Intelligent Transportation Systems (ITS) Market Size, Share and Industry Analysis, By Type (Advanced Traffic Management System, Advanced Traveler Information System, Advanced Public Transportation System, Advanced Transportation Pricing System, and Others), and regional Forecast till 2019-2026

The global intelligent transportation systems (ITS) market size was USD 1643.8 million in 2018. It is projected to reach USD 8474.2 million by 2026, exhibiting a CAGR of 22.3% during the forecast period from 2019 -2026.

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Road traffic congestion is a repetitive problem globally, causing massive loss to the economic productivity of a nation. This is primarily occurring because of a lack of infrastructure growth as compared to the growing number of vehicles on roads owing to cost and space constraints. Attributing this, many nations are implementing smart transportation systems strategic plans to mainly reduce road traffic congestion and accidents through advanced safety systems by wireless communications. This is being done through systems such as pedestrian safety systems, traffic signals, automated vehicle systems, and wireless devices.

The role of the government is also vital to introduce new technologies in the country and also to implement ITS. The impact of growing traffic congestion on the environment is harsh. The implementation of intelligent transportation systems leads to ultimate benefits, such as powerful and wide-ranging on mobility, safety, and environment.

MARKET TRENDS

Introduction of Autonomous and Connected Cars is a Significant Market Trend

The increasing number of automated and connected cars on the roads is making the transportation infrastructure to be future-ready, and also transportation agencies need to be prepared for the future. Many ITS service providers are delivering their expertise in design, planning, implementation, and tasks in order to improve solution and system performance.

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The Advancement in Artificial Intelligence (AI) and Virtual Reality Shows Revolutionary Changes in the Transportation System

The increasing advancements in the field of artificial intelligence and virtual reality are showing promise for the enhancement of the transportation network across the globe. These technologies include heads up display for the motor transit and a creation of visualization. They help drivers and it also aids to other transportation system users. Artificial intelligence has the potential for creating changes in the modeling of the system.

MARKET DRIVERS

Rising Road Traffic Congestion is Driving the Growth of the Intelligent Transportation Market

The growing number of vehicles on the road, coupled with the lack of transportation infrastructure is leading to a rise in traffic congestion. The rising road traffic congestion is leading to a negative impact on the environment through vehicle emission and also an increase in road fatalities. Nearly 36,600 deaths were reported under traffic fatalities on the U.S. roadways in 2018. Owing to all these factors, the demand for intelligent transportation systems is likely to surge over the forecast period.

Government’s Support and Funding for Implementation of Intelligent Transportation Systems to Drive Market

The government’s support and funding for planning, designing, and implementation of intelligent transportation systems are likely to drive the Intelligent Transportation System (ITS) market growth. The governments of many countries are collaborating with private partners and are investing in ITS for the development of transportation structures to minimize traffic congestion. Intelligent transport service providers are also supporting the government by providing expertise on the implementation of ITS in the transportation infrastructure.

MARKET RESTRAINT

Financial Crisis and Problems of the Nation’s Economy is Anticipated to Restrain the Growth of the Market

The financial crisis and problem of a nation’s economy may hamper the growth of the intelligent transportation system. As for the implementation and deployment of intelligent transportation systems, funding from the government is a must, as they are expensive. If there is a problem in the nation’s economy, the country may not implement it owing to a lack of funding.

SEGMENTATION

By Type Analysis

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Advanced Traffic Management System Segment is Likely to Experience Significant Growth During the Forecast Period

Based on type, the market is segmented into the advanced traffic management system (ATMS), advanced traveler information system (ATIS), advanced public transportation system (APTS), advanced transportation pricing system (ATPS), and others. The advanced traffic management system (ATMS) segment is anticipated to dominate the market over the forecast period. The increasing investment by the government in this segment, owing to lower traffic congestion, is likely to boost the growth of this segment in the market. The advanced public transportation system (APTS) segment is also estimated to show good growth in the ITS market over the forecast period attributing to the rising development of the bus route planning and structure in some countries.

