With the robust penetration of smart technologies in the transit space, smart transportation market has been progressing at a prodigious pace in the recent years
Ocean View, DE -- (SBWIRE) -- 06/25/2020 -- With the robust penetration of smart technologies in the transit space, smart transportation market has been progressing at a prodigious pace in the recent years. The growth can be aptly credited to the efforts of the automotive industry players that have been striving to bring in innovative products to the masses. However, the governmental bureaucracy is also to be accredited with some appreciation, given that these authorized bodies have been extensively adopting smart technologies to solve traffic problems, in addition to providing substantial financial support for modernizing transportation.
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Elaborating further, the robust penetration of smart technologies in the transit space coupled with the efforts being deployed by the overall automotive industry to manufacture innovative vehicles has consequentially propelled the smart transportation market share. Moreover, it would be prudent to mention that numerous governments, particularly across the emerging economies, appear keen to invest massive amount of resources in developing smart cities.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Agero, Inc.
4. Clever Devices
6. Cubic Corporation
10. Kapsch TrafficCom AG
14. Trapeze Group
Touted as the largest automobile market across the globe, China has made swift headways in enhancing the overall growth potential of smart transportation market in the recent years. For instance, the Intelligent Transport System Association of China has recently announced to invest about USD 30 billion in the intelligent transport solutions sector by 2020 that would aid in encouraging green transport system and help construct electronic charging systems across the country.
Speaking on the similar lines, the Chinese Government aims to have 10 percent of all cars to be self-driving by 2030. Subsequently, the market players consider this opportunity as significant and intend to release unique solutions that would assist in delivering better traffic updates, on-the-go recharging of electric-vehicle batteries, more accurate mapping, etc. One of the most interesting instances of this is the trial of 'intelligent highway' that could revolutionize the global smart transportation market outlook. Apparently, the highway would be embedded underneath with advanced technologies and solar panels that would generate enough electricity to power approximately 800 homes and highway lights.
Apart from such proactive schemes, China has established a national motor vehicle and driver information management system and further plans to set up a platform for national electronic charging systems. There are also various efforts in pipeline to promote information-sharing activities between civil aviation, rails, buses which would achieve seamless integration of data, in turn opening plethora of opportunities for smart transportation market stakeholders.
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Owing to the development of autonomous vehicles and high-penetration of ride-hailing services, smart transportation market is set to undergo a massive transformation in the forthcoming years. As per a research report compiled by Global Market Insights, Inc., the overall smart transportation industry is forecast to clock in a y-o-y growth rate of an impressive 20% over 2018-2024. The enormous numbers also underline the fundamental altercation that the automotive & transportation space would witness in its entirety in the ensuing years.
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