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Road Safety Market size is witnessing a rapid growth owing to the rising need for public security and road safety and improvement in the road infrastructure. To meet the public safety requirements, governments have come up with stringent laws and regulations, which in turn, will augment the industry growth. The rise in population and vehicles on the road and the rising technological advancements in the transportation sector are further fueling the Road Safety Market demand.
Rapid urbanization also results in the infrastructural development, especially of highways and bridges, which have a positive impact on the road safety market. Road safety is a method that assists road users from getting seriously injured or killed owing to the rising fatal accidents, threats, and natural as well as unnatural disasters. Furthermore, the increasing number of crimes , terrorist attacks, and other natural disasters are also boosting the road safety market growth.
The main players operating in the road safety market include Motorola Solutions, American Traffic Solutions, Rad Data Communication, Jenoptik, Kapsch AG, Swarco AG, Redflex, Thales, Tyco, Alcatel-Lucent, and Siemens AG. New product developments, mergers & acquisitions, and partnerships are the strategies adopted by these key players to emerge strongly in the road safety market.
Market share calculation in this report is not done based on companies covered in it. The calculation of road safety market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
Regional Segmentation: -
North America dominates the road safety market owing to its technological advancements, large-scale investment in road safety and security solutions, advanced infrastructure, and the presence of many service providers. The region is among the early adopters of the latest technology, giving it an edge over the other regions. Europe is the second largest region in the road safety market owing to the presence of a large number of service providers and manufacturers.
Asia Pacific is the fastest growing region in the road safety market due to the economic growth and various government initiatives to support road safety measures. Countries, such as India, China, and Australia, have adopted various strategies to introduce changes in the implementation and planning of security measures for optimizing the roadways security.
The governments of various developing and less developed countries are not spending enough funds for the development of roads and this hinders the industry growth. The governments spend huge funds on repair and maintenance work, which leads to budget insufficiencies for the implementation of advanced road technologies. Lack of awareness about such systems is also hampering the road safety market growth.
The advancements in various transportation projects coupled with critical transportation infrastructure offer lucrative opportunities for the road safety market growth. Factors, such as huge spending on roadways, which include bridges, highways, and tunnels further boost the industry growth. Furthermore, measures undertaken to reduce traffic injuries have a positive impact on health such as improved repository health and increased physical activity, which accentuate the industry demand.
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