Road Safety Market Size - By Component (Solutions, Services) By Application (Urban, Highway, Rural, Work Zone Safety) & Forecast, 2024 - 2032

Road Safety Market Size

Road Safety Market size was valued at USD 4.9 billion in 2023 and is estimated to register a CAGR of over 9% between 2024 and 2032. The growth of the market is driven by factors such as the growing number of vehicles, increased focus on public safety, urbanization, and infrastructure development. The rising number of vehicles on the road increases the need for effective road safety measures to manage traffic and reduce accidents. Also, there is rapid urbanization and infrastructure development in various regions leading to the development of road safety solutions to manage increased traffic volumes, and urban bottlenecks, and ensure safety.
 

For instance, in February 2024, Iteris expands its partnership with Arity to deliver enhanced traffic data solutions. With Arity, Iteris will expand its offerings to manage increased traffic volume by improving intersection signal timing, solving urban bottlenecks, and making transportation smarter, safer, and more efficient.
 

Governments worldwide are prioritizing road safety by implementing stricter regulations and investing in infrastructure improvements. Also, Public awareness campaigns and a growing emphasis on reducing road accidents and fatalities are driving demand for road safety solutions. Innovations in road safety technology, such as AI and machine learning for traffic management and surveillance, are significantly boosting market growth. For instance, in April 2024, FLIR introduces trafibot AI camera to enhance interurban traffic flow and road safety. This closed-circuit traffic camera offers the most robust artificial intelligence (AI) for the highest detection performance and most reliable traffic data collection.
 

The road safety market faces numerous challenges such as high implementation costs, and integration with existing infrastructure. Implementing advanced road safety technologies, such as intelligent traffic management systems and automated enforcement solutions, can be expensive. These costs can be a barrier for government agencies and municipalities with limited budgets. Integrating new road safety technologies with existing infrastructure can be complex and time-consuming.
 

Compatibility issues and the need for extensive retrofitting can delay deployment and increase costs. The success of road safety initiatives depends on public acceptance and cooperation. Resistance to automated enforcement systems, such as speed cameras and red-light cameras, can hinder their effectiveness. This presents a significant challenge for the companies in the market.
 

Road Safety Market Trends

There is a growing trend towards new technologies such as ADAS, autonomous vehicles, and connected car solutions. These technologies are revolutionizing road safety and driving the market growth. The automatic number plate recognition (ANPR) technology is gaining traction in the market. This technology uses cameras to read license plates and enforce traffic rules. Advanced analytics are being used to identify high-risk areas, accident patterns, and driver behavior issues, allowing for targeted safety interventions.
 

The emphasis is moving from reactive measures to proactive ones through education, awareness campaigns, and encouraging responsible driving habits. Technologies such as automatic emergency response systems and advanced airbags are being developed to minimize injuries after an accident occurs. Driver monitoring systems that track alertness and detect signs of impairment (drowsiness, distraction) are being developed to prevent accidents caused by human error.  
 

Road Safety Market Analysis

Based on component, the market is divided into solutions, and services. In 2023, the solutions segment accounted for a market share of over 78%. The integration of advanced technologies such as AI, IoT, and big data analytics in road safety solutions has significantly improved their effectiveness driving the growth of the solutions segment in the market. Companies are developing sophisticated surveillance systems to monitor and enforce traffic laws.
 

With these introductions of new technologies in the road safety market the solutions are becoming more efficient to manage and monitor the traffic. Development of automatic emergency response systems, driver monitoring systems, incident detection systems are driving the growth of the solutions segment. For instance, in March 2024, Miovision announces innovative integration with samsara to enhance emergency vehicle response times. By integrating Opticom EVP solutions with Samsara’s comprehensive IoT offerings including vehicle telematics, driver safety, and vehicle health.
 

Based on application, the road safety market is categorized into urban, highway, rural, and work zone safety. The urban segment is expected to hold over USD 5 billion by 2032. The growth is driven by factors such as increasing urbanization and population growth, and smart city integration. As more people move to cities, the density of vehicles and pedestrians on urban roads increases, leading to a higher demand for effective road safety solutions to manage the increased traffic and reduce accidents.
 

