Kenneth Research examined the statistical and analytical approach that is required for the growth of Road Safety Market between the years 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Road Safety Market products.
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Factors such as the growing trade of semiconductors for use in different consumer electronic products, along with the growing trend of automation and IoT, which is raising the need for the deployment of advanced electronic chipsets, therefore the advancement in the trade of semiconductors. According to the statistics by World Semiconductor Trade Statistics (WSTS), semiconductor billings around the globe per 12 months rolling average increased from around USD 250 billion in the year 2010 to around USD 460 billion in the year 2019.
Road safety can be defined as a measure taken to prevent incidents on the road that could elevate the danger for road users as well as critical infrastructure along the way. Thus, technologies that enhance road safety are crucial for government bodies, taking into consideration the “cost-of-loss” resulting from the loss of life and/or infrastructural damages. Additionally, the time lost to traffic congestions due to such incidents further aggravates the concerns for civil authorities and road users alike.
Strict rules & regulations have been implemented across various cities to ensure smooth flow of traffic. Consequently, various technology vendors have been able to leverage their capabilities to enhance road safety by implementing technologies such as real-time traffic monitoring with sensors to detect speed violations, in-vehicle driver assistance, and incident detection systems in case of emergency/road accidents.
The availability of innovative technologies, including driver assistance, V2V communication, incident detection and response, and automatic number plate recognition systems, has bolstered the overall road safety ingenuities across smart city initiatives shaping up globally; thus, resulting in a huge window of opportunity for the key players in the market.
the global road safety market revenue is expected to reach $7.01 billion by 2024, growing at a CAGR of around 17.16% during the forecast period. The market is experiencing growth due to the increasing mobility and rise in the number of vehicles on the road. In addition, the construction of safer roads, development of infrastructure for the safety of pedestrians & cyclists, and the adoption of safer riding measures will further reduce injuries and contribute to the safety among the population.
Market Segmentation Analysis:
The report provides insights about major technology trends, supporting solutions & services, and application areas that govern road safety globally. The evaluation is backed with quantitative and qualitative analysis, historical data, and other supportable projections about the market size. The projections featured in the report have been derived using proven research methodologies and assumptions based on vendor assessments from annual reports, whitepapers, press releases, and investor presentations along with end-user analysis for case studies. Thus, the research report serves every side of the market and is segmented based on regional markets, types, applications, and end-users.
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The Americas is expected to dominate the market, with US and Canada being the forefront adopters of technologies with better test facilities and rapid implementations backed with sufficient funding to implement infrastructural projects quickly compared to other regions. The EMEA region is next to the Americas with the presence of a large number of equipment manufacturers and solution providers.
The countries covered in the report are Canada, Mexico, UK, France, US, Germany, India, China, and Japan. Among these, Japan, US, and China are expected to grow at a high rate during the forecast period owing to an increase in the penetration rate of connected devices and growing adoption of cloud computing.
The report contains an in-depth analysis of the vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. The key players operating in the road safety market include Motorola Solutions, American Traffic Solutions, Rad Data Communication, Jenoptik, Kapsch AG, Swarco AG, Redflex, Thales, Tyco, Alcatel-Lucent, and Siemens AG. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
The report covers and analyzes the global road safety market. Various strategies such as joint ventures, partnerships, collaborations, and contracts have been considered. In addition, partnerships are expected to increase as customers are in search of better solutions. It is likely that the number of mergers, acquisitions, and strategic partnerships will increase as well during the forecast period.
The report includes complete insights of the industry and aims to provide an opportunity for the emerging and established players to understand the market trends, current scenario, initiatives taken by the government, and the latest technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
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The report provides an in-depth analysis of the global road safety market with an aim to reduce time to market for products and services, reduce operational cost, improve accuracy, and operational performance. The report covers types, applications, and regions. Further, the report provides details about the major challenges impacting the market growth.
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