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Intelligent Transportation Systems Market
The Intelligent Transportation Systems Market is estimated to expand at a robust CAGR over the forecast period (2020-2027).
The factors driving the growth of Intelligent Transportation Systems Market includes increasing number of smart cities, rising demand for traffic control solutions, ageing infrastructure, emerging need to manage traffic flow across the globe. According to the report published by the U.S. Department of Transportation, the vehicular traffic on roads and streets in the United States has increased by 4.1% (+9.5 billion vehicle miles) in January as compared with January 2021, which will boost the Intelligent Transportation Systems Market size in the approaching years. In addition, the increasing number of road accidents, technological innovations in the transportation industry, rising emphasis on adopting environment friendly vehicles, and growing use of CCTV cameras and car navigation devices, are some of the additional factors supplementing the Global Intelligent Transportation Systems Market. As per National Crime Records Bureau, the fatalities from road accidents in India has increased from 1,52,780 in 2018 to 1,54,732 in 2019.
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However, the growth of Intelligent Transportation Systems Market is hindered due to high cost of installing monitoring and controlling devices.
The major players operating in the market are Garmin Ltd., TomTom International BV., Flir Systems Inc., International Business Machines Corp., Cubic Corporation, Denso Corporation, Lanner Electronics Inc., Thales Group, Siemens AG, and EFKON GmbH, among others.
Mode of Transport – Segment Analysis
Based on Mode of Transportation, the Roadways segment is predicted to grow at a remarkable CAGR during the forecast period. The increasing traffic congestion, rise in the number of road accidents and growing concerns related to road safety, are some of the factors responsible for the growth of the segment.
Type – Segment Analysis
Based on Type, the Advanced Traffic Management System is projected to capture the largest market share over the forecast period because it provides real time information about traffic on the road and alerts about difficult weather conditions.
Regional – Segment Analysis
Based on Region, the North American region is expected to hold the highest market share during the forecast period. The growing demand for electric vehicles, increasing adoption of advanced intelligent transportation systems, improved road infrastructure, high per capita income, and rising population growth rates, are some of the important factors augmenting the market growth in North American region.
Market Segmentation
Global Intelligent Transportation Systems Market by Mode of Transport
Roadways
Railways
Airways
Global Intelligent Transportation Systems Market by Type
Advanced Traffic Management System
Advanced Traveller Information System
ITS-Enabled Transportation Pricing System
Advanced Public Transportation System
Commercial Vehicle Operation
Global Intelligent Transportation Systems Market by Application
Fleet Management and Asset Monitoring
Intelligent Traffic Control
Collision Avoidance
Parking Management
Passenger Information Management
Ticketing Management
Emergency Vehicle Notification
Automotive Telematics
Global Intelligent Transportation Systems Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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