Global Road Safety Market – Industry Trends and Forecast to 2024
The Global Road Safety Market accounted for USD 3.1 billion in 2016 growing at a CAGR of 8.7% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Market Definition: Global Road Safety Market
Road safety is the measure taken in order to avoid danger, accidents, or serious injuries. Road users include pedestrians, vehicle passengers, and on-road public transport. Various steps have been taken in order to prevent these incidents. Strict traffic rules regulation, making road users aware about the reasons of accidents, and injuries taking place may get beneficial to promote road safety measure. Increase in urbanization, and increase in road accidents/fatality rate may act as major driver in the growth of road safety market. On the other side, insufficient government funding in decentralized areas may hamper the market.
Major market drivers & restraints:
- Increase in mobility and associated demand for transportation systems
- Increase in urbanization
- Increase in road accidents/fatality rate
- Growing government regulations for road safety
- Insufficient government funding in decentralized areas
- Barrier to implement advanced road safety infrastructure
Market Segmentation: Global Road Safety Market
The global road safety market is segmented on the basis of solution into red light enforcement, speed enforcement, incident detection system, bus lane compliance, automatic license plate recognition, and others.
On the basis of service, the global road safety market is segmented into professional services, and managed services. The professional services segment is further sub segmented into consulting and system integration, training, support, and maintenance, risk assessment and analysis.
On the basis of geography, the global road safety market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, North America is expected to dominate the market.
Company Share Analysis: Global Road Safety Market
The report for road safety market include detailed vendor level analysis for market shares in 2016 for Global, North America, Europe, Asia Pacific, Middle East and Africa and South America specifically. Also impact and development analysis of key vendors is registered in the market and factored on the basis of Vendor Positioning Grid Analysis which measures the vendors strengths and opportunities against present market challenges, measure providers ability to identify or satisfy present market needs, map providers market vision to current and upcoming market dynamics among others. The report also measures technology life line curve and market time line to analyze and do more affective investments.
Major Market Competitors:
Some of the major players of the global road safety market are JENOPTIK AG, Kapsch TrafficCom, Sensys Gatso Group AB, 3M, Redflex Holdings Limited & Redflex Traffic Systems Pty Ltd, American Traffic Solutions, FLIR Systems, Inc., Motorola Solutions, Inc., SWARCO AG, INFORMATION ENGINEERING GROUP INC., Huawei Technologies Co., Ltd., Johnson Controls, Saab AB, and others.