The global Road Safety Market size is expected to grow from USD 3.0 billion in 2020 to USD 4.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period. Major factors driving the road safety market include rising urban population and high demographic rates, rapid motorization, increasing number of road fatalities/accidents, and government initiatives for enhancing road safety.
The solution segment is expected to lead the road safety market during the forecast period owing to the demand of government agencies to protect pedestrians and vehicle drivers from all types of road accidents.
The road safety solutions include enforcement solution; incident detection and response; ALPR/ANPR, and others (railroad crossing safety, school bus stop-arm enforcement, and back-office systems). The enforcement solution segment has been further divided into red light enforcement, speed enforcement, bus lane enforcement, and section enforcement. These solutions enable government agencies to protect pedestrians and vehicle drivers from all types of road accidents. With the rapid increase in the number of vehicles on the road, these solutions are gaining traction across the globe
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Section enforcement segment is expected to grow at the highest rate during the forecast period due to the capability of forcing drivers to keep vehicles within speed limits, especially on dangerous roads where accidents occur frequently
Speed enforcement system plays a significant role in checking whether road vehicles comply with the recommended speed limit on roads and highways. Speed enforcement includes the use of cameras, parabolic radars using radio waves, and other technologies, including LiDAR, and number plate recognition. LiDAR-based systems are more suitable for detecting speed violations in congested traffic conditions. This is because, the speed enforcement solution helps acquire a specific target (in this case, a vehicle) when attempting to determine the speed of that vehicle in a congested and crowded roadway. Hence, LiDAR is a widely used tool in speed enforcement solutions.
The major road safety vendors include Jenoptik (Germany), Kapsch TrafficCom (Austria), Sensys Gatso Group (Sweden), Redflex Holdings (Australia), Verra Mobility (US), IDEMIA (France), FLIR Systems (US), Motorola Solutions (US), SWARCO (Austria), Information Engineering Group Inc. (Canada), Cubic Corporation (US), Siemens (Germany), Conduent (US), VITRONIC (Germany), Kria (Italy), Laser Technology (US), Optotraffic, (US), Syntell (South Africa), Traffic Management Technologies (South Africa), AABMATICA (India), Clearview Intelligence (UK), Dahua Technology (China), Truvelo (UK), Trifoil (Sultanate of Oman), and Continental AG (Germany). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches, to further expand their presence in the global Road safety market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2017 to 2020, which has helped them innovate on their offerings and broaden their customer base.
Jenoptik is one of the leading vendors of the road safety market. Currently, Jenoptik is working towards enhancing its market share and presence with the help inorganic growth strategies, such as partnerships and collaborations, and mergers & acquisitions. For instance, in May 2019, Jenoptik signed an agreement with the city of Cologne to provide 10 semistationary speed monitoring devices with the TraffiStar S350 laser scanner This agreement aims to increase traffic safety in all city districts. In March 2018, Jenoptik and Telco partnered with the Qatar Ministry of Interior to deliver 120 speed measurement systems. The partnership also included 6 radar-based mobile speed measurement systems to enhance speed enforcement and increase road safety in Qatar.
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Redflex Holdings is another leading road safety solutions and services providers across the globe. The company is one of the leading providers of red light enforcement, speed enforcement, and school bus safety solutions, which are massively contributing to the road and public safety market. The company is focusing on both the organic and inorganic growth strategy to enhance the road safety market. For instance, in April 2019 Redflex advanced its Halo platform with the launch of Halo Edge to deliver Clean Air / Low Emissions Zones coverage by vehicle detection, capture and monitoring compliance through processing the data from the Halo Edge intelligent cameras and other types of sensors. Redflex is even actively working for the betterment of the system. In January 2016 Redflex acquired SBL Investments, LLC and Americore Enterprises, LLC, the leading providers of automated school bus arm-stop photo enforcement in the US. This acquisition is expected to position Redflex as a leading provider of school bus safety enforcement technology. Moreover, the company is aggressively working toward bagging new clients and accomplishing its organic growth strategy.
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