Albany, NY -- (SBWIRE) -- 06/19/2018 -- Much of the growth of the global market for intelligent transportation systems is derived from the significant rise in the number of travelers across the world. The considerable increase in travel and tourism industry is also boosting the growth of this market positively and the trend will continue in the near future.
According to Transparency Market Research (TMR), the worldwide market for car rental is estimated to expand at a CAGR of 12.70% over the period from 2016 to 2024. Rising at this pace, the overall opportunity the market is anticipated increase from US$20.22 bn in 2015 to US$57.44 bn by the end of 2024.
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Here is a snapshot of the global market for intelligent transportation:
Increasing Awareness to Support Market's Growth
The rising focus on public safety, thanks to the increasing cases of road accidents, augmenting need for the deployment of advanced systems to manage the traffic congestions, surge in government support for efficient traffic management, and the rising demand for eco-friendly ways are the main factors that are augmenting the demand for intelligent transportation systems across the world.
On the flip side, several factors, such as slow of infrastructural developments in various emerging economies, high installation cost, and the dearth of interoperability and standardization are may hamper the growth of the global intelligent transportation systems market in the near future. Nonetheless, the key players in this market are expected to from the augmenting need for smart vehicles, integrated with mobility technology and the increasing demand for public-private partnerships (PPPS) in the near future.
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North America to Continue to Dominate
The worldwide intelligent transportation market is mainly spread across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. At present North America is leading the global market of intelligent transportation and is expected to continue to dominate over the next few years.
The increasing demand for intelligent transportation for better coordination of vehicles on the road is likely to support the growth of this market in the years to come. Europe and Asia Pacific are also reporting a significant rise in their respective markets and are expected to witness a high growth in the years to come.
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Companies to Focus on Mergers and Acquisitions
The global market for intelligent transportation is led by Hitachi Ltd, Nuance Communications Incorporation, Siemens AG, WS Atkins PLC, Iteris Inc., EFKON AG, Garmin International Inc., TomTom NV, Telenav Inc., and Thales Group.
The significant rise in the uptake rate of technology has prompted these players to innovate and improve their product portfolios. The leading players are expected to focus on mergers and acquisitions to remain in the competition over the next few years.