The Global Road Safety Market to Reach Revenue of $7.01 Billion by 2024
The shift toward the vehicle-to-vehicle technology in the next few years will create significant growth opportunities, pushing the market value to $7.01 billion by 2024
Bangalore, India, June 29, 2018: Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Road Safety Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”.
According to Infoholic Research, the road safety technologies in the Americas region are gaining importance, owing to the highest number of road fatalities among the more developed nations in the region (way higher than the European countries). Furthermore, the presence of numerous vendors with technologically robust and advanced infrastructure development capabilities is fostering the road safety market. Stringent regulations, formulated by the Federal Motor Carrier Safety Administration (FMCSA), are implemented in the US and other parts of the region to keep an eye on speeding and driving under intoxication/with low attentiveness. On the contrary, the implementation of road safety technologies in the EMEA region is expected to closely follow advancements in smart infrastructural projects by technology vendors and OEMs. The growing number of accidents in parts of China and South East Asian countries have enforced various government initiatives to improve the safety, thereby witnessing high growth in the APAC region. APAC is projected to grow at the highest CAGR during the forecast period. The global road safety market is expected to grow at a CAGR of 17.16% during the forecast period.
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Automotive manufacturers are collaborating with technology providers such as Intel and HCL to develop technologies that are innovative, safe, and are suitable for vehicles. Leveraging new business models, designing products for multiple applications, and utilizing product bundling are among the primary strategies being followed.
- The vehicle-to-vehicle communication technology is the prime focus among technology vendors for road safety, with almost 70% contribution/share from other technologies by 2024.
- The shift toward the implementation of technology in vehicles (LIDAR, GPS vehicle tracking) and traffic lanes in the next 5 years.
- The emergence of various accidents apps, such as SOSmart, is fueling the market growth.
- Usage-based car insurance has increased as driving information is being accessed online through apps by allowing customers to monitor their driving patterns and make adjustments to improve their chances for better discounts.
“Although new enhanced technologies are being developed to improve road safety, insufficient government funds and/or disregard toward existing rules & regulations due to lack of awareness among the public are the major challenges for civil authorities and technology vendors to achieve the desired results,” points out Priyanka Yadav, Research Analyst.
The key players offering various technological solutions in the road safety market include Jenoptik, Kapsch AG, Swarco AG, Redflex, Thales, Tyco, Alcatel-Lucent, and Siemens AG. The players hold a significant market share and are opting for organic and inorganic growth. For instance, in April 2016, Kapsch TrafficCom acquired Schneider Electric’s transportation business to expand Kapsch’s portfolio and to strengthen the company’s position in Spain, Latin America, North America, and Middle East.
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The report aims to highlight key insights from service providers, verticals, and stakeholders. The report covers the current scenario and the development prospects of the road safety market during the forecast period 2018–2024. It also provides an in-depth analysis and forecast of the industry covering the following key features:
- The report not only highlights end-user challenges, but also brings in their perspective on the global road safety market.
- The report is analyzed based on solutions, services, technologies, and regions.
- The report covers the evolution of road safety features, advantages, and importance of the technology in terms of future perspective.
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2018–2024).
- The report contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape, which includes vendor assessment.