Road Safety Market size to increase by USD 1.44 billion during 2023-2027| Increase in number of road accidents to drive the market growth- Technavio
NEW YORK, Sept. 20, 2023 /PRNewswire/ -- The Road Safety Market size is projected to grow by USD 1.44 billion, accelerating at a CAGR of 8.3% during the forecast period. Globally, road accidents are a major cause of annual deaths, particularly in low and middle-income countries that are still developing road safety systems. However, the implementation of smart traffic management is aimed at reducing road traffic deaths and injuries by more than 50% by 2025. As road accidents continue to increase, traffic authorities worldwide are taking measures to prevent them, which is expected to drive the growth of the global road safety market in the near future. Technavio provides a comprehensive report that includes the entire market and company analysis. Request free sample report now
Road Safety Market: Key Highlights
- The report recognizes the following as some of the key players in the road safety market: Altumint, Belcons International doo, Clearview Intelligence Ltd., Conduent Inc., Cubic Corp., IDEMIA France SAS, IEG America, Jenoptik AG, Kapsch TrafficCom AG, Laser Technology Inc., Motorola Solutions Inc., Sensys Gatso Group AB, Siemens AG, Stein Bildverarbeitungssysteme GmbH, SWARCO AG, Syntell Pty. Ltd, Teledyne Technologies Inc., Verra Mobility Corp., and Zhejiang Dahua Technology Co. Ltd.
- Road safety Market is fragmented in nature.
- Market to observe 7.7% YOY growth in 2023.
Road Safety Market: Dynamics:
- Trends: Adoption of connected vehicles and connected road infrastructure
- Challenge: Lack of standardized and uniform technologies
The report also covers information on the upcoming trends and challenges. Explore detail information by purchasing the report
Road Safety Market: Key Segments:
This report extensively covers market segmentation by component (solution and services) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
During the forecast period, the solution segment is poised to play a significant role in driving market growth. Road safety solutions, implemented by authorities, aim to reduce accidents and injuries among road users. The rising global vehicle count is contributing to the growing demand for these solutions.
Get a glance at the market contribution of the segments, Request free Sample report here
Related Reports:
Safety Signs Market: The safety signs market size is estimated to grow at a CAGR of 3.92% between 2022 and 2027. The market size is forecast to increase by USD 385.62 million.
Road Stud and Delineator Market: The road stud and delineator market size is estimated to grow at a CAGR of 5.76% between 2022 and 2027. The market size is forecast to increase by USD 496.39 million.
Road Safety Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.3% |
Market growth 2023-2027 |
USD 14.44 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
7.7 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 30% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Altumint, Belcons International doo, Clearview Intelligence Ltd., Conduent Inc., Cubic Corp., IDEMIA France SAS, IEG America, Jenoptik AG, Kapsch TrafficCom AG, Laser Technology Inc., Motorola Solutions Inc., Sensys Gatso Group AB, Siemens AG, Stein Bildverarbeitungssysteme GmbH, SWARCO AG, Syntell Pty. Ltd, Teledyne Technologies Inc., Verra Mobility Corp., and Zhejiang Dahua Technology Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Sizes
- Five Forces Analysis
- Market Segmentation by Components
- Market Segmentation by Geography
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, & Trends
- Company Landscape
- Company Analysis
- Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
Share this article