Assessment of the Road Safety Market
TMRR, in its recently published market research study, provides an out-an-out analysis of the current and future prospects of the Road Safety market over the forthcoming decade. The study thoroughly analyzes all-round prospects of the Road Safety market in various regional markets. In addition, the report examines the political and economic scenarios in different regions and their impact on the overall dynamics of the Road Safety market.
The study reveals that the Road Safety market is expected to reach a value of ~US$XX in 2019 and grow at a CAGR of ~XX% between 2019 and 2029. Furthermore, the study provides a thorough analysis of the quantitative and qualitative aspects of the Road Safety market across various geographies.
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Critical information that can be drawn from the Road Safety market report:
- Evaluation of the key success factors that are expected to propel the growth of the Road Safety market
- Recent technological advances and innovations relevant to the Road Safety market
- The growth potential of emerging market players in various regions
- Current and upcoming trends expected to influence the growth of the Road Safety market
- Import-export and supply-demand ratio analysis of the Road Safety
The report addresses the following queries pertaining to the Road Safety market:
- What are the different organic and inorganic growth strategies adopted by players in the Road Safety market?
- Which region is expected to dominate the Road Safety market in terms of share in the forecast period?
- How are market players reducing their environmental footprint?
- What are the latest innovations in the Road Safety market?
- What is the estimated value of the Road Safety market in 2019?
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Road Safety Market Segmentation
The report bifurcates the Road Safety market to offer a microscopic view of the various aspects of the market. The Road Safety market is segmented on the basis of region, product type, end-user, and more.
competitive landscape is fragmented.
Depending upon the different solutions for road safety available, the global market can be classified into automatic license plate recognition, red light enforcement, incident detection system, speed enforcement, and bus lane compliance, among others. Among them, the red light enforcement segment and the automatic license plate segment shows maximum promise.
Based on the type of service, the global road safety market can be segmented again into professional services and management services. Professional services is comprised of training, support, and maintenance, consulting and system integration, and risk assessment and analysis. Of these, the consulting and system integration services is forecasted to gain the most in the near future and also account for maximum market share.
Global Road Safety Market: Trends and Opportunities
Majorly boosting growth in the global road safety market is the massive spending on roadways, including highways and bridges, tunnels and urban roads across the globe. Another crucial growth driver is the rising prevalence of road accidents on account of more vehicles plying on the roads. Speeding or rash driving with utter disregard for rules mostly result in accidents. Efforts to stem them has led to the swift uptake of road safety devices and systems such as the automatic license plate recognition solution. Automatic license plate recognition, for example, is easy to install and has functionalities such as video cameras, speed calculation, and alarms to monitor vehicles.
Red light enforcement is anticipated to contribute the most to the global market for road safety. This is because red light enforcement is easy to install and comparatively cheaper. Additionally, with the emergence of smart cities and increased safety measures adopted by governments, the red lights will see further demand.
The smart city initiatives by various governments has dramatically upped the need for advanced infrastructure development and new technologies such as incident response systems, driver assistance systems, vehicle lane enforcement systems, automatic number plate recognition systems.
Global Road Safety Market: Regional Outlook
Geographically, the key segments of the global market for road safety are Asia Pacific, Europe, North America, and the Rest of the World. North America, among them, holds a leading position due to the early adoption of the latest cutting-edge technologies and the presence of a host of solution providers in the region. In the years ahead, however, Asia Pacific is slated overtake all other regions in terms of growth rate on account of the stellar economic growth and various government initiatives to bolster road safety in the region. Countries of Australia, India, China, and Philippines, for instance, have undertaken major initiatives to better strategic planning, agency capability, and evaluation of road safety projects. Alongside Asia Pacific, the Middle East and Africa is forecasted to offer good growth opportunities for players too in the near future.
Companies Mentioned in Report
To present a detailed assessment of the competition prevailing in the global market for road safety, the report profiles companies such as Swarco AG, American Traffic Solutions, Kapsch AG, Jenoptik, Motorola Solutions, Inc., and Redflex.
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