Global Road Safety Market Is Predicted to Propel Owing to Advances In Technology: Ken Research

Road safety contains products and services that are being announced in market to safeguard and decrease the risk of accidents, manage the traffic discipline, control and curb wayward vehicle movement and confirm safe travel of commuters. The components of traffic safety comprise median barrier, crash cushions, guardrail, and end treatments; truck escape ramps and breakaway assists for signs and light standards.

According to the report analysis, ‘Global Road Safety Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use’ states that Jenoptik AG,, Kapsch TrafficCom AG, Sensys Gatso Group AB., Redflex Holdings Limited, 3M, FLIR Systems, Inc., Motorola Solutions, Swarco AG, American Traffic Solutions, Information Engineering Group, Inc and many more are the foremost entities which presently operating in the global road safety market more proficiently over the near future for keep maintaining the governing position, ruling around the globe, obtaining the competitive edge, leading the highest market growth, registering the great value of market share and generating the high percentage of revenue by employing the young and active personnel, establishing the countless research and development programs, delivering the better customer satisfaction, spreading the awareness connected to the benefits and features of road safety, increasing the applications and advantages of road safety, analysing the strategies and policies of government as well as similar entities, decreasing the associated prices of such, and implementing the policies profit making and strategies of expansion.

On the basis of types, the global road safety market is classified into red light enforcement, speed enforcement, incident detection system, bus lane compliance and several others. On the basis of applications, the global road safety market is categorized into bridges, highways, tunnels, urban roads and several others.

Aspects such as increased mobility, augmented the vehicle adoption, and increasing traffic are expected to augment the requirement for road safety. The construction of safer roads, advancing facilities to safeguard pedestrians and cyclists, and accepting safer riding initiatives would minimize road injury and underwrite to the health among the public. Therefore, the leading worldwide players are progressively concentrating on the production of goods that deliver road safety and incorporate systems into dissimilar technologies to improve performance at a lower cost, thus, influencing the growth of the road safety market. In addition, the foremost factors propelling the road safety market include growing urban population and high demographic rates, speedy motorization, growing number of road fatalities/accidents, and government initiatives for improving the road safety.

Throughout the COVID-19 pandemic, road fatalities observed a sharp decline. However, in the second quarter of 2020, traffic volume observed an increase with ease in lockdown restrictions. This period observed an increment in road fatalities caused majorly by drivers engaging in risky behavior by violating speed restricts, failing to wear seat belts, and being under alcohol influence. Therefore, traffic management and safety authorities around the globe kicked off a program to mitigate such incidences by underwriting in new road safety solutions. Therefore, in the near years, it is predicted that the market of road safety will augment more actively over the coming future.

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Global Road Safety Market

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Increased Number of Vehicles, Coupled with Increased Government Initiatives towards the Road Safety Development to Drive the Global Road Safety Market over the Forecast Period: Ken Research

Traffic safety includes crash cushions, median barrier, truck escape ramps, guardrail & end treatments and breakaway supports for signs & light standards. As countries make road safety a priority and adopt policies and measures to improve road safety, accurate monitoring and evaluation methods are required in providing the information for related to road safety solutions.

According to study, “Global Road Safety Market -By Solutions (Red light enforcement, Speed enforcement, Incident detection & communication system, Bus lane compliance, Automatic license plate recognition, & Others); By Services (Professional services, Managed services); By Technology(Radar & Sensor-based devices, Analytics, and Surveillance); By Regions (Americas, EMEA, and, APAC) Drivers, Opportunities, Restraints, Trends, and Forecast to 2024” some of the major companies that are currently working in the global road safety market are Motorola Solutions, Aabmatica, Rad Data Communication, American Traffic Solutions, Jenoptik AG, Redflex Holdings, 3M, Trifoil, Conduent, Laser Technology, Sensys Gatso Group AB, Swarco AG, Alcatel Lucent, Kapsch TrafficCom AG, Vitronic, Thales Group S.A., Optotraffic, Idemia, Kria, Alcatel-Lucent, Tyco, Clearview Intelligence, Cubic Corp., Truvelo, Syntell, Flir Systems Inc., Traffic Management Technologies, Zhejiang Dahua Technology Co Ltd., Information Engineers Group, Siemens AG. These companies are offering real time traffic flow systems, enforcement suites, and video surveillance solution & communication system to handle traffic obstruction with the elevated reliability for maximizing safety on roads.

Based on type of components, global road safety market is segmented into services components and solutions components. Services components include managed services and professional services (system integration & deployment, consulting & training and support & maintenance). Solution components include incident detection & response, automatic license plate recognition or automatic number plate recognition (ALPR or ANPR) and enforcement solution etc. Enforcement solution is further sub-segmented into speed enforcement, section enforcement, red light enforcement and bus lane enforcement. Based on technology mode, the market is split into analytics technology, radar & sensor-based devices and surveillance technology. Growing traffic volumes need sensor-based technologies to handle both urban & non-urban traffic. Sensors help drivers by providing essential information like lane departure warning, collision warning and high-beam assist. In addition, based on application mode, the market is divided into tunnels, highways, bridges, urban roads and others.

The global road safety market is primarily driven by the increase number of vehicles, increasing number of government initiatives for enhancing road safety, increase in the penetration rate of connected devices, rapid urbanization, increasing number of road accidents or fatalities and growing adoption of cloud computing. Apart from benefits, some of the restraints include growing concerns about privacy & protection of personal information and lack of standardized & uniform technologies. Moreover, the key opportunities include open data movement and public-private partnership ecosystem.

The American region is probable to lead the market, with Canada and U.S. being the forefront adopters of technologies with improved test facilities & rapid implementations backed with enough funding to execute infrastructural projects speedily compared to other regions. The global road safety market is expected to reach US $7.01 billion by 2024, growing at a higher growth rate of 17.1% during the forecasted period. The experience in development due to rise in the number of vehicles on road and increased mobility. In addition, the development of infrastructure protecting pedestrians & cyclists, construction of safer roads, and adoption of safer riding measures to further reduce injuries & adding to the safety among the population.

For more information, click on the link below:

Global Road Safety Market

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Ken Research                                   

Ankur Gupta, Head Marketing & Communications

sales@kenresearch.com

+91 9015378249