Trend & Forecast
The WHO Global Status Report on Road Safety 2022 highlighted 1.3 million road traffic deaths and 20 to 50 million injuries worldwide in 2021. With over 93% of accidents concentrated in low- and middle-income countries, the imperative to enhance road safety measures is evident, fostering potential growth in the road safety market through increased demand for safety technologies and infrastructure.
Data Bridge Market Research analyses that the global road safety market, which was USD 4,965.33 million in 2023, is expected to reach USD 10,721.29 million by 2031, at a CAGR of 10.1% during the forecast period 2024 to 2031.
Government Initiatives for Public-Private Partnerships
Government initiatives in road safety globally create opportunities for public-private partnerships, funding, and regulatory backing. This support facilitates the implementation of advanced Automobile safety components to enhance road safety on a broader scale.
Focus on Vulnerable Road Users for Safety Solutions
Increased awareness of vulnerable road users presents opportunities for tailored safety solutions. These initiatives involve enhanced infrastructure and technology integration. These comprehensive efforts aim to mitigate accidents and fatalities among users contributing to safer road environments for all.
