Road Safety Market Share, Applications, Segmentations & Forecast by 2024: Global Market Insights, Inc.
Road Safety Market trends are analyzed from recent past with an eye on coming years in this report that also offers projections for Road Safety industry targeted at helping in business decisions. Road Safety Market size is witnessing a rapid growth owing to the rising need for public security and road safety and improvement in the road infrastructure. To meet the public safety requirements, governments have come up with stringent laws and regulations, which in turn, will augment the industry growth. The rise in population and vehicles on the road and the rising technological advancements in the transportation sector are further fueling the road safety market demand. Rapid urbanization also results in the infrastructural development, especially of highways and bridges, which have a positive impact on the road safety market. Road safety is a method that assists road users from getting seriously injured or killed owing to the rising fatal accidents, threats, and natural as well as unnatural disasters. Furthermore, the increasing number of crimes , terrorist attacks, and other natural disasters are also boosting the road safety market growth.
Factors, such as the increase in mobility, a rise in the adoption of vehicles, and longer commuting, are anticipated to augment the industry demand. Construction of safer roads, , development of infrastructure that will protect pedestrians and cyclists, and the adoption of safer riding measures will reduce road injuries and contribute to the safety among the population. Hence, the major global players are concentrating more on the development of products that provide road safety and are integrating systems with various technologies to improve efficiency at reduced costs, thus accelerating the road safety market growth. The smart city initiative adopted by the governments and a rise in demand for advanced infrastructure further increase the road safety market demand. Smart city initiative enables the adoption of smart transportation techniques, such as parking and traffic management, automated traffic assistance, passenger information system, predictive traffic analytics, and smart signaling, which improve the safety measures for the travelers, creating a positive impact on the road safety market. The governments of various developing and less developed countries are not spending enough funds for the development of roads and this hinders the industry 1|Page