Road Safety Market by Solution (Red Light, Speed, Bus Lane, Section Enforcement, ALPR/ANPR), Service (Consulting and Training, System Integration and Deployment, and Support and Maintenance), and Region - Global Forecast to 2025
The The global road safety market size is projected to grow from USD 3.0 billion in 2020 to USD 4.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period.Rising urban population and high demographic rates, rapid motorization, increasing number of road fatalities/accidents, and government initiatives for enhancing road safety are projected to drive the growth of the market across the globe. However, lack of standardization and uniformity in road safety solutions is expected to restrict the growth of the market across the globe. The objective of the report is to define, describe, and forecast the road safetymarket size based on component, solutions, and region.
The rise in the number of COVID-19 cases has caused a major blow to the transportation industry. With most governments enforcing isolation practices, there is a substantial decline in the road transportation industry. The US is experiencing the early stages of the pandemic; however, a drop in passenger numbers can already be seen. In New York, ridership on the subway is dramatically down; March 11 saw 948,000 fewer trips than an average weekday in January. This trend is also being seen in other US cities, such as San Francisco’s Bay Area Rapid Transit (BART), which has reported an 85% decline in ridership and a 50% reduction of economic activity. In some areas of the US, services are already now closing, such as city-run buses in Great Falls, Montana, which will not resume services until at least March 27. However, with the increasing workplace closures and the dramatic decline in aviation passengers, taxis and ride hailing providers are beginning to feel the effects. Uber, which normally relies on 15% of gross bookings coming from air passengers, voiced concerns of potential impacts early on. Uber has now, alongside Lyft, suspended pool rides in the US and Canada, and ride hailing service GrabShare has taken this even further, suspending its services in certain areas of the Philippines until the public health situation de-escalates.
The ongoing projects related to electric vehicles have been stalled now, and most manufacturers of electric vehicles, such as Tesla, have shifted their focus toward manufacturing ventilators, which is the need of the hour. According to a report by the China Road Transport Association, with the cumulative data for the same period in January and February 2019, road passenger traffic decreased by 52.4% and road freight decreased by 24.8%.
To stand up to the challenges, governments are taking several initiatives. In countries, such as China and the US, all sorts of toll and fare collections have been stopped. China is also putting in place a no-stop, no-check, toll-free policy for vehicles transporting emergency supplies and essential personnel. This will reduce the burden of logistics companies that are already under severe pressure. Such initiatives will also ensure the smooth and timely delivery of essential supplies. Some of the initiatives include the conversion of parking spaces into restaurant food pick-up zones, waiving off transit fares, and converting car lanes for pedestrians and cyclists...
“Services: The fastest-growing segmentof the road safetymarket, by application”
The services segment is expected to grow with the highest CAGR during the forecast period. As there is an increase in the adoption of road safety solutions, the associated services are also expected to be adopted rapidly. Road safety services are majorly deployed to enhance the existing infrastructure and also integrate the latest road safety solutions with the existing one. The road safety services that have been taken into consideration for the report include professional services and managed services. The professional services segment has been further divided into consulting and training, support and maintenance, and system integration and deployment. Due to the complexities in the existing infrastructures, the demand for consulting services is expected to increase, which, in turn, is likely to boost the overall growth of the road safety services segment.
“Enforcement Solutions: The highest market size in solutions segment of the road safetymarket.”
Compliance through enforcement has conventionally been the responsibility of the local police; however, the sheer scale of road usage increases the need to detect the vast majority of offenses using modern electronic technologies that are more efficient than the previous methods of road traffic enforcement. Enforcement solutions, comprising hardware (sensors, cameras, displays, and radars) and software, are vital for road safety. Road safety enforcement solutions help the police and related authorities to enforce traffic law and perform traffic surveillance to improve road safety and increase public safety. Deploying enforcement solutions would encourage safer driving habits, thereby reducing the number of fatal accidents/incidents.
“APAC: Thefastest growingregion in the road safetymarket.”
APAC is emerging as the world’s most powerful region, which houses several smart cities. The governments in this region are highly concerned about the increased security spending to keep pace with the evergrowing threat landscape. APAC comprises emerging economies, such as China, India, Australia, Hong Kong, and Japan. It is witnessing a surge in the number of smart-city projects, which in turn, is creating a demand for public and road safety security technologies, such as surveillance technology, speed enforcement, red light enforcement, and incident-detection system. The increasing number of megacities and the growing population in the developed and developing countries of APAC have increased the need for road safety. The road safety market in APAC has a high growth potential. The demand for road safety solutions and services in APAC is expected to be driven by the region’s strong economic growth, the rise in population, and rapid urbanization.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the road safety market.
Breakdown of primaries
The studies contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
By Company:Tier I: 34%, Tier II: 43%, and Tier III: 23%
By Designation:C-Level Executives: 50%, Directors: 30%, and Others: 20%
By Region:North America: 25%, APAC: 30%, Europe: 30%, MEA: 10%, and Latin America: 5%
Theroad safetymarket is dominated by a few globally established players such as Jenoptik (Germany), KapschTrafficCom (Austria), SensysGatso Group (Sweden), Redflex Holdings (Australia), VerraMobility (US), IDEMIA (France), FLIR Systems (US), Motorola Solutions (US), SWARCO (Austria), Information Engineering Group (Canada), Cubic Corporation (US), Siemens (Germany), Conduent, (US), VITRONIC (Germany), Kria (Italy), Laser Technology (US), Optotraffic (US), Syntell (South Africa), Traffic Management Technologies (Pty) Ltd. (South Africa), AABMATICA (India), Clearview Intelligence (UK), Dahua Technology (China), Truvelo (UK), Trifoil (Sultanate of Oman), and Continental AG (Germany).
The market study covers the road safety market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on by components (solutions and services), and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the road safetymarket. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall road safety market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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