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
Albany, NY -- (SBWIRE) -- 04/07/2017 -- The global intelligent transportation systems (ITS) market is highly fragmented in nature with no company clearly dominating the overall market. The increasing partnership between public sector users and large manufacturers is contributing to a high degree of competition. Strong financial earnings are providing multinational companies in the market to gain a competitive edge over other companies to develop innovative and advanced technology products, says Transparency Market Research in a new study. Some of the key players are Kapsch TrafficCom, Siemens AG, Hitachi Ltd, SWARCO AG, and Q-Free ASA.
The global intelligent transportation systems (ITS) market was valued at US$19.7 bn in 2015 and is estimated to reach US$30.15 bn by 2019, rising at a CAGR of 11.1% between 2013 and 2019. On the basis of application, traffic management systems will continue to lead the market until 2019, representing 30.72% of the overall market value. Due to the introduction of stringent vehicle emission standards, particularly in Europe and North America, the environment protection segment is anticipated to expand at a CAGR higher than any other application segments over the forecast period.
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Government Initiatives to Back Growth of Asia Pacific ITS Market
Geographically, North America will continue to be the dominant segment in terms of revenue until 2019. The growth of this region can be attributed to the increasing attention from transportation authorities to reduce traffic in major cities and growing driver safety needs. However, the Asia Pacific market for ITS is expected to expand at a noteworthy CAGR of 12.4% during the same period. Increasing initiatives taken by governments of India, China, and Australia to improve the performance of their surface transportation infrastructure is contributing to the growth of this regional market.
Increasing Demand for ITS to Reduce Congestion Cost to Fuel Growth Prospects
Congestion cost is a big issue for any country in terms of fuel consumption and travel time. Traffic mismanagement is the leading cause of all traffic jams and increased carbon emissions in urban and interurban networks. Deployment of ITS such as advanced traffic management systems (ATMS) is helpful in maintaining the flow of traffic. This factor is thus driving the global ITS market.
ITSs offer cost effective solutions by improving the overall performance of the supply chain process and yielding higher benefit-cost ratio for users in a competitive environment. Owing to these benefits, both public and commercial transportation service providers have increased their investments in these systems, thereby fuelling the growth of the market. Another factor propelling the growth of the market is the increasing need to improve road safety.
Reducing ITS Funding Due to Economic Slowdown to Intercept Large-scale Adoption
The economic slowdown worldwide is lowering the funding for ITS projects, which is resulting in a significant challenge for transportation agencies in order to deploy ITS technologies. Several governments worldwide are giving priority to expansion and maintenance of transportation networks over deploying advanced ITS technologies. This trend is hampering the growth of the global ITS market. Moreover, the interoperability issues related to ITS due to lack of standardization in these technologies is restraining the growth of the market. However, with the standardization of these technologies, the impact of this restraint is likely to reduce in the near future.
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The information presented in this review is based on a Transparency Market Research report, titled,"Intelligent Transportation System (ITS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019."