Urban road safety is becoming increasingly integrated with smart city initiatives which foster the growth of the urban area in the road safety market. For instance, in February 2024, Kapsch launched state-of-the-art traffic signal management in Sweden as a smart city initiative?. This initiative enhances the efficiency and reliability of Sweden's centralized traffic signal control and monitoring system through cutting-edge technology.
 

Europe dominated the road safety market with around 36% of the revenue share in 2023. Europe has witnessed a significant number of road accidents and fatalities, with 19,917 deaths reported in 2023. This alarming statistic underscores the urgent need for improved road safety measures across the continent. The integration of advanced technologies such as intelligent transportation systems, autonomous vehicles, and sophisticated traffic management solutions is driving the market in the region.
 

European governments are implementing stringent road safety regulations and investing in initiatives. These initiative aims to reduce road fatalities and enhance traffic safety through better infrastructure and enforcement of safety measures. For instance, in June 2024, the European Council approves the decision to strengthen the EU’s efforts to achieve its road safety objectives. This objective enables the continuous improvement of road safety and reaches the ambitious targets of halving road fatalities and serious injuries by 2030.
 

Rising vehicle ownership and urbanization have led to increased road traffic and congestion in North America. More vehicles on the road result in higher risks of accidents, which drives the demand for advanced road safety solutions. Advancements in technology, such as the development of intelligent transportation systems (ITS), autonomous vehicles, and vehicle-to-everything (V2X) communication, are enhancing road safety measures in the region.
 

Urbanization in countries such as China, India, and Indonesia are leading to increased vehicle ownership and road traffic. This growth in vehicle numbers raises the need for advanced road safety measures. APAC countries are focusing on reducing road traffic accidents and fatalities through various programs and initiatives aimed at improving road safety standards and enforcement.
 

Road Safety Market Share

Jenoptik, Kapsch TrafficCom and Verra Mobility are prominent players in the road safety industry. Companies in the road safety industry leverage advanced technologies such as AI, IoT, and data analytics for real-time traffic monitoring and automated incident detection. They offer comprehensive traffic management systems, public safety communication tools, and smart city solutions, focusing on reducing traffic violations and improving urban safety. With a global reach and strong partnerships, they ensure regulatory compliance and product diversification. Continuous innovation and robust customer support are pivotal, in enhancing road safety through accurate sensors, sophisticated software, and thorough client training programs.
 

Road Safety Market Companies

Major players operating in the road safety industry are:

• Conduent, Inc.
• Cubic Corporation
• FLIR Systems, Inc.
• IDEMIA
• Jenoptik
• Kapsch TrafficCom
• Motorola Solutions, Inc.
• Sensys Gatso Group AB
• Siemens AG
• Verra Mobility
   

Road Safety Industry News

• In May 2024, Jenoptik deploys a speed enforcement system for work zone safety to Arkansas Department of Transportation. The primary goal of the project is to improve safety in work zones by implementing a speed enforcement system that monitors and enforces speed limits for vehicles traveling through construction areas using advanced radar and camera technology.
   
• In September 2023, Axis Communications announced a high-frequency radar that can accurately detect, classify, and track humans and vehicles. This powerful device uses advanced radar technology so it does not depend on visibility to detect and track objects ensuring energy cost savings.
   

The road safety market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments:

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Market, By Component

• Solutions
  • Enforcement
    • Red light enforcement
    • Speed enforcement
    • Bus lane enforcement
    • Section enforcement
  • Automatic license plate recognition (ALPR/ANPR)
  • Incident detection
  • Backoffice
  • Intelligent transport system
  • Traffic management system
  • Others
• Services
  • Consulting
  • Support & maintenance
  • Integration
  • Deployment

Market, By Application

• Urban
• Highway
• Rural
• Work zone safety

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America 
• MEA
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA