Skip to main content

Almost ten per cent growth predicted for road safety market by 2021

According to a new market research report "Road Safety Market by Solution (Red Light Enforcement, Speed Enforcement, Incident Detection System, Bus Lane Compliance, and Automatic License Plate Recognition), Service (Consulting & System Integration and Risk Assessment) - Global Forecast to 2021", published by MarketsandMarkets, the road safety market is estimated to grow from US$2.60 billion in 2016 to US$4.06 billion by 2021, at a compound annual growth rate (CAGR) of 9.3% during the forecast period. The
November 3, 2016 Read time: 2 mins
According to a new market research report "Road Safety Market by Solution (Red Light Enforcement, Speed Enforcement, Incident Detection System, Bus Lane Compliance, and Automatic License Plate Recognition), Service (Consulting & System Integration and Risk Assessment) - Global Forecast to 2021", published by MarketsandMarkets, the road safety market is estimated to grow from US$2.60 billion in 2016 to US$4.06 billion by 2021, at a compound annual growth rate (CAGR) of 9.3% during the forecast period.

The major forces driving the road safety market include the increase in mobility and the associated demands on transportation systems, increase in urbanisation, increase in road accidents/fatality rate and growing government regulations for road safety.

According to the report, red light enforcement is one of the most important safety control systems in traffic management as it is system is easy and cost-efficient compared to other safety devices. In addition, with the advent of smart cities and safety initiatives, governments of different countries are installing red light enforcement systems. Hence, this segment expected to dominate the road safety solutions market.

Professional services, including consulting and system integration; training, support, and maintenance; and risk assessment and analysis are useful for enhancing business productivity, business efficiency, operational improvements, quality of service, and prudent financial management and are fuelling the adoption of professional services and hence this segment expected to be the largest segment in road safety services market.

The North American region is projected to dominate the road safety market during the forecast period. The driving factors for this growth are large-scale investments in road safety systems and solutions, government initiatives and early adoption of technology. Europe is the second highest contributor to the road safety market owing to strict regulations and presence of a large number of original equipment manufacturers and solution providers.

In addition, the road safety market remains competitive with the presence of a large number of vendors such as 79 Jenoptik, 4984 Kapsch TrafficCom, 8277 Sensys Gatso Group, 112 Redflex Holdings, 4080 3M, 6778 Flir Systems, 96 Motorola Solutions, 129 Swarco, 17 American Traffic Solutions and Information Engineering Group.

Related Content

  • February 1, 2012
    Growth of legislation in favour of US enforcement market
    The automated road safety enforcement industry in the United States had a very robust 2010. The industry continued to grow to the point that providers now have nearly 5,000 cameras deployed in 25 of the 50 states and the District of Columbia, with more than 650 communities utilising such life-saving technology. Intersection safety cameras are the most common application but more communities are also implementing road safety camera programmes to deter excessive speeding. Deploying cameras to protect children
  • November 2, 2012
    US MAP-21 legislation reignites detection sensor market
    The latest study by IHS Research estimates detection sensor revenues declined by 4.3 percent in 2011 to US$102.2 million. However, recent events suggest demand for detection sensors, which are used to help optimise traffic flows and reduce roadway congestion, is likely to improve over the near term. The main cause for optimism is the recent and unexpected passage of the MAP-21 act by the US congress. MAP-21 legislation will set aside US$105 billion for improvements to America’s surface transportation infras
  • December 22, 2015
    US traffic fatalities fall in 2014, but early estimates show 2015 trending higher
    The US saw a slight decline in traffic deaths during 2014, according to the Department of Transportation's National Highway Traffic Safety Administration (NHTSA). However, an increase in estimated fatalities during the first six months of this year reveals a need to reinvigorate the fight against deadly behaviour on America's roads, NHSA says.
  • July 17, 2012
    Growth of telematics-based pay as you drive car insurance systems
    Car insurance made cheaper by telematics has returned to news headlines in the UK this year. Will it really take off this time and can vehicle tracking provide an effective tool for enforcing or encouraging insurance compliance? Jon Masters reports Will 2012 go down as the year that telematics-based car insurance took off? In the UK at least, a groundswell of new policies, with premiums priced on the basis of tracked and analysed driving style, suggests a turning point has been reached. Some would argue t