The advanced traveler information system (ATIS) segment is also expected to show good growth in this market over the forecast period owing to the rising usage of smartphones for gaining information regarding the weather and all modes of transport. The advanced transportation pricing system (ATPS) segment is also projected to show steady growth in the market over the forecast period. The increasing development of e-toll collection centers in many countries is driving the growth of this segment in the ITS market.

REGIONAL ANALYSIS

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By region, the market has been segmented into Europe, North America, Latin America, Asia-Pacific, the Middle East, and the rest of the world. Asia-Pacific is expected to dominate the ITS market over the forecast period. China is leading the market in this region owing to, largest funding by the Chinese government for the implementation of the ITS in the country. South Korea is also the second-largest country with funding in this region for the deployment of ITS. Europe is the second-largest market holder of the ITS market. This region is also expected to show significant growth in the market over the forecast period. The U.K. is a leader attributed to a substantial deployment of ITS in the country for public transportation. North America is projected to show steady growth in the ITS market over the forecast period owing to the implementation of ITS by Canada at a slower rate. Latin America is also projected to show good growth in the market as Brazil and Mexico support the planning and deployment of the ITS in the countries.

INDUSTRY KEY PLAYERS

Kapsch TrafficCom AG and Axxes SAS formed a joint venture for designing, planning, and serving the electronic toll collection service

• Kapsch TrafficCom and Axxes have formed a joint venture company registered as MoKA SAS. This will build, design, and operate the European Electronic Toll Collection Services (EETS).


• The aim of this project is to provide hassle-free toll processing for commercial vehicles over the 3.5.

Key Players Are Collaborating for the Better Design, Planning, And Implementation of the Transportation Solutions

The key companies are collaborating with expertise in intelligent transportation systems companies for design and product development. They are also developing advanced products for hassle-free and better service. Furthermore, many small enterprises are also working with the government to provide better transportation services.

At present many small market companies are also great players withholding substantial Intelligent Transportation Systems market share. The dominance of the key players is also present owing to the provision of the advanced and developed products. Key companies leading the market are Denso, Siemens Ag, EFKON GmbH, and Hitachi among other prominent players.

Some of the Key Companies Profiled in the Report are:

• DENSO CORPORATION (Kariya, Aichi, Japan)


• Siemens AG (Munich, Germany)


• Hitachi, Ltd. (Chiyoda City, Tokyo, Japan)


• Kapsch TrafficCom AG (Vienna, Austria)


• EFKON GmbH (Raaba, Austria)


• Lanner Inc.(New Taipei City)

KEY INDUSTRY DEVELOPMENTS:

• January 2020: Denso Corporation and Qualcomm Technologies are collaborating for the development of the next-generation cockpit system. This system is likely to improve the user-friendliness in the usage of the in-vehicle infotainment products.


• February 2020: Lanner Electronics, Inc., has formed a partnership with Creanord,- a service assurance expert. This partnership is expected to assist the service and carriers’ providers with wide-range offering solutions for segmented, advanced, and distributed in Metro and access networks for performance assurance. This seamless integration of the hardware platform will provide a complete solution for the service providers to manage and diagnose SLAs performance issues with ease by delivering network service visibility 24X7.

FUTURE OUTLOOK

The implementation of an intelligent transportation system provides better traffic commutes. It also increases the efficiency of vehicles by lowering the burning of fuel from vehicles at signals. An intelligent transportation system also helps the nations to lower air pollution as well as prevent loss of economy. Intelligent transportation systems also have many benefits over safety and mobility, with reduced Road fatalities and comfortable passenger transit. Owing to ITS, all the systems of the road and transportation infrastructure are fully connected leading to a wide range of applications for usage. The countries implementing ITS are likely to have a better future as the era of connected and autonomous cars has started.

REPORT COVERAGE

The report offers qualitative and quantitative insights on intelligent transportation systems and the detailed analysis of market size & growth rate for all possible segments in the market.

An Infographic Representation of Intelligent Transportation System Market

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Along with this, the ITS market report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the implementation trends of intelligent transportation systems by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.

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Report Scope & Segmentation