Global Road Safety Market Grows Alongside Improving Infrastructure

The global market for road safety has come to the fore due to the rising cases of road accidents and other mishaps. Road safety systems have become one of the most important factors in deciding the wellness index of a city. In recent times, advanced road safety systems have pervaded the market, and this resulted in the growth of the global market for road safety. Smart road safety systems require less energy and are more effective than the old and obsolete ones, and this creates growth spaces within the road safety market. A report by TMR Research paints a picture of the various dynamics prevailing in the global market for road safety. The title of the report is “Road Safety Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025”.

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Governments across several regions have been making efforts to elevate the safety standards on roads. This has directly contributed to the growth of the global market for road safety, and has even provided an impetus to the growth of the market players. Infrastructural developments in the emerging economies have also influenced the growth of the global market for road safety.

Based on geography, the market for road safety has been growing at an astral rate in North America and Europe. The sophisticated infrastructure of these regions has been the primary reason behind the affluent growth of their markets.

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Some of the key players in the global road safety market are American Traffic Solutions, Jenoptik, Kapsch AG, Redflex, and Motorola Solutions, Inc.

Road Safety Market Current Competitive Dynamics by 2025

Global Road Safety Market: Snapshot

The constant need for road safety and public security are prompting governments to impose stringent regulations. These regulations are, in turn, encouraging the growth of the global road safety market. The increasing number of passengers, congestion, and traffic on the road, particularly on bridges and highway, is promoting the deployment of road safety systems and solutions. Moreover, the flourishing growth of the transportation sector is positively impacting the growth of the market.

The rapid urbanization, especially in emerging countries, is paving way for new infrastructural development and improvement of existing roads, which is also working in favor of the global safety roads market. On the flip side, the insufficient government funding in developing and less developed countries is acting as a major impediment to the growth of the global road safety market. A large portion of the budget is allocated to road maintenance, which creates budget insufficiencies for the implementation of advanced road technologies. Furthermore, the lack of awareness regarding such systems is inhibiting their widespread adoption.

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However, upcoming transportation projects around the world along with the development of critical transportation infrastructure facilities are expected to bring tremendous growth opportunities with them. The majority of players in the global road safety market are paying extensive attention to the development of products that are high reliable and maximize safety on roads. In addition, they are adding systems and solutions to their portfolio that are embedded with varied technologies to improve the efficiency and cut down the overall cost. All these strategies followed by players are shaping the future of the global road safety market.

Global Road Safety Market: Overview

Numerous systems, devices, and technologies are leveraged to ensure safety on highways, bridges, tunnels, and urban roads. Together they constitute the global road safety market, which at present is characterized by the presence of many players both from the private and public sectors. As a result, the competitive landscape is fragmented.

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Depending upon the different solutions for road safety available, the global market can be classified into automatic license plate recognition, red light enforcement, incident detection system, speed enforcement, and bus lane compliance, among others. Among them, the red light enforcement segment and the automatic license plate segment shows maximum promise.

Based on the type of service, the global road safety market can be segmented again into professional services and management services. Professional services is comprised of training, support, and maintenance, consulting and system integration, and risk assessment and analysis. Of these, the consulting and system integration services is forecasted to gain the most in the near future and also account for maximum market share.

Global Road Safety Market: Trends and Opportunities

Majorly boosting growth in the global road safety market is the massive spending on roadways, including highways and bridges, tunnels and urban roads across the globe. Another crucial growth driver is the rising prevalence of road accidents on account of more vehicles plying on the roads. Speeding or rash driving with utter disregard for rules mostly result in accidents. Efforts to stem them has led to the swift uptake of road safety devices and systems such as the automatic license plate recognition solution. Automatic license plate recognition, for example, is easy to install and has functionalities such as video cameras, speed calculation, and alarms to monitor vehicles.

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Red light enforcement is anticipated to contribute the most to the global market for road safety. This is because red light enforcement is easy to install and comparatively cheaper. Additionally, with the emergence of smart cities and increased safety measures adopted by governments, the red lights will see further demand.

The smart city initiatives by various governments has dramatically upped the need for advanced infrastructure development and new technologies such as incident response systems, driver assistance systems, vehicle lane enforcement systems, automatic number plate recognition systems.

Global Road Safety Market: Regional Outlook

Geographically, the key segments of the global market for road safety are Asia Pacific, Europe, North America, and the Rest of the World. North America, among them, holds a leading position due to the early adoption of the latest cutting-edge technologies and the presence of a host of solution providers in the region. In the years ahead, however, Asia Pacific is slated overtake all other regions in terms of growth rate on account of the stellar economic growth and various government initiatives to bolster road safety in the region. Countries of Australia, India, China, and Philippines, for instance, have undertaken major initiatives to better strategic planning, agency capability, and evaluation of road safety projects. Alongside Asia Pacific, the Middle East and Africa is forecasted to offer good growth opportunities for players too in the near future.

Companies Mentioned in Report

To present a detailed assessment of the competition prevailing in the global market for road safety, the report profiles companies such as Swarco AG, American Traffic Solutions, Kapsch AG, Jenoptik, Motorola Solutions, Inc., and Redflex.

Road Safety Awareness Campaigns Receive Government Funding

San Francisco, California, May 08, 2017 : The global road safety market is prognosticated to do well in the coming years as governments around the world are on their toes to enforce stringent laws for public security and road safety. In a report penned by TMR Research, titled “Road Safety Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” the burgeoning rise of the transportation industry is expected to optimistically affect growth.

The deployment of road safety solutions and systems could be extensively promoted due to a towering count of travelers and inflating road congestion, especially on highways and flyovers. This is anticipated to bode well for encouraging growth in the world road safety market. Upgradation of existing roads and swift urbanization in less developed nations making way for the development of new infrastructure are prophesied to bring in some reliable profits for players operating in the world road safety market.

However, the demand in the international road safety market could be impeded by inadequate government funding in developing countries and a massive portion of national budget reserved for road maintenance. This could create an imbalance in the implementation of modern road safety technologies due to budget insufficiency. Moreover, the widespread adoption of road safety systems could be inhibited by factors such as lack of awareness.

Nevertheless, there are ample of opportunities predicted to count on in the international road safety market. Participants can expect to attract revenue from the tremendous expansion of high-priority transportation infrastructure facilities and upcoming projects. Most companies functioning in the international road safety market are envisaged to develop products that focus on maximizing public safety on roads and high reliability. Companies could also consider expanding their product portfolio with various technologies for the purpose of curbing overall costs and improving efficiency. All of these factors are forecasted to augur well for the international road safety market.

Asia Pacific is envisioned to overtake all other geographies in the worldwide road safety market on the back of favorable government initiatives and exceptional economic advancement. The Philippines, China, India, and Australia could take to in-depth assessment of road safety projects, bettered agency capability, and mature strategic planning in order to sustain their growth in the Asia Pacific road safety market. Howbeit, North America is projected to lead the worldwide road safety market while riding on the existence of scores of solution providers and avant-garde technologies.

Some of the crucial players that could be profiled in the global road safety market report are Redflex, Motorola Solutions, Inc., Jenoptik, Kapsch AG, American Traffic Solutions, and Swarco AG.