Road Safety Systems Market: - An Overview
Nowadays, there is continuous development of intelligent transport systems (ITS) that can improve the safety and efficiency of road transport while improving user comfort and convenience. By using intelligent transport systems (ITS) technologies can also improve road safety with the help of advanced traveller information systems as well as convenience and entertainment systems. In the road safety system mainly four technologies are used such as collision avoidance, driver status and performance, speed control, and automated enforcement for lessening the number or severity of road crashes. The road safety system offers various benefits such as increase safety, enhance mobility, reduce congestion, minimize environmental impact, and promote economic productivity for a healthier economy. The reliability of such benefits drives the road safety systems market growth.
Impact of COVID-19 Pandemic Outbreak on Road Safety Systems Market
The COVID-19 pandemic is impacting the global road safety systems market, affecting key supply chains, logistics, shipping, and more industrial applications. The automotive & transportation industry is amongst the most impacted verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. The COVID-19 pandemic is leading to a reinforcement of action in the use of the mode of transport, with cities developing new urban plans for a safer, cleaner, mobility system that also meets the new social distancing recommendations. Amid the lockdowns, there is decrease in road fatalities due to less traffic, 16% in March, and 30% in April (compared to last year 2019). The road safety system market key players are focusing to develop cities, mass transit options such as metros, water transport, and dedicated bus rapid transit systems, which would drive the market growth post COVID-19.
Road Safety Systems Market: Drivers and Challenges
The major factor which is driving the road safety systems market is the increasing urban population and rapid motorization, rising number of road fatalities/accidents, high demographic rates, and government initiatives for enhancing road safety throughout the world. Also, the growth of the road safety systems market is boosting due to the designing and development of connected vehicles compatible with ITS, open data movement, and increasing public-private partnership for road infrastructure development. For instance, the federal government of the U.S. has launched the Road to Zero creativity to reduce traffic fatalities by 2050. The increasing demand for road safety systems to maintain traffic discipline and prevent road accidents as well as improvement in road infrastructure advancement with the help of information technology is creating potential growth opportunities for road safety systems market.
The road safety systems has high system maintenance costs, and road infrastructure-related issue, which are posing as major challenge, in the demand for road safety systems.
Road Safety Systems Market: Segmentation
The road safety systems market has been segmented on the basis of component, application and region.
The road safety systems market is segmented on the basis of component:
The road safety systems market is segmented on the basis of application:
Road Safety Systems Market: Competition Landscape
Some of the prominent players providing road safety systems are Jenoptik AG, Kapsch TrafficCom AG, Redflex Holdings, Verra Mobility Corp, Motorola Solutions, among others.
Road Safety Systems Market: Regional overview
By geography, the road safety systems market has been segmented into North America, Europe, Latin America, East Asia, South Asia & Pacific, and MEA. Among these regions, North America & Europe are expected to dominate the global road safety systems market due to the presence of the majority of key vendors of the road safety system in these regions. In East Asia and South Asia & Pacific are projected to grow at the highest CAGR during the forecast period, due to the increasing demand for road safety solutions and services in countries such as China, Japan, India, & Australia, and large public transit infrastructure developments.
The road safety systems market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The road safety systems market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
Regional analysis includes: