Intelligent Transportation System Market
Intelligent Transportation System Market (System Type: Advanced Traveler Information System [ATIS], Advanced Transportation Management Systems [ATMS], Advanced Transportation Pricing Systems [ATPS], Advanced Public Transportation System [APTS], Co-operative Vehicle Systems [CVS], and Automatic Number Plate Recognition Systems [ANPR]; and Application: Traffic Management, Road Safety & Surveillance, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management, Road User Charging, and Automated Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Advancements in Information and Communication Technology to Boost Demand
Intelligent transportation systems have garnered immense popularity over the past couple of decades, due to considerable advancements in information technology, onset of cost-effective smart devices, and giant strides taken by sensing technologies. At present, stakeholders from the Information Technology (IT) and the electronics domain are increasingly eyeing opportunities in the intelligent transportation system market landscape by collaborating with government agencies and other players involved. In addition, development in data analytics due to considerable progress made by novel technologies, including Artificial Intelligence (AI) and machine learning are some of the other factors that are expected to play an imperative role in the development of the global intelligent transportation system market during the forecast period.
The growth in global population, particularly in urban regions, has compelled government bodies, local municipalities, and urban planners to innovate and introduce new and innovative intelligent transportation systems. The increasing demand for efficient traffic management, parking management, automotive telematics, freight management, and efficiency in public transport is expected to spearhead the growth of the global intelligent transportation system market in the forthcoming decade. Moreover, as governments across the world continue to invest in smart city projects and urban development, the intelligent transportation system market is staring at a bright future.
At the back of these factors, the global intelligent transportation system market is on course to surpass the US$ 60 Bn mark by the end of 2030.
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Efforts to Improve Quality of Mobility to Aid Market Growth
Intelligent transportation systems are projected to revolutionize the global transportation sector, particularly in urban regions. Moreover, with a considerable surge in the number of global events pertaining to the intelligent transportation systems developed by various market players, awareness and importance of implementing intelligent transportation systems are at its peak, and the trend is set to continue in the upcoming years. Market players involved in the current market for intelligent transportation systems are increasingly focusing on improving the quality of transport services by offering smart, clean, sustainable, safe, and intelligent transportation systems. The growing emphasis on improving the quality of transportation in several regions of the world, including North America and Europe, is projected to boost the global intelligent transportation system market during the assessment period.
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Both public and private sectors especially in Europe are increasingly inclined toward development and implementation of intelligent transportation systems by relying on co-funded projects, innovation platforms, events, and cooperation from domestic as well as international agencies. The growing push toward integrating smart information and communication technology with the overall transport infrastructure, users, and vehicles is expected to play an essential role in the growth of the global intelligent transportation system market during the forecast period.
Moreover, as environmental protection and minimizing carbon footprint continues to remain a key area of interest following regulatory pressure and evolving norms, intelligent transportation systems are anticipated to gain considerable traction during the stipulated timeframe of the study.
Technological Advancements to Pave Way for Innovative Intelligent Transportation Systems
Technological advancements are expected to play a vital role in the overall growth of the global intelligent transportation system market during the forecast period. As new technologies continue to streamline and improve connected vehicle-infrastructure, pedestrian environment, and more, intelligent transportation systems are expected to witness considerable adoption in the near future. Moreover, strides taken by Big Data have enabled economical and efficient analysis, storage, and use of data due to which, flexible and innovative intelligent transportation systems are likely to enter the global intelligent transportation systems market in the upcoming years. The onset of 4G and 5G communication, dwindling prices of smart devices, and consistent advancements in information and communication technology are likely to drive the intelligent transportation system market in the upcoming years.
Demand for Intelligent Transportation Systems to Remain Low amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic has put forward several barriers for players operating across the intelligent transportation system market. Restrictions on cross-border trade, stringent lockdowns, and growing emphasis on containing the transmission of the novel coronavirus are expected to disrupt the supply chain of raw materials and other components required to develop intelligent transportation systems. However, local authorities in several regions are expected to make the most of this opportunity during the lockdown period to test and install different intelligent transportation systems. Notwithstanding, the market growth is expected to remain lower than the initial projections and likely to gain pace toward the end of 2020 or in the first quarter of 2021.
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The global intelligent transportation systems market is expected to expand at an impressive CAGR of ~10% during the forecast period. The market growth can be primarily attributed to factors such as surge in the number of smart city projects, efforts to improve the quality of mobility, growing demand for efficient parking management, freight management, traffic management, and overall push toward improving the quality of urban infrastructure. Moreover, advancements in technology and entry of cutting-edge technologies including artificial intelligence, machine learning, and Big Data are likely to propel the global intelligent transportation systems market in the forthcoming decade.
