Automotive sector

Automotive advancements to drive the smart

NEWARK, Del, July 21 2022 (GLOBE NEWSWIRE) — The global intelligent transportation systems market is expected to reach a value of US$37.8 billion by the end of 2022, with sales growing at a prolific CAGR of 13.4% per year. compared to forecasts for the 2022-2027 period.

The market will reach an estimated value of US$70.8 billion by 2027. High demand for improved transportation infrastructure and growing need for better traffic management and control is expected to drive the market in during the forecast period.

The increasing incidence of road accidents and collisions has fueled the growing demand for advanced traffic control solutions. The adoption of intelligent vehicles in regions like the United States, China, and the United Kingdom is driving the demand for intelligent traffic control systems. These two factors are major drivers for the growth and expansion of the intelligent transportation systems market.

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In addition, the adoption of intelligent transport systems is expected to improve traffic efficiency, passenger safety, improve passenger experience and help preserve the environment. Improved overall circulation operations is another benefit.

Government investments in the design, planning and implementation of intelligent transport system solutions to control traffic congestion along with advancements in transport technology and the growing adoption of IoT for traffic are all factors contributing to the growth of the intelligent transportation system market.

“Advances in the automotive and transportation sector, coupled with the rising incidence of traffic accidents, are driving the global market over the forecast period,” an IMF analyst said.

Key points to remember:

  • The growing adoption of smart vehicles will aid the growth of the market in the United States over the assessment period.
  • China will continue to dominate the Asia-Pacific market, excluding Japan.
  • India is expected to become a lucrative market in South Asia during the forecast period.
  • By component, intelligent transportation systems software is expected to experience a CAGR of 13% over the forecast period.
  • Based on the applications, intelligent urban traffic management systems will register a CAGR of 9.4%.

Competitive landscape

Thales Group AD, Siemens AG, Garmin Ltd., Kapsch Trafficcom, Tomtom International BV, Q-Free ASA, Denso Corporation, Atkins Group, Iteris Inc., Ricardo PLC, Efkon AG, Savari Inc., Transcore LP, Lanner Electronics Inc. and others are some of the Intelligent Transportation System (ITS) manufacturers profiled in the full version of the report.

Major players in the global Intelligent Transportation Systems (ITS) market are using tactics such as mergers, acquisitions, and strategic collaborations to gain competitive advantage. They are working with governments and other key market players to invest heavily in advanced solution projects and thus strengthen their position in the market.

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More information about the Intelligent Transportation Systems (ITS) market report

In its latest report, FMI offers an unbiased analysis of the global Intelligent Transportation System (ITS) Market, providing historic data from 2013 to 2021 and forecast statistics from 2022 to 2027. To understand the potential, growth and capacity of the global market, the market is segmented on the basis of application (intelligent urban traffic management systems (traffic monitoring, traffic light control, application camera management), road traffic management, intelligent traffic management systems, car parking management (smart parking), fleet management and asset monitoring (public, private), collision avoidance systems, advanced traveler information systems, congestion/road pricing solutions), component (hardware , software, services) and region.

Intelligent Transportation Systems (ITS) Market Regional Analysis

According to the latest IMF reports, India is expected to exhibit significant growth rate in the Intelligent Transport System (ITS) market over the forecast period. Growing development of transportation infrastructure coupled with growing incidence of road accidents is driving the expansion of the Intelligent Transportation System (ITS) market in this region. India is thus considered to be one of the most lucrative Intelligent Transport System (ITS) markets in South Asia.

In China, the demand for intelligent traffic management is increasing along with increasing cases of traffic accidents and collisions. Intelligent Transport Systems (ITS) monitor road accidents, traffic and improve transport infrastructure. For this reason, many key market players are eyeing the region for product launches or to introduce updates to existing systems. Due to all these factors, China is expected to dominate the Intelligent Transportation System (ITS) market in Asia-Pacific, excluding the Japanese market.

Apart from countries in the Asia-Pacific region, the U.S. intelligent transportation systems (ITS) market will also witness steady growth owing to the growing demand for improved transportation infrastructure. The growing adoption of smart vehicles is also contributing to the growth of the market in this region.

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Intelligent Transportation Systems (ITS) Market Segmentation Analysis

By component, the software segment will account for nearly 21.6% market share, growing at a prolific CAGR of over 13% during the forecast period. The growing need for efficient traffic management systems in regions like China, India and Japan is driving the sales of this segment. More and more governments are forced to install ITS software for effective traffic control due to the increasing rates of accidents and collisions resulting from bad weather conditions. This bodes well for the software segment.

By application, the intelligent urban traffic management systems segment is expected to exceed US$5.04 billion by the end of 2022, growing at a robust CAGR of 9.4%. The introduction of smart cities and the need for efficient traffic management in emerging economies are driving the sales of the intelligent urban traffic management systems segment. This system also helps in reducing the high fatality rate due to traffic accidents, thereby facilitating the growth of the market.

Intelligent Transportation Systems (ITS) Market by Category

Application:

  • Intelligent urban traffic management systems
    • Traffic monitoring
    • Traffic light controls
    • Law enforcement camera management
  • Road traffic management
  • Intelligent Car Parking Management Systems (Smart Parking)
  • Fleet management and asset monitoring
  • Collision avoidance systems
  • Advanced passenger information systems
  • Bottling/road pricing solutions.

Making up:

Region

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific excluding Japan (APEJ)
  • Middle East and Africa
  • Japan

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Source: https://www.prnewswire.com/news-releases/intelligent-transport-systems-its-market-to-exceed-us-707984-mn-by-2027-674174973.html

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