Pune, Jan. 25, 2023 (GLOBE NEWSWIRE) — According to ” The road safety market ” research published by Maximize Market Research, the market is expected to grow from USD 3.24 billion in 2021 to USD 8.25 billion in 2029 at a CAGR of 12.4 percent during the forecast period of 2022 to 2029. heavy investment by companies in the development of advanced technologies and the increase in government road safety initiatives is expected to drive the market.
Traffic Safety Market Scope and Research Methodology
The primary and secondary data sources are used in the analysis of the Traffic Safety market. Government politicsmarket environment, competitive landscape, historical data, current market trends, technological innovation, upcoming technologies and the technical advancements in related industries, as well as market risks, opportunities, market barriers and challenges, are all examined during the research process. To produce the final quantitative and qualitative data, every possible component influencing the markets covered in the report was thoroughly investigated and validated through primary research. The market size for top markets and sub-segments is standardized, and influence of inflation, economic downturns, regulatory and policy changes and other variables are taken into account in the forecast.
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Road Safety Market Overview
The probability of death and damages from traffic accidents can be reduced by implementing a number of safety measures. Road safety measures are taken not only for cars, but also for bicycles, pedestrians and motorcyclists. There is a high demand for road safety solutions due to the growth in Traffic accidents, especially in areas without enough infrastructure to prevent them. Road safety solutions are being used more frequently due to the increasing number of road accidents, which is driving the growth of the market. The growth of the road safety market is hampered by technical issues related to road safety technology. The road safety market is experiencing significant growth due to the integration of connected cars with intelligent transportation systems (ITS). A significant obstacle to development of the road safety market is the high risk of cyber-attacks and theft of personal data affecting the road safety market.
Traffic Safety Market Dynamics
Increase in traffic accidents, there has been an increase in the adoption of traffic safety solutions, fueling the growth of the market. Due to the rapid development of connected cars and intelligent transport systems, the traffic safety industry is growing rapidly (ITS). Growth will be facilitated throughout the forecast period by beneficial initiatives that promote the adoption of measures to enhance road safety, such as laws and regulations and tracking equipment. Fast technological improvements in the transportation industry, a growing global population and a large increase in the number of cars being installed are some of the key drivers expected to drive the growth of the traffic safety market during the forecast period.
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Traffic Safety Market Regional Insights
North America is expected to dominate the traffic safety market during the forecast period. This dominance is attributed to the large infrastructure investments and programs for promotion security in transport services. The region’s growth is being driven by the introduction of new technologies and the availability of improved transportation infrastructure. The presence of OEMs and several service providers has also suffered for growth in the region’s road safety market. During the forecast period, the Asia-Pacific region is expected to witness growth at a rapid rate. One aspect that has contributed to the region’s growing need for road safety solutions is the increase in government efforts to improve road safety measures to avoid road fatalities.
|Market size in 2021||USD 3.24 billion|
|Market size in 2029||USD 8.25 billion|
|Number of pages||213|
|Number of tables||110|
|Number of diagrams and figures||112|
|Segment covered||by Solution, Service and region|
|Regional scope||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Report coverage||Market share, size and forecast by revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities and Key Trends, Competitive Landscape, Key Player Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players Market Ranking Analysis.|
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Traffic Safety Market Key Competitors:
- Kapsch Traffic Com
- Sensys Gatso Group
- Redflex Holdings
- Verra Mobility
- FLIR systems
- Motorola solutions
- Information Engineering Group Inc.
- Cubic Corporation
- Laser technology
- Optical traffic
- Traffic management technologies
- Clearview Intelligence
- Dahua technology
- Continental AG
Key questions answered on the Traffic Safety Market are:
- What are the technological innovations in the road safety market?
- What are the factors driving the growth of the traffic safety market?
- What Technology Insights Dominated the Traffic Safety Market in 2021?
- How has COVID-19 affected the growth of the road safety market?
- What will be the growth rate of traffic safety market during the forecast period?
- What are the trends in the Asia-Pacific road safety market?
- Who are the top 3 market leaders in Road Safety Market in North America Region?
- What Implementation Mode Did the Traffic Safety Market Lead in 2021?
- Who are the key players in the road safety market?
- What are the key factors limiting the growth of the Traffic Safety market?
- Which region had the largest market share in the road safety market?
- What is the growth rate of North America Traffic Safety market
- What is the key element of road safety?
- Market share, size and forecast by revenue | 2022-2029
- Market Dynamics – Drivers, Restraints, Investment Opportunities and Key Trends, Challenges, Market Strategy, Competitive Landscape
- Market segmentation – Service, Solution and Region
- Competitive Landscape – Top Key Market Players and Other Prominent Players
Maximize Market Research is a leading automotive and transportation research firm, has also published the following reports:
Market for electric commercial vehicles: The electric commercial vehicle market size is expected to reach nearly USD 1308.57 billion by 2029 at a CAGR of 20.97 percent during the forecast period.
Market for road freight transport: The road freight market size was valued at USD 3.68 trillion in 2021, and the total revenue is expected to grow by 6.9% through 2022 to 2029, reaching nearly USD 5.44 trillion.
Market for traffic management: The Traffic Management Market was valued at USD 35.30 billion. in 2021. The global safety box for syringe market size is estimated to grow at a CAGR of 10.8 percent during the forecast period.
The roadside drug testing equipment market: The Roadside Drug Test Devices Market is expected to grow at a CAGR of 6.5 percent during the forecast period. The global market for safety light curtains is expected to reach USD 728.7 billion. before 2029
Low speed car market: The Low-Speed Vehicle Market is expected to grow at a CAGR of 8.4 percent during the forecast period. The global market for fire safety equipment is expected to reach 17.20 billion. before 2029.
About Maximer Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communications, automobiles and automobiles, chemical products and drugs, general merchandise, beverages, personal care and automated systems. To name a few, we provide market-verified industry estimates, technical trend analysis, decisive market research, strategic consulting, competitive analysis, production and demand analysis, and client impact studies.
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