Global Road Safety Market: Overview
Road safety is nothing but a systematic measure and method that is utilized to avoid road users from being seriously injured or killed. Normally, these road users contain cyclists, pedestrians, vehicle passengers, motorists, and passengers of public transport such as buses and trains.
Global Road Safety Market: Growth Factors
The main factor for the growth of road safety market includes accidents, threats, fatalities, natural as well as unnatural disasters, and others. Other factors that boost the market include an increasing number of crimes, terrorist attacks, and disasters. This led to the towering growth of the global road safety market.
On the parallel end, an elevated number of traffic, passengers, and congestion on the roadways is considered to be influencing the global road safety market in a positive way. Advanced technologies such as red light enforcement, speed limit enforcement, bus lane enforcement, incident access control, and incident detection are been used and implemented for bridges, highways, tunnels, and urban roads. The growth rate of these technologies is estimated to speed up in the near future.
Factors such as technological drive, exceeding demand for automobiles, and highly secure infrastructure of the safety are said to be the main reasons behind the success of the global road safety market.
Global Road Safety Market: Segmentation
The global road safety market can be segmented based on products used for highways, bridges, urban roads, and tunnels. Systems are divided into red light enforcement system, speed limit enforcement, bus lane enforcement, access control/vehicle detection, incident communication systems, and incident detection systems. Moreover, based on services, the global road safety market has branches such as risk assessment & analysis, consulting & system integration, support &training, and maintenance services. Radar and sensor-based devices, analytics, and surveillance are the branches based on technologies.
Global Road Safety Market: Regional Analysis
North America is considered to rule the global road safety market due to the accessibility of infrastructures that are technologically advanced. Asia Pacific is estimated to tower in the near future due to the hike in vehicles and lack of road infrastructure. Multiple governments across the world are splurging hefty amount on infrastructures such as highways, bridges, urban roads, and tunnels to overcome the elevated incidents of the road crash. Additionally, the governments are rolling out modification in the implementation, enforcing, safety measures for the roadways infrastructure, and planning and strategizing of security.
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Global Road Safety Market: Competitive Players
The major contenders in the global road safety market are Huawei, Flir Systems, Thales, Alcatel Lucent, Kapsch AG, Tyco, Saab, Raad Data Communication, and Siemens AG. These giants are offering real-time traffic flow systems, enforcement suites, and video surveillance solution. They also provide a system to communicate and handle traffic congestions. These systems are highly reliable and maximize road safety. Further, they are providing systems integrated with various technologies to reduce the overall cost and improve the efficiency. Development of fresh products, acquisitions, and mergers has now become a trend which has emerged some new players in the global road safety market.