Intelligent Transportation System Market Size Forecast By Type, By Application, By Geography, 2016 - 2024.
Albany, NY -- (SBWIRE) -- 12/21/2017 -- The global intelligent transportation system market has observed substantial growth in the last five years and is expected to grow at a double-digit CAGR in the next eight years. This potential growth has been attracting vendors throughout the value chain of the ITS industry to invest in this sector. The opportunity in the global ITS market was pegged at US$20.22 bn in 2015 and is expected to be worth US$57.44 bn by 2024, expanding at a strong CAGR of 12.7% during forecast period.
New Study on "Intelligent Transportation System Market (Type - Advanced Traveler Information Systems (ATIS), Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), Cooperative Vehicle Systems, and Automatic Number Plate Recognition Systems (ANPR); Application - Traffic Management, Road Safety and Surveillance, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management, Road User Charging, and Automated Vehicles) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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Intelligent Transportation System Market: Trends and Opportunities
Population in urban areas is increasing very rapidly and it is expected that more than 70% of the world's population will live in metropolitan areas by 2050. This growth in urban population along with rising number of vehicle owners is increasing the demand for better transportation networks. In the last two decades, both developed and developing countries faced increasing traffic congestions. An intelligent transportation system (ITS) is broadly defined as integration of information and communication technology with the existing transportation network for higher traffic efficiency. Japan, U.S., UK and Germany represent the developed markets for ITS. Most of the ITS technologies are first developed, implemented and tested in these countries. The first ITS system (Electronic Route Guidance System) was originated in 1996 in the U.S. During the same period, Japan introduced the first Comprehensive Automobile Traffic Control System (CATC). These countries observed a massive improvement in the performance of transportation network operations after deploying ITS systems. ITSs helped these countries to improve the efficiency of their existing transportation networks, reduce fuel consumption and the number of road accidents.
Vehicle manufacturers in developed markets such as Japan, U.S. and UK are increasingly installing navigation and infotainment devices in their new models. In addition, there is a huge potential for after-market telematics as several car owners are integrating this technology to access real-time traffic information systems. Due to increasing demand for automotive telematics devices from both car manufacturers and owners, the ATIS market is expected to witness a fair growth through the estimated period. Garmin and TomTom are some leading players in the U.S. in after-market automotive telematics industry. In Europe many automotive OEMs partnered with car manufacturers to install after-market telematic systems on their manufactured cars.
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Transportation system plays an important role in a country's economic and social development. Metropolitan cities around the world are facing a challenge from increasing traffic jams due to continuous increase in population, vehicle owners and limited road networks. This results in increased fuel wastage, traffic time and monetary losses. According to Texas A&M Transportation Institute, on an average Americans spend more than 5 billion hours in traffic and purchase an extra 3 billion gallons of fuel costing more than USD 120 billion per year. Traffic jams are a major problem in several other major economies across the world, which significantly affects their economic and social growth. Deployment of ATMS in urban and inter-urban road networks improves the efficiency of utilizing existing road networks. This minimizes financial burden on transportation authorities and governments by reducing necessary investments required in road network expansions for congestion control. This benefit fuels the demand for traffic management solutions across the world. Aggressive demand for traffic management solutions is expected from emerging countries such as India, China, and Brazil due to rapidly growing congestion problems in their major cities.
Intelligent Transportation System Market: Segmentation
Globally the intelligent transportation system (ITS) market has been broadly segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). North America accounted for the major market share in the global ITS market in 2015 and is expected to maintain market dominance throughout the forecast period. Strong government support, research activities and public-private partnerships aimed at improving the transportation network are major influencing factors for ITS growth. Canada and Mexico are now implementing U.S. transportation standards to improve performance of their transportation networks. This represents strong growth in these markets.
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Intelligent Transportation System Market: Competitive Landscape
The global ITS industry comprises with large number of domestic and international players. Each player has fragmented market share and looking to increase their market share through technology innovation and global expansion. Some of the key players in the intelligent transportation system market are Siemens AG (Germany), Hitachi Ltd (Japan), WS Atkins PLC (U.K.), Nuance Communications Incorporation (U.S), EFKON AG (Austria), Garmin International Inc. (U.S.), Iteris Inc. (U.S.), Telenav Inc. (U.S.), Thales Group (France), TomTom NV. (The Netherlands)
This report provides strategic analysis of the intelligent transportation system market and the growth forecast for the period 2015 to 2024. The report cover competitive analysis of various market segment based on product type and end users and an in depth cross sectional analysis of the intelligent transportation system market is provided across different geographic segments.
The Intelligent Transportation System market has been segmented as follows:
Global Intelligent Transportation System Market: By Type
Global Intelligent Transportation System Market: By Application
Road safety and surveillance
Road user charging
Global Intelligent Transportation System Market: By Geography
Rest of Europe
Rest of APAC
Rest of the World