Road Safety Market Forecast to Grow at 11 Percent

The overall road safety market is expected to grow from $3.37 billion in 2014 to $5.73 billion in 2019, at a compound annual growth rate of more than 11 percent from 2014 to 2019, according to a recent research report.

In terms of regions, North America (NA) 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.

Major driving factors responsible for the road safety market growth 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.

Source: MarketsandMarkets

Category: General Update