2020, traffic volume witnessed a rise with ease in lockdown restrictions. This period witnessed an increase in road fatalities caused mainly by drivers engaging in risky behavior by violating speed limits, failing to wear seat belts, and being under alcohol influence. Therefore, traffic management and safety authorities worldwide kicked off a program to mitigate such incidences by investing in new road safety solutions. Although the pandemic hindered the growth in 2020, the market was expected to reach pre-COVID levels by the end of 2020 and a steady recovery in 2021.

Road safety future is uncertain and not the same for all regions worldwide. For instance, countries in Europe have a mature road safety approach, focusing on proactive techniques. Although the mortality rate due to road accidents is lower in Europe than the global average, it varies mainly among countries. Therefore, several countries are engaged in designing their road safety strategies to lower the risk of such fatalities. Initiative and guidelines promoting road safety will upkeep the demand for road safety equipment in the EU.

Gather more insights about the market drivers, restrains and growth of the Global Road Safety market

Globally, a rise in road fatalities has been a primary factor favoring road safety sales. As per the World Health Organization (WHO), road accidents lead to over 1.3 million deaths each year, with over 15 million people suffering non-fatal injuries resulting in disability or other health conditions. Therefore safety on highways has gained prominence, with governments worldwide promoting initiatives to lower these numbers. On account of these factors, the road safety market will gain traction over the forecast period and shall surpass USD 6 billion by 2028.

Favorable initiatives supporting the deployment of road safety measures including rules and regulations and devices to track traffic will go a long way in favoring the growth over the forecast period. For instance, the U.S. federal government launched the Road to Zero initiative to eliminate traffic fatalities by 2050. The initiative is launched by the National Safety Council and is encourages the use of safe and advanced systems to put an end to traffic fatalities. In India, the Ministry of Road Transport and Highways have also been taking initiatives towards the improvement of road safety to reduce accidents on National Highways.


Browse through Grand View Research's Automotive & Transportation Industry Research Reports.

  • Retail Logistics Market - The global retail logistics market size was valued at USD 227.61 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.3% from 2022 to 2030. Due to increased worldwide trade activity, particularly in emerging economies, and global transportation infrastructure expansion, the market is likely to rise incrementally.

 

  • Automotive Engineering Service Outsourcing Market - The global automotive engineering service outsourcing market size was valued at USD 61.77 billion in 2021 and is expected to register a CAGR of 20.8% from 2022 to 2030. The rapid demand for advanced and enhanced connectivity solutions by automotive manufacturers is driving the automotive ESO market growth.

 

Road Safety Market Segmentation

Grand View Research has segmented the global road safety market based on solution, service, and region:

Road Safety Solution Outlook (Revenue, USD Million, 2017 - 2028)

  • Red Light & Speed Enforcement
  • Incident Detection & Response
  • ANPR/ALPR
  • Others

 

Road Safety Service Outlook (Revenue, USD Million, 2017 - 2028)

  • Professional Services
  • Managed Services

 

Road Safety Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies profiled:

Some prominent players in the global Road Safety market include

  • Jenoptik
  • Kapsch TraficCom
  • Flir Systems, Inc.
  • IDEMIA
  • Sensys Gatso Group AB
  • VITRONIC
  • Redflex Holdings

 

Order a free sample PDF of the Road Safety Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Comments

Post a Comment

Popular posts from this blog

Which Vertical Led The Off-Highway Electric Vehicle Market By 2030?

  Off-highway Electric Vehicle Industry Overview The global off-highway electric vehicle market size was valued at USD 4.42 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 31.7% from 2022 to 2030. Stringent emission norms for off-highway vehicles have been implemented by various government establishments, such as regulations for Greenhouse Gas (GHG) emissions by the U.S. Environmental Protection Agency (EPA), China VI, and India BS-VI. This has encouraged equipment manufacturers to focus on alternative powertrain sources such as full and hybrid off-highway electric vehicles, thus driving market growth. The electrification of off-highway heavy-duty vehicles is increasing and OEMs are keen to discover how this new trend can complement their existing business models. With factors such as battery technology, supply, and overall economics favoring electric vehicles, the trend for electrification of vehicles is expected to gain traction in the comin...
Read more

On-Highway Vehicle Lighting Market: LASER Segment Is Anticipated To Record The Highest CAGR Of Over 6.8%

  On-highway Vehicle Lighting Industry Overview The global  on-highway vehicle lighting market  size is projected to reach USD 41.3 billion by 2030, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 4.9% from 2022 to 2030. The surge in the adoption of the latest technologies in automotive lighting and rising penetration of  LED lighting  in the automotive industry are expected to drive the demand for on-highway vehicle lighting in the coming years. Automotive lighting has continuously evolved over the years as manufacturers seek innovative ways to improve performance, enhance aesthetics and strengthen safety. Headlamps are particularly anticipated to witness developments in line with advancements in laser and LED technologies. Rapid increase in night driving owing to long work hours is anticipated to propel the demand for on-highway vehicle lighting. Ambient lighting is used to improve the visual appearanc...
Read more

EV Battery Diagnostic and Prognostic Tools: Enhancing Battery Management

 Electric vehicles (EVs) have revolutionized the automotive industry, zipping silently through city streets and highways, leaving behind a trail of zero emissions and fostering innovation in the EV battery market . But what lies beneath their sleek exteriors? The answer to this lies in the heart of every EV—the battery. EV batteries are crucial for clean transportation. As research continues, we can expect even more innovation in battery technology. This will lead to EVs with longer ranges, shorter charging times, and potentially lower costs, accelerating the shift towards a sustainable future. The global electric vehicle (EV) battery market size was estimated at USD 44.69 billion in 2022 and is expected to grow a compound annual growth rate (CAGR) of 21.1% from 2023 to 2030. The growing emphasis of leading automakers on rolling out electric vehicles and rising battery demand for EVs are major factors behind the growth of the market.   Access the Electric Vehicle (EV) Batt...
Read more