The global road safety market size was evaluated at USD 3.07 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 17.5% from 2023 to 2030. The market is gaining momentum owing to a surge in the number of road accidents and fatalities. The increasing need for public security and improvement in road infrastructure bodes well for market growth. Additionally, several governments around the world are taking steps to decrease traffic accidents through numerous programs and initiatives. In an attempt to curb the growing number of road accidents and fatalities, governments worldwide are focusing on maintaining traffic discipline and ensuring commuters' safety.
Road safety products have witnessed several developments over the past few years. Earlier, to maintain traffic discipline, the operators installed red lights and speed monitoring services along roads and intersections. However, with increasing technological advancements, players focus on designing services combining red light and speed monitoring capabilities in a single unit. Furthermore, the growing preference for connected commercial vehicles is helping road safety solution providers implement solutions that can simultaneously collect vehicles and road infrastructure. Thus, investments in developing infrastructure that supports connected and autonomous vehicles provide new avenues for road safety solution providers. Companies can provide existing data to analyze road user behavior and traffic mobility and help in developing improved road infrastructure.
Globally, a rise in road fatalities has been a primary factor favoring road safety sales. As per the World Health Organization (WHO), road accidents lead to over 1.3 million deaths every year, with an average of 35 million people suffering non-fatal injuries resulting in disability or other health conditions. Therefore, highway safety has gained prominence, with governments worldwide promoting initiatives to lower these numbers. Further, growing awareness of public security has forced authorities to invest in road infrastructure. For instance, Singapore Government has launched the Smart Mobility 2030 strategic proposal, jointly developed by the Intelligent Transportation Society Singapore (ITSS) and the Land Transport Authority (LTA), Singapore. The initiative is aimed at deploying intelligent transport services to offer sustainable smart mobility solutions for commuters.
Favorable initiatives supporting the deployment of road safety measures, including rules and regulations and devices to track traffic, will go a long way in favoring growth over the forecast period. For instance, the U.S. federal government launched the Road to Zero initiative to eliminate traffic fatalities by 2050. The initiative was launched by the National Safety Council and encourages the use of safe and advanced services to put an end to traffic fatalities. In India, the Ministry of Road Transport and Highways has also been taking initiatives towards the improvement of road safety to reduce accidents on National Highways.
Detailed Segmentation:
Service Insights
The professional service segment accounted for the largest market share of 80.30% in 2022. The professional services segment covers service integration, installation, training, consultancy, and support and maintenance. Implementation of the equipment requires a certain degree of calibration along with periodic maintenance and monitoring.
Solution Insights
The red light & speed enforcement segment accounted for a market share of 56.19% in 2022. Additionally, these services were installed at road intersections or along roads to maintain traffic discipline. However, with advances in technology, companies began to focus on providing services that offer speed and red-light monitoring capability in a signal device.
Regional Insights
Europe held the major share of 27.04% of the target market in 2022. State-of-the-art road infrastructure coupled with high technology penetration has favored sales in Europe. The region will continue to contribute to the overall market demand with the prevalence of several players marking a strong regional presence along with a large end customer base.
Key Players of Road Safety Market
Prominent players dominating the global road safety market include:
- American Traffic Solutions (Verra Mobility)
- Conduent
- Cubic Corporation
- Dahua Technology
- FLIR Services, Inc.
- IDEMIA
- Jenoptik
- Kapsch TraficCom
- Motorola Solutions
- Redflex Holdings
- Sensys Gatso Group AB
- Siemens
- Swarco
- Teledyne FLIR
- Vitronic
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