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Road Safety Market Trends

Report ID: GMI6834
Published Date: Jul 2024
Report Format: PDF

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of road safety reached USD 4.9 billion in 2023 and is set to register a CAGR of over 9% between 2024 and 2032, led by the growing number of vehicles, increased focus on public safety, urbanization, and infrastructure development.

The road safety solutions segment accounted for a market share of over 78% in 2023, backed by the integration of advanced technologies such as AI, IoT, and big data analytics in these solutions that has significantly improved their effectiveness.

Europe dominated the market with around 36% of the market share in 2023, favored by the integration of advanced technologies such as intelligent transportation systems, autonomous vehicles, and sophisticated traffic management solutions, along with stringent road safety regulations by the European governments.

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