Intelligent Transportation System (ITS) Market to Hit USD 42.80 Billion; Collaboration between L&T Technology Services and Intel to Propel Market Development

The global intelligent transportation system (ITS) market size is expected to reach USD 42.80 billion by 2028, growing at a CAGR of 9.34% between 2021 and 2028. The rising environmental threats and degradation coupled with traffic congestion will fuel demand for these systems in the forthcoming years. This information is mentioned in a report, titled “Intelligent Transportation System (ITS) Market Size, Share and COVID-19 Impact Analysis, By Type (Advanced Traffic Management System, Advanced Traveler Information System, Advanced Public Transportation System, Advanced Transportation Pricing System, and Others), and Regional Forecast, 2021-2028.” The market valuation amounted to USD 21.82 billion in 2020 reached USD 22.91 billion in 2021.

COVID-19 Disruptions to Market Growth  

Many companies saw a fall in intelligent transportation system market growth during the Covid-19 pandemic; thus, the use of ITS is regarded to be extremely important to overcome the obstacles faced globally during the epidemic. However, closure of production facilities and lockdown regulations are likely to cease ITS usage in the near future.

HI-TRAC® Unveils TMU4X Data Collection Technology  

In March 2021, HI-TRAC® unveiled the TMU4X data collection and high-speed weigh-in-motion (WIM) solution. It offers automatic vehicle classification (AVC) and pedestrian and cyclist data counts. Following successful pilots in North America, Asia, and the Gulf, the product, which is a development of Q-popular Free's HI-TRAC® TMU4, is now in full production for global distribution. The TMU4X outperforms its predecessors in terms of processing power and data delivery, and it works smoothly with scanners, overhead signage, and other traffic control equipment. Its ability to interact with cycle and pedestrian monitoring as well as VMS display to alert drivers to the presence of pedestrians or bicycles aligns nicely with Q-dedication Free's to Vision Zero's goals of fully eliminating road fatalities.

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https://www.fortunebusinessinsights.com/intelligent-transportation-system-market-102065

Rising Traffic Congestion in Big Cities to fuel Product Demand      

The combination of an increase in the number of vehicles on the road and a lack of transportation infrastructure causes traffic congestion. Increased vehicle emissions and road fatalities arise from increased traffic congestion, which has a negative impact on the environment. In 2018, about 36,600 people died in traffic fatalities on US highways, while 1.35 million people died worldwide in road accidents. These factors are driving demand for intelligent transportation systems and solutions, which is fueled by recent transportation industry breakthroughs. Hence boosting this market.

Emphasis on Advanced ITS by Companies to Bolster Development

Many enterprises have become major players, controlling a significant portion of the intelligent transportation system market share. The leading players' current supremacy is due to their providing of advanced and developed items. Among the market's main companies are Denso, Siemens AG, EFKON GmbH, and Hitachi. For instance, Kapsch TrafficCom AG and Axxes SAS have formed a joint venture business called MoKA SAS to design, plan, and operate the electronic toll collection service. The European Electronic Toll Collection Services (EETS) will be built, organized, and operated by this company.

Notable Developments:

• May 2021: The L&T technology services company partnered with Intel to develop an AI-based smart parking guidance solution. This solution can be installed in outdoor public areas such as airports, stadiums, shopping malls, and office campuses and also provides real-time occupancy tracking without the use of sensors through AI-enabled surveillance for operators through augmented video analytics.


• March 2019: Siemens AG released a new Intelligent Traffic System digital lab based in Austin, Texas. This lab will collect, monitor, and will do an analysis of data.

The Report Lists the key Companies in this Market:

• 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, Taiwan)


• Thales Group (Paris, France)


• Cubic Corporation (San Diego, U.S.)


• Q-Free ASA (Trondheim, Norway)


• Garmin (Olathe, U.S)

Further Report Findings:

• The market in Asia Pacific stood at USD 15.07 billion and is expected to remain dominant during the forecast period due to the rising government initiatives for ITS projects in China, India, and Singapore.


• Due to the increasing use of smartphones to obtain information about the weather and all modes of transportation, the advanced traveler information system (ATIS) segment is predicted to rise rapidly in this market during the forecast period.

This Market is Segmented into: