The latest report by 6418 Marketsandmarkets, "Road Safety Market by Types (Highways and Bridges Safety, Urban Roads Safety and Tunnels Safety) & Systems (Red Light Enforcement, Speed Limit Enforcement, Bus Lane Enforcement, Communication, Incident Detection) - Worldwide Market Forecast (2014-2019)", indicates that the road safety market is expected to grow from US$3.37 billion in 2014 to US$5.73 billion in 2019, at a compound annual growth rate (CAGR) of 11.2 per cent from 2014 to 2019.
In terms of regions, North America is expected to be the biggest contributor in terms of revenue contribution while the growing markets such as Asia Pacific, Middle East and Africa and Latin America, are expected to experience increased market traction with high CAGR’s, during the forecast period.
Major driving factors responsible for the growth of the market are the constant need for road safety and public security, new infrastructural development, and traffic congestion and longer commuting. The significant rise in this market is due to development of critical transportation infrastructural facilities, new transportation-related projects across the globe.
The increasing threats, catastrophic accidents/fatalities, and natural/unnatural disasters have also been the influencing factors for the market growth.
Some of the systems which are gaining traction and investment from various vendors are red light enforcement system, speed limit enforcement system, bus lane enforcement system, communication system, access control system/vehicle detection system, incident detection system and other systems.
The key players for the market are Alcatel Lucent,189 Siemens, 81 Kapsch, Saab, 6778 Flir Systems, 6787 Huawei, 596 Thales and 5816 Tyco who are reinforcing their business operations into the emerging markets and offer various systems embedded with various devices and technologies to reduce the overall cost and enhance the efficiency.
Also, these vendors have uniquely positioned themselves in the market with propagation of new product developments and lucrative partnerships and acquisitions.
In terms of regions, North America is expected to be the biggest contributor in terms of revenue contribution while the growing markets such as Asia Pacific, Middle East and Africa and Latin America, are expected to experience increased market traction with high CAGR’s, during the forecast period.
Major driving factors responsible for the growth of the market are the constant need for road safety and public security, new infrastructural development, and traffic congestion and longer commuting. The significant rise in this market is due to development of critical transportation infrastructural facilities, new transportation-related projects across the globe.
The increasing threats, catastrophic accidents/fatalities, and natural/unnatural disasters have also been the influencing factors for the market growth.
Some of the systems which are gaining traction and investment from various vendors are red light enforcement system, speed limit enforcement system, bus lane enforcement system, communication system, access control system/vehicle detection system, incident detection system and other systems.
The key players for the market are Alcatel Lucent,
Also, these vendors have uniquely positioned themselves in the market with propagation of new product developments and lucrative partnerships and acquisitions.
