An efficient and well developed road transportation infrastructure is an imperative asset for any economy to flourish. Considering the bourgeoning amount of automotive occupying the modern roadways for commercial as well as personal endeavors, ‘road safety’ occupies the principal spot in the list of objectives to be drawn in for avoiding interruption in transit. Apart from personal losses in the form ‘road fatalities’, a deterred road safety program also lead towards adverse economic effects. As a consequence, global Road Safety Market that is a convergence of automotive as well roadways infrastructure, is gaining substantial traction. Global market size for road safety is evaluated to be $ 4.5 billion, and opportunities in the market is reckoned to be progressing at a global CAGR of 7.4% during the forecast period of 2019-2025. The modern automotive OEMs are adopting several innovate features pertaining to safety such as automatic emergency braking (AEB), collision avoidance systems (CAS), lane centering assist, adaptive cruise control (ACC) and forward collision warning, marking the transition of the automotive sector towards semi-autonomous vehicles and autonomous vehicles. Similar developments are witnessed in the road transportation infrastructures in the form of automated roadway, telematics, speed detection cameras, and intelligent road studs. Road safety market is an integrated platform of all the aforementioned technologies into a cohesive package. Apart from innovations in automotive organized as ultrasonic sensor, fusion sensor, vision sensor, 3D laser scanners, radar and LiDAR technology, an efficient road safety program demands a requisite integration of artificial intelligence (AI), Internet of Things (IoT), and software as well.

Intelligent Transport System (ITS) - An Imperative Technology Leveraged By Global Road Safety Market:

According to the findings by the World Health Organization (WHO), a humongous 3400 deaths are consequence of road traffic crashes globally. And, if the situation is left unattended, the death toll is estimated to reach 1.9 million by 2030 from 1.3 million recorded in 2018. As transforming the entire automotive front towards requisite safety standards is restricted due to economic restraints factors, reforms in the form of intelligent transport system is adding imputes to global road safety market size. As an effective tool for road safety, intelligent transport system market demand is progressing with a CAGR of 6 % going through to 2025. Several economies such as the Unites States are employing ITS in their road transportation infrastructure and have witnessed positive results.

· United Sates Department of Transportation reported-

i.    Deployment of photo-radar speed enforcement van reduced the count of speeding vehicles by 23.7%.

ii.   Installation of speed management system reduced the number of winter weather-related accidents by 100%. Zero accidents were recorded post-installation.

iii.  Speeding dropped by 65% in local neighborhood by installation of automated speed enforcement systems.

Automotive Sector Participating in Road Safety by Introducing Autonomous and Semi-Autonomous Vehicles-

Failure on behalf of the vehicle operator such as drowsiness, distraction and exceeding blood alcohol concentration (BAC) level stands out as the foremost grounds for accidents on road. For example, as per the United States Department of Transportation, there were 10,874 deaths recorded from drunk-driving crashes in 2017 that was a substantial 29% of the overall motor vehicle traffic fatalities. Apart from the death tolls, adverse economic effects of drunk-driving cases was evaluated to be $44 billion. Hence, to alleviate the entire dependency of vehicle control from a human operator to enhance safety, the flourishing automotive sector with integration of artificial intelligence, IoT and sensors, has delivered a sense of autonomy to vehicles that is adding substantial impetus to the global road safety market.

Impeccable Adoption Rate of Autonomous Vehicles in Mega Economies – The United States and China:

China dedicates a 100 km long highway for autonomous vehicles –

The global leader in commercial vehicles and car manufacturing (2018), China, is all set to declare operational, a 100 km long highway with lanes devoted for autonomous and semi-autonomous vehicles (AVs) by 2020. This novel transportation infrastructure will be well-equipped with sensors in self-driving car lanes, an innovative toll facility for hassle-free payments and a speed limit in between 62 – 74 miles per hour. This development is unmatched globally and depicts the rampant adoption of autonomous vehicles and also symbolizes the safety concerns in one of the biggest automotive economy, eventually bolstering road safety market size.

$4 billion funding declared for safe vehicle automation in the U.S-

In the United States, the number of states in consideration towards legislature associated with autonomous vehicles has progressively augmented. By 2018, 15 states enacted 18 autonomous vehicles related bills, whereas in 2017, 33 states introduced legislation that was 13 more than the 20 legislations recorded in 2016. Hence, as of now 29 states and Washington D.C. have legislated regulations pertaining to autonomous vehicles. In 2016, Anthony Foxx, U.S. Transportation Secretary, announced a modernized policy for the existing National Highway Traffic Safety Administration's (NHTSA) 2013 initial policy statement on autonomous vehicles. The update was revealed at the North American International Auto Show in Detroit, and was accompanied with an investment declaration of nearly $4 billion over the next decade to accelerate the developments and implementation of safe vehicle automation. Hence, humongous investments in the adjacent autonomous and semi-autonomous vehicles market will deliver lucrative opportunities in the North American road safety market.

Europe Leads the Global Road Safety Market with Active Governmental Road Safety Programs:

According to the findings by the WHO, Europe is considered as the safest region in terms mortality due to road traffic crashes. The region has the lowest, 10.3 road traffic fatalities per 100,000 population. This data very fairly indicates the burgeoning road safety implementations in Europe, as this region had a substantial 33.6% share of the global road safety market demand in 2018. The dominance of Europe is attributable to several factors with governmental enforcements being the foremost market driver.

· In 2019, Members of the European Parliament’s Committee on Internal Market and Consumer Protection voted in the favor of approving numerous vehicle safety standards. It included a direct vision standard for heavy commercial vehicles facilitating drivers to have an enhanced view of the nearby road occupants along with mandatory installation of intelligent speed assistance (ISA) devices on all new cars from 2022. “This legislation represents a major step forward for road safety in Europe, and could save 25,000 lives within fifteen years of coming into force.” - Antonio Avenoso, Executive director, European Transport Safety Council (ETSC).

· Highways England Company Limited, a government-owned company inclined towards operating, maintaining and improving England's motorways, installed 170, first of its kind innovative LED road studs at a highway junction in North England that’s used by more than 90,000 vehicles per day.

· Heijmans, a Dutch civil engineering firm, invented a glow-in-the-dark road paint to be applied in roadways at the less populated outskirt of cities. It engages solar energy during the daytime and then illuminates at night. As street illumination is expensive and employing it at less populated areas results in wastage of energy and resources, this innovation will aid clear visibility at night without any other infrastructure or the use of power.

Road Safety Market Companies:

Some of the key players with substantial portion of the global road safety market size are American Traffic Solutions, Thales Group, Siemens AG, Vitronic , Dahua Technology, Sensys Gatso Group, Redflex Holdings, Laser Technology, Inc., Optotraffic, LLC, and Cubic Corporation.

 

Talk to one of our sales representative about the full report by providing your details in the link below:

https://www.industryarc.com/support.php?id=500782


Related Report:

Car Safety Market   

https://www.industryarc.com/Research/Car-Safety-Market-Research-501141

 

Any other custom requirements can be discussed with our team, drop an e-mail to [email protected]  to discuss more about our consulting services.

 

To request for a quote, provide your details in the below link:

https://www.industryarc.com/reports/request-quote?id=500782

 

Media Contact:

Mr. Venkat Reddy

Sales Manager

Email: [email protected]

Contact Sales: +1-614-588-8538 (Ext-101)

 

About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.