The Global Road Safety Market size is expected to reach $4.5 billion by 2024, rising at a market growth of 12.1% CAGR during the forecast period. Road safety involves products and services introduced to prevent or in the least cases reduce risk of accidents, maintain traffic discipline, control and curb wayward vehicular movement and ensure safety of commuters. Traffic safety includes median barrier, crash cushions, guardrail, and end treatments, truck escape ramps and breakaway supports for signs and light standards. Growing need for road safety of commuters, need for reducing congestion on the road, new infrastructural development are some of factors which are driving the demand for the road safety market. The need to manage growing number of vehicles and control adverse effects of the same on social costs and productivity, the need for road safety solutions and services is growing.
Based on Component, the market is segmented into Solution and Services. Solution type is further segmented into Enforcement Solution, Automatic License Plate Recognition/Automatic Number Plate Recognition, Incident Detection & Response and Others. Enforcement Solution Market includes Red Light Enforcement, Speed Enforcement, and Bus Lane & Section Enforcement. Service Type is further segmented into Professional Services and Managed Services. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The market research report covers the analysis of key stake holders of the Global Road Safety Market. Key companies profiled in the report include Thales Group S.A., IDEMIA, Flir Systems, Inc., Zhejiang Dahua Technology Co. Ltd., Jenoptik, Cubic Corporation, Sensys Gatso Group, Redflex Holdings, Traffic Management Technologies and Clearview Intelligence.