Global Market Insights presents the Road Safety Market provides a detailed overview of major drivers, restraints, challenges, opportunities, current industry trends and strategies impacting the global market along with estimates and forecast of revenue.
North America dominates the road safety market owing to its technological advancements, large-scale investment in road safety and security solutions, advanced infrastructure, and the presence of many service providers. The region is among the early adopters of the latest technology, giving it an edge over the other regions. Europe is the second largest region in the road safety industry owing to the presence of a large number of service providers and manufacturers.
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Rapid urbanization also results in the infrastructural development, especially of highways and bridges, which have a positive impact on the road safety market. Road safety is a method that assists road users from getting seriously injured or killed owing to the rising fatal accidents, threats, and natural as well as unnatural disasters. Furthermore, the increasing number of crimes , terrorist attacks, and other natural disasters are also boosting the road safety industry growth.
The governments of various developing and less developed countries are not spending enough funds for the development of roads and this hinders the industry growth. The governments spend huge funds on repair and maintenance work, which leads to budget insufficiencies for the implementation of advanced road technologies. Lack of awareness about such systems is also hampering the road safety market growth.
The advancements in various transportation projects coupled with critical transportation infrastructure offer lucrative opportunities for the road safety market growth. Factors, such as huge spending on roadways, which include bridges, highways, and tunnels further boost the industry growth. Furthermore, measures undertaken to reduce traffic injuries have a positive impact on health such as improved repository health and increased physical activity, which accentuate the industry demand.
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The road safety market can be segmented on the basis of solutions, services, and technology. Based on solutions, the road safety industry is sub-segmented into automatic license plate detection, bus lane compliance, red light enforcement, speed enforcement, and incident detection system. Red light enforcement dominates the industry as it is one of the safest control systems, easy-to-install, and is also cost-effective. Furthermore, governments of various countries are adopting these services owing to the rise of smart cities and safety initiatives.
Based on technology, the road safety market is segmented on the basis of radar and sensor-based devices, analytics, and surveillance. Growing traffic volumes require sensor-based devices to handle both urban and non-urban traffic. Advanced driver assistance system uses sensor technology, which aids drivers in different traffic and weather conditions. These sensors assist the drivers by providing necessary information such as lane departure warning, high-beam assist, and collision warning. Hence, the sensor-based devices are anticipated to witness a huge demand over the forecast time span.
The main players operating in the road safety market include Motorola Solutions, American Traffic Solutions, Rad Data Communication, Jenoptik, Kapsch AG, Swarco AG, Redflex, Thales, Tyco, Alcatel-Lucent, and Siemens AG. New product developments, mergers & acquisitions, and partnerships are the strategies adopted by these key players to emerge strongly in the road safety industry.