Global Road Safety Market to Reach Around USD 7.88 Billion by 2032, Driven by Rising Vehicular Traffic

The growing awareness regarding vehicular safety and the increasing efforts to lower the risks of road accidents are the major factors driving the road safety market growth. The growing technological integrations such as the use of advanced sensors to detect high speed, installation of advanced cameras, and development of solutions to offer improved tracking and navigation solutions are favouring the growth of the market.

The market for road safety is expected to grow at a high rate propelled by the growing demand for road safety solutions and services in regions like North America, Europe, and the Asia Pacific. An expanding logistics sector is propelling the demand for larger and heavier trucks, increasing the consumer focus on road safety. With a rising number of large vehicles on the road, road safety is especially important for consumers driving smaller vehicles and pedestrians. The rising number of road accidents is further driving the demand for solutions that can help minimise risks of accidents and provide enhanced safety to passengers.

The market is characterised by research to develop more efficient road safety platforms. In March 2022, Vodafone Group Plc (NASDAQ: VOD) launched a platform, ‘Safer Transport for Europe Platform’ to connect road users directly with transport authorities to enable faster and more efficient real-time sharing of road safety information.

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Market Breakup by Component and Region:

• The market is segmented based on component into solutions and services.

• Region-wise, the global market for road safety can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The rising awareness about road safety is driving the demand for solutions and services to enhance passenger safety among transport authorities.

• The advancement in road safety technology such as the use of camera technology, collective data, and crowdsourcing are stimulating the market growth. Companies can obtain and analyse data to understand why certain areas are prone to traffic accidents and in turn, provide solutions for safer driving conditions.

• Government initiatives and regulations aimed at enhancing road safety are propelling the market growth.

• A collaboration between road safety solution producers and automotive manufacturers, road operators, transport authorities, and technology partners is expected to enhance the development of road safety products.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for road safety for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) data for components and key regions of the road safety market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the road safety market are Jenoptik AG, Kapsch TrafficCom AG, Sensys Gatso Group AB, Verra Mobility Corporation, Teledyne FLIR LLC, and Motorola Solutions, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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