Road Safety System Market Size to Reach USD 3.45 billion by 2023 | According to SNS Insider

Road Safety System Market grow with significant CAGR of 17.2% till 2031 | Driven by Increase in demand for Latest technology and Digitalization in Traffic Management Solutions

Pune, July 02, 2024 (GLOBE NEWSWIRE) — The Road Safety System Market Size has reached USD 3.45 Billion in 2023 and is expected to touch USD 12.28 Billion by 2031, and grow with significant CAGR of 17.2% over the forecast period of 2023-2031

The demand for advanced road safety systems is on the rise, with growing market adoption of enhanced and connected car technologies in worldwide markets that continue to expand their networks of roads. There have been quite a few traffic management and road safety assistance systems introduced in the last couple of years. This can be accredited to the strict government regulations for propagating road safety thus generating massive demand, increased investments in smart infrastructure projects and technological advancements within surveillance & traffic management systems. Recent market reports reveal that the global road safety system market has significant room for growth, supported by AI, IoT and cloud-based technologies weaved into traffic management systems.

Road Safety System Market Size:

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According to the companies, ADAS is increasing being integrated into autonomous vehicles. At the higher end are pretty much inactive safety features like automatic emergency braking (AEB), lane departure warning (LDW) and adaptive cruise control, which will help drivers to follow best practices on road thereby reducing chances of accidents by a lot. Road Safety System Market Scenario Based on the increasing number of ADAS equipped vehicle market, it is anticipated that road safety system expect a high penetration.

The United Nations launched its global road safety campaign in the US on 02 July, 2024 with a goal of reducing the number of deadly auto crashes around the world by End-2030. The U.N Road safety department, who organized the campaign said that such life saving measures like wearing seat belts and helmets etc can cut overall on- going accidents by 45%.

Recently, the United Nations introduced a new Safe Streets and Safer Cities programme focusing on empowering cities to redesign their streets for safety. Campaign will carry the key messages of New Decade for Road Safety. #MakeASafetyStatement The campaign will run through 2025 and is projected to reach around 1,000 cities in over 80 countries by way of billboards, social media posts among other platforms.

Road Safety System Market Report Scope:

Report Attributes Details
Market Size in 2023 USD 3.45 Billion
Market Size in 2031 USD 12.28 Billion
CAGR (2024-2031) 17.2%
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Market Driver
  • Rising demand for safety systems in vehicles.
Major Company Listed American Traffic Solutions, Conduent, Cubic Corporation, Dahua Technology, FLIR Services, IDEMIA, Siemens, Swarco, Vitronic and others

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Recent Developments in Road Safety System Industry

  • Motorola Solutions, a major supplier of mission-critical communication solutions has introduced an offering called Video-as-a-Service. The body-worn cameras, digital evidence management software include service for a cloud deployment to law enforcement agencies.
  • The most intelligent traffic management system in the world was introduced by Melbourne for several localities along Nicholson Street. By this system sensors observe traffic using the cloud-based AI and machine -learning algorithms to maintain an optimized flow of road outcomes.
  • Nokia has developed specialised core network software solutions for public safety and power utility applications needed by the field and wide area networks.

Road Safety System Market Segmentation Analysis

Based on Service, The professional service segment accounted for more than 75% of the market share in 2023. This is largely because road safety systems are complex and require installation by specialists, along with training programs to educate the end user about how they need maintained/supported. With professional services sales anticipated to grow proportionately as the market for these systems expands.

Based on solution, Red light & speed enforcement held a share of over 55% in the market by 2023. These systems are already used in many locations to help enforce traffic regulations and keep the flow of vehicular movement running smoothly. Additionally, technological advancements have made possible what are commonly referred to as integrated speed-detecting red-light enforcement systems that utilize high-resolution cameras capable of observing several lanes simultaneous for traffic law violations. This trend is expected to continue the dominance of this segment for at least a few more years.

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Road Safety System Market Regional Analysis

The Europe region has been the leading road safety system market, with a market share of more than 26% of the total global market in 2023. Well-established road network coupled with high degree of technology proliferation enables the Asia Pacific to include advanced safety features in roads. Road safety drives in European countries support the need for increased deployment, though it is also important to note disparities throughout nations regarding road traffic fatalities.

The Asia Pacific is projected as a high-growth regional market attributed to wide-scale road infrastructure development and growing investments in traffic management solutions. Enhanced infrastructure development across countries such as China and India having large road network are key factors propelling regional market expansion. Asia Pacific, as an upturn in road construction and smart city initiatives aids demand for the installation of safety systems on roads.

Key Takeaways form Road Safety System Market Report

  • Growth in the market has been facilitated by Rising Adoption of AI and IoT in Traffic Management Systems, hence creating new opportunities for growth.
  • The professional services segment is in the lead because implementation and maintenance are inevitable.
  • Red light & speed enforcement solutions are essential for traffic discipline and safety.
  • Europe, with its well-developed infrastructure and active safety legislations is leading the market.
  • Fastest Growing Market globally is in Asia Pacific driven by construction of infrastructure and various smart city projects.

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