Road Safety Market Size Is Estimated To Reach $5.8 Billion By 2027

The global road safety market size is expected to reach USD 5.8 billion by 2027, expanding at a CAGR of 11.2% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. An increasing number of road accidents across the world has resulted in an urgent need for precautionary measures and solutions, positively impacting the market growth. Additionally, increased government spending on road infrastructure development to enhance the mobility environment is expected to upkeep the demand for traffic monitoring solutions and services.

Road safety comprises of the various measures and solutions adopted by agencies in order to prevent mishaps involving vehicles and passengers, which account for a large percentage of the global death toll. Some of these measures include red light and speed enforcement, incident detection and response, and ANPR/ALPR (Automatic Number/License Plate Registration), among others; services in this space include the installation, repair and maintenance of these systems.

The WHO states that road traffic accidents result in around 1.35 million deaths annually, while also being responsible for non-fatal injuries for 20-50 million people. Additionally, road traffic injuries are the primary cause of death in children and young adults between the ages of 5-29 years. The increasing global population has contributed to the increase in vehicular density on roads, which directly translates to an increased accident risk.

In terms of solution, the road safety market is segmented into red light and speed enforcement, incident detection and response, ANPR/ALPR, and others. The red light and speed enforcement segment accounted for majority of the market share in 2019. An increase of 1% in mean speed produces an increase of 4% in the risk of a fatal crash, and 3% risk increase of a serious crash, as stated by WHO. Moreover, death risk for pedestrians hit by vehicles is 4.5 times higher when the speed of the vehicle is 65 kmph, as compared to a speed of 50 kmph. As such, it has become very critical to install advanced systems in major towns and cities to avoid such mishaps, thus driving the segment growth.

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Road Safety Market Report Highlights

• The market has been gaining traction owing to the soaring number of commuters across numerous cities, which has resulted in increased traffic and congestion
• The Automatic Number/License Plate Recognition (ANPR/ALPR) segment is anticipated to record healthy growth over the forecast period owing to increasing adoption of this solution to improve security and safety
• The professional services segment is anticipated to register a CAGR of 11.6% from 2020 to 2027. Services such as consulting, installation, maintenance, and repair are imperative for all traffic monitoring solutions
• Need to improve existing road infrastructure for enhanced safety and implementation of smart city initiatives by several governments in the region are primary factors driving the market.

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Road Safety Market Segmentation

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

Road Safety Solution Outlook (Revenue, USD Million, 2016 - 2027)

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

Road Safety Service Outlook (Revenue, USD Million, 2016 - 2027)

• Professional Services
• Managed Services

Road Safety Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America
• The U.S.
• Canada
• Europe
• The U.K.
• Germany
• France
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• Middle East & Africa

List of Key Players of Road Safety Market

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

About Grand View Research                        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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