New report sheds light on the road safety market

MarketsandMarkets’ latest report, Road Safety Market by Types (Highways and Bridges Safety, Urban Roads Safety and Tunnels Safety) & Systems (Red Light Enforcement, Speed Limit Enforcement, Bus Lane Enforcement, Communication, Incident Detection) - Worldwide Market Forecast (2014-2019) claims that major driving factors responsible for the growth of the market are the constant need for road safety and public security, new infrastructural development, and traffic congestion and longer commuting. The significa
October 5, 2015 Read time: 3 mins
6418 MarketsandMarkets’ latest report, Road Safety Market by Types (Highways and Bridges Safety, Urban Roads Safety and Tunnels Safety) & Systems (Red Light Enforcement, Speed Limit Enforcement, Bus Lane Enforcement, Communication, Incident Detection) - Worldwide Market Forecast (2014-2019) claims that major driving factors responsible for the growth of the market are the constant need for road safety and public security, new infrastructural development, and traffic congestion and longer commuting. The significant rise in this market is due to development of critical transportation infrastructural facilities, new transportation-related projects across the globe.

Mrketsandmarkets expects the road safety market to grow from US$3.37 billion in 2014 to US$5.73 billion in 2019, at a compound annual growth rate (CAGR) of 11.2 per cent from 2014 to 2019. In terms of regions, North America is expected to be the biggest contributor in terms of revenue contribution while the growing markets such as Asia Pacific, Middle East and Africa and Latin America, are expected to experience increased market traction with high CAGRs, during the forecast period.

The report defines and segments the global highways and bridges, urban roads and tunnels safety market into various sub-segments with in-depth analysis and forecasting of revenues. The report also identifies drivers and restraints for this market with insights into latest trends, opportunities, and challenges.

The increasing threats, catastrophic accidents/fatalities, and natural/unnatural disasters have also been the influencing factors for the market growth.

Some of the systems which are gaining traction and investment from various vendors are red light enforcement system, speed limit enforcement system, bus lane enforcement system, communication system, access control system/vehicle detection system, incident detection system and other systems.

The key players for the market are 4054 Alcatel-Lucent, 189 Siemens, 81 Kapsch, Saab, 6778 Flir Systems, 6787 Huawei, 596 Thales and 5816 Tyco, who are reinforcing their business operations into the emerging markets and offer various systems embedded with various devices and technologies to reduce the overall cost and enhance the efficiency.

Also, these vendors have uniquely positioned themselves in the market with propagation of new product developments and lucrative partnerships and acquisitions.

MarketsandMarkets has broadly segmented the market by types: highways and bridges, urban roads and tunnels; by systems: red light enforcement system, speed limit enforcement system, bus lane enforcement system, communication system, access control system/vehicle detection system, incident detection system and other systems; by devices and technologies: surveillance and analytics, radar based, sensor based and others; by services: consulting and system integration, managed services, training, support and maintenance and risk assessment and analysis; by regions: North America (NA), Europe (EU), Latin America (LA), Asia-Pacific (APAC), and Middle East and Africa (MEA).
Detection, Monitoring & Machine Vision Enforcement

For more information on companies in this article

Related Content

  • Progressing work zone safety systems
    February 1, 2012
    David Crawford investigates progress in a key safety area - work zones. Highway construction zone safety is taken seriously enough in the US to merit a special spring National Work Zone Awareness Week, which in 2010 ran from 19-23 April. Headed by the US Department of Transportation's Federal Highway Administration (FHWA), this aims to reduce an annual toll of work zone deaths - 720 in 2008 (an average of one every 10 hours) with more than 40,000 traffic injuries (an average of one every 13 minutes).
    Read More
  • Bespoke ITS is helping to reduced collisions on America’s rural roads
    October 22, 2014
    David Crawford cherrypicks conference and award highlights Almost 30% of all US citizens live in rural areas or very small communities, and 34 of the 50 states exceed this level in their own populations, with the proportions rising as high as 85%. And although rural routes carry only 35% of all traffic, the accidents that occur on them account for some 54% of all US road traffic accident deaths.
    Read More
  • Progressing work zone safety systems
    February 6, 2012
    David Crawford investigates progress in a key safety area - work zones
    Read More
  • Israel aspires to ITS-led future
    May 29, 2013
    Shay Soffer, Chief Scientist with the Israel National Road Safety Authority, talks to Jason Barnes about his country’s current ITS outlook and how he sees this developing in the future. Israel ranks alongside countries such as the US and France in the road safety stakes, with an average 7.1 deaths per billion kilometres driven. But at that point the similarities end, as the country’s overriding issue is pedestrian safety. This is driven by several factors, including being a relatively small country where pe
    Read More

Highlighted Content