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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.
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 to this, many nations are implementing smart transportation systems strategic plan to mainly reduce the road traffic congestion and accidents through advanced safety systems by wireless communications. This is being done through systems such as pedestrian safety system, 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.
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 also creation of visualization. They help drivers and it also aid to other transportation system users. Artificial intelligence has the potential for creating changes in the modeling of the system.
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 system 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 the intelligent transportation systems is likely to drive the Intelligent Transportation System (ITS) market growth. The govnerments of many countries are collaborating with private partners and are investing in ITS for the development of transportation structure 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.
Financial Crisis and Problems of the Nations’s Economy is Anticipated to Restraint 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 the intelligent transportation systems, the funding from the government is must, as they are expensive. If there is a problem in the nation’s economy, the country may not implement ITS owing to lack of funding.
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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 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 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.
Europe Intelligent Transportation System Market, 2018 (USD Million)
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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 a 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 supporting the planning and deployment of the ITS in the countries.
Kapsch TrafficCom AG and Axxes SAS formed joint venture for designing, planning, and serving the electronic toll collection service
The key companies are collaborating with expertize intelligent transportation systems companies for design and product development. They are also developing the advanced products for the 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 with holding substantial Intelligent Transportation Systems market share. The dominance of the key players is also present owing to provision of the advanced and developed products. Key companies leading the market are Denso, Siemens Ag, EFKON GmbH, and Hitachi amoung other prominent players.
The implementation of intelligent transportation system provides better traffic commute. It also increases the efficiency of vehicles by lowering the burning of the fuel from vehicles at signals. Intelligent transportation system also helps the nations to lower air pollution as well as prevent loss of economy. Intelligent transportation systems also has 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 the 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.
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.
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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.
Value (USD billion)
Fortune Business Insights says that the market was worth USD 1643.8 million in 2018.
The market is projected to be worth USD 8474.2 million in 2026.
The market will grow at a CAGR of 22.3% in the forecast period (2019-2026).
The market in Europe was valued to be USD 244.8 million in 2018.
In terms of type, the advanced traffic management system segment will dominate the market during the forecast period.
Rising road traffic congestion is a vital market driver. However, the financial crisis or low economy of the nation may hinder the market growth.
DENSO CORPORATION, Siemens AG, and Hitachi Ltd. are the top companies in the market.
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