Intelligent Transportation System Market: Overview
- The global intelligent transportation system market is anticipated to expand at a CAGR of ~10% during the forecast period, owing to increased integration of intelligent transportation systems within traditional transport systems
- North America, Europe, and Asia Pacific are anticipated to hold a combined share of more than 80% share of the global ITS market. The U.S., Japan, Germany, and the U.K. are developed markets for ITS and witnessing further high demand for ITS to improve its existing transport model
Drivers of Intelligent Transportation System Market
- Incremental government efforts to develop transport infrastructure as a key to bolster economic development is driving the ITS market. The Government of Thailand is focused on reducing logistics cost from 14% of GDP in 2016 to 12% in 2021. The country is adopting various digital platforms to lower traffic congestion and fuel consumption, and maintain timely delivery of goods.
- Increasingly stringent emission norms, rise in consumer awareness, and imperative government efforts are projected to boost the adoption of ITS. Lightening of congestion and shortening travel time leads to lower carbon emissions. Furthermore, ITS also plays a key role in reducing the carbon footprint.
Challenges for Intelligent Transportation System Market
- The ITS market is prone to economic slowdown such as those caused by 2008 financial crisis and presently, the COVID-19 pandemic. In an economic slowdown, budget and funds are allocated to other priority services and operations; consequently, the ITS market has suffered a setback. Moreover, large investment is required to undertake ITS projects. Thus, developing countries have low demand for ITS, and the market is largely concentrated in developed countries.
Intelligent Transportation System Market Segmentation
- Based on system type, the cooperative vehicle system (CVS) segment is anticipated to expand significantly, owing to increased usage of digital & connected vehicle technologies in vehicles. The automated number plate recognition system (ANPR) segment is projected to expand considerably due to its usage in car parking management, level crossings, bus lane enforcements, and tolling, which are mainly operated by the transport authority and police to detect crime and manage traffic.
- Based on application, the public transport segment held a high share of the ITS market in Thailand in 2018. Public transport agencies are putting more efforts in integrating ITS to manage increase in commuter traffic. Moreover, the freight management segment held a considerable share of the market given the integration of intermodal freight management system, truck weight checking system, truck data collection, and freight information gathering in ITS for the past several years.
Intelligent Transportation System Market: Regional Analysis
- Based on region, the global intelligent transportation system market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America held a leading share of the ITS market during 2018. The U.S. has been a pioneer in ITS, which dates back to the 1960s when the Electronic Route Guidance System was first developed in the U.S. Since then, various ITS applications have been adopted in the country with partnerships between public and private sector. The U.S has the largest number of on-road vehicles in the region. Active government initiatives and expenditure on infrastructure development have contributed to the high share held by the U.S in not only in North America but the global ITS market.
- Europe holds a key share of the global ITS market. Intelligent transportation systems have been deployed in Europe; however, smart transport solutions are highly fragmented. ITS promises a high growth potential in Europe due to increasing co-operation among the EU countries, and achieving a common framework for ITS for EU-wide applications. Increased traffic volume on transport corridors in Europe and initiatives to curb vehicle emission in support of the climate change policy are projected to drive the adoption of ITS across Europe.
Intelligent Transportation System Market: Competition Landscape
- Prominent players operating in the global ITS market include
- Siemens AG
- Hitachi Ltd
- WS Atkins PLC
- Nuance Communications Incorporation
- EFKON AG
- Garmin International Inc
- Iteris Inc
- Telenav, Inc.
- Thales Group
- Tom Tom NV
Intelligent Transportation System Market – Scope of the Report
Transparency Market Research’s recent report on the intelligent transportation system market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the intelligent transportation system market analyzes the scenario for the period of 2018 to 2030, wherein 2018 is the historic year, 2019 is the base year, and 2020-2030 is the forecast year. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the intelligent transportation system market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the intelligent transportation system market gives readers an individual understanding of the market.
This study also discusses underlying trends and impact of various factors that are driving the intelligent transportation system market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the intelligent transportation system market in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.
Key Questions Answered in This Report on Intelligent Transportation System Market
- How much value will the intelligent transportation system market generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2030?
- What are the impact factors and their effects on the market for intelligent transportation systems?
- Which regions currently contribute the maximum share to the overall intelligent transportation system market?
- What are the indicators expected to drive the intelligent transportation system market?
- Which region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the intelligent transportation system market to expand their geographic presence?
- What are the major advancements witnessed in the intelligent transportation system market?
- How regulatory norms affected the market for intelligent transportation system market?
This report answers these questions and more about the intelligent transportation system market, aiding major stakeholders and key players in making the right decisions and strategizing for advancement of their business.
Intelligent Transportation System Market: Research Methodology
This TMR report on the intelligent transportation system market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicles through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the intelligent transportation system market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by key players, researchers of the intelligent transportation system market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses the analytical triangulation method to estimate the numbers and figures of the intelligent transportation system market with both bottom-up and top-down approaches.
This detailed assessment of the intelligent transportation system market, along with an overview of the landscape has been provided based on careful examination of the avenues related to this industry. Analysts’ conclusions on how the intelligent transportation system market is estimated to expand are based on carefully vetted primary and secondary sources.
Intelligent Transportation System Market – Segmentation
This report on the intelligent transportation system market provides information on the basis of system type, application, and region.