Road Safety Market Size, Share & Segmentation by Solution (Red Light & Speed Enforcement, Incident Detection & Response, Automatic Number/License Plate Recognition, Others), by Service Outlook (Professional Services, Managed Services), by Region and Global Forecast 2023-2030

Road Safety Market Report Scope & Overview:

The Road Safety Market was valued at USD 3.05 Bn in 2022 and is expected to reach USD 10.02 Bn by 2030 and grow at a CAGR of 17.2% over the forecast period of 2023-2030.

For roads to be safe, traffic laws and regulations must be followed. This entails driving under the posted speed limit, halting at stop signs and red lights, giving way to oncoming traffic, and maintaining lane discipline. All drivers must have the appropriate instruction and training. This covers both practical car management abilities and theoretical knowledge of traffic laws. Defensive driving practices are frequently covered in driver education programs. Performing routine maintenance on vehicles keeps them in good operating condition. To lessen the likelihood of accidents brought on by mechanical faults, this involves inspecting the brakes, tires, lights, and other crucial components. A well-designed road network with obvious signs and markings can greatly increase traffic safety. This includes maintaining roads properly to avoid risks. Speed has a big part in traffic collisions. Speed limit management and enforcement aid in lowering accident severity and improving drivers' available reaction time. Driving while intoxicated or fatigued, as well as distracted driving (such as texting while driving), are significant factors in collisions. In order to overcome these problems, rigorous enforcement and education are essential. Ensuring walkways, safe crossings, and pedestrian-friendly infrastructure is crucial for safeguarding Pedestrians. It's crucial to inform both drivers and pedestrians of their duties. Particular attention should be paid to the safety of motorcyclists and cyclists.

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Compared to car occupants, they are less protected, making them more susceptible to accidents. To protect passengers in vehicles, particularly young children, seat belt use and the use of child safety seats are essential. By giving accident victims prompt medical attention, an effective emergency response system can save lives. Public awareness campaigns and educational initiatives are essential for encouraging safe driving practices and raising public understanding of issues relating to road safety. Compiling and evaluating data on traffic accidents and the factors that contribute to them enables policymakers to pinpoint problem regions and put forth focused safety measures. Strict law enforcement, including penalties for traffic offenses, can serve as a deterrent and promote adherence to traffic safety regulations. Advancements in automotive safety technology, such as airbags and anti-lock braking systems (ABS),

Market Dynamics

Driver

• The rising cases of road incident

The number of distracted driving incidents has significantly increased as a result of the usage of cell phones and other electronic gadgets while driving. Accidents are more likely to be caused by drivers who are not entirely focused on the road. Excessive speed is a major contributor to accidents. Drivers have less time to react to impediments and shorter stopping distances when they go over the speed limit or drive too quickly for the road conditions. Drunk or drugged driving continues to be a major factor in traffic accidents. Drivers who are intoxicated are more prone to cause accidents because of their slowed reaction times and poor judgment. Drivers who are tired or drowsy are more likely to fall asleep at the wheel or make serious mistakes in judgment.

Restrain

• Lack of infrastructure

Opportunity

• The rise in advanced technology

The creation of autonomous vehicles—vehicles that can run without a driver—has received a lot of attention. In order to increase safety and decrease accidents brought on by human error, organizations like Tesla, Waymo, and conventional automakers are making significant investments in this technology. ADAS comprises functions including blind-spot monitoring, automated emergency braking, adaptive cruise control, and lane-keeping assistance. These innovations in driving safety are showing up more frequently in contemporary cars. Newer cars come with cutting-edge infotainment systems and are increasingly connected to the internet. This enables functions like real-time traffic information, navigational help, and smartphone connectivity.

Challenge

• The high cost of the technologies and the lack of awareness in emerging countries.

Impact of Recession

Consumer expenditure, including the purchase of new vehicles, often decreases during a recession. The adoption of more modern, safe vehicle technology, like advanced driver assistance systems (ADAS) and electric cars with safety features, may be slowed as a result. Economic downturns can have an impact on the safety of commercial fleets as well as public transportation networks. Cost-cutting initiatives used by struggling businesses may jeopardize safety precautions and vehicle upkeep. During a recession, large-scale road building and extension projects may be delayed or abandoned, which will affect the adoption of contemporary road safety features and technologies. Economic downturns may result in modifications to commuter habits and decreased traffic volumes. Fewer accidents may result from this, but it may also impair the usage and

Impact of Russia Russia-Ukraine War

The conflict between Russia and Ukraine may have a number of direct and indirect effects on the market for road safety, both locally and globally. The complexity and range of these effects might depend on the length and severity of the conflict as well as the particular places affected. Here are some possible impacts on the market for road safety: Road infrastructure, such as highways, bridges, and tunnels, can sustain considerable damage as a result of conflict. By making driving conditions hazardous for drivers and decreasing the effectiveness of safety equipment, this damage can undermine attempts to improve road safety. It can be challenging to perform regular road maintenance and repairs because of the ongoing hostilities and instability. Roads that are not properly maintained can make accidents more likely.

Market Segmentation

By Solution

• Red Light & Speed Enforcement

• Incident Detection & Response

• Automatic Number/License Plate Recognition

• Others

By Service Outlook

• Professional Services

• Managed Services

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Regional Coverage

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

Regional Analysis

North America is the region that will hold the highest share because, Road safety is a mature market in North America, with well-established infrastructure, rules, and cutting-edge technology. High adoption rates for autonomous vehicle and advanced driver assistance system (ADAS) technologies. Government initiatives and strict laws for safety help to keep roads safe. Ongoing maintenance and improvement of the road infrastructure.

APAC is the region that will have the highest CAGR growth rate because as economies in nations like China and India expand, concerns about road safety rise. Heavy investment is being made in the development of the infrastructure for roads. While adoption rates for improved safety technologies vary by nation, they are generally increasing. Rapid urbanization presents particular difficulties for road safety.

Key Players

The major key players are Conduent, Cubic Corporation, Dahua Technology, FLIR Services, IDEMIA, JENOPTIK, KAPSCH TraficCom, Motorola Solutions, Redflex Holdings and others.

Cubic Corporation-Company Financial Analysis

Recent Developments:

Conduent- The company has taken initiative to highlight the technology solutions for the protection of school children at Florida.

Cubic Corporation- Company has officially announced five-year warranty on new DTECH devices.