NEWARK, Del, July 21, 2022 (GLOBE NEWSWIRE) -- The global intelligent transport system market is projected to reach a value of US$ 37.8 Bn by the end of 2022, with sales growing at a prolific CAGR of 13.4% over the forecast period of 2022-2027.
The market will reach an estimated a value of US$ 70.8 Bn by 2027. Elevated demand for enhanced transportation infrastructure and growing need for better traffic management and control is expected to boost the market over the forecast period.
Rising incidences of road accidents and collisions have fueled the growing demand for advanced traffic control solutions. The adoption of smart vehicles across regions like the U.S., China, and the U.K. are promoting the demand for intelligent traffic control systems. These two factors are the primary drivers of the intelligent transport system market growth and expansion.
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Furthermore, adoption of intelligent transport systems is expected to achieve traffic efficiency, safety of traffic passengers, improve passenger experience and also contribute towards environmental preservation. Improvements to the overall traffic operations is another benefit.
Government investments in the designing, planning and implementation of intelligent transport system solutions to control traffic congestion as well as advancements in transportation technology and rising adoption of IoT for traffic are all contributing factors for the market growth of intelligent transport system.
“Advancements in automotive and transportation sector coupled with rising incidences of traffic accidents drive the global market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising adoption of smart vehicles will promote market growth in the U.S. over the assessment period.
- China will continue dominating the Asia Pacific market, excluding Japan.
- India is projected to emerge as a lucrative market in South Asia over the forecast period.
- By component, intelligent transport systems software is expected to witness a CAGR of 13% over the forecast period.
- On the basis of application, 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 manufacturers of intelligent transport systems (ITS) profiled in the full version of the report.
Key players in the global intelligent transport systems (ITS) market are employing tactics like strategic mergers, acquisitions and collaborations to gain a competitive advantage. They are collaborating with governments and other key market players to invest extensively in advanced solution projects and thereby strengthen their market position.
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More Insights into the Intelligent Transport Systems (ITS) Market Report
In its latest report, FMI offers an unbiased analysis of the global intelligent transport systems (ITS) market, providing historical data from 2013 to 2021 and forecast statistics for the period 2022 to 2027. To understand the global market potential, growth, and capacity, the market is segmented based on application (intelligent urban traffic management systems (traffic monitoring, traffic signal controls, enforcement camera management), Highway traffic management, intelligent car parking management systems (smart parking), Fleet management and asset monitoring (public, private), collision avoidance systems, advanced traveler information systems, congestion/road charging solutions), component (hardware, software, services), and region.
Intelligent Transport Systems (ITS) Market Regional Analysis
According to the latest reports by FMI, India is expected to present significant growth rate in the intelligent transport systems (ITS) market over the forecast period. Increasing development in transport infrastructure coupled with rising incidences of road accidents are promoting the expansion of intelligent transport systems (ITS) market in this region. India is thus considered as one of the most lucrative intelligent transport systems (ITS) markets in South Asia.
In China, demand for intelligent traffic management is rising along with the increasing cases of road accidents and collisions. Intelligent transport systems (ITS) control road accidents, traffic and improve transport infrastructure. Due to this reason, many key players in the market are either eying the region for product launch or for introducing updates to existing systems. As a result of all these factors, China is expected to lead the Asia Pacific intelligent transport systems (ITS) market, excluding Japan market.
Apart from countries in the Asia Pacific region, the U.S. intelligent transport systems (ITS) market will also account for steady growth due to the rising demand for improved transport infrastructure. Rising adoption of smart vehicles also contribute to market growth in this region.
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Intelligent Transport Systems (ITS) Market Segmentation Analysis
By component, the software segment will account for almost 21.6% market share, growing at a prolific CAGR of over 13% during the forecast period. Rising need for efficient traffic management systems across regions like China, India, and Japan is driving the market sales of this segment. More and more governments are forced to install ITS software for efficient traffic control due to the growing rates of accidents and collisions resulting from poor weather conditions. This bodes well for the software segment.
By application, the intelligent urban traffic management system segment is predicted to exceed US$5.04 Bn by the end of 2022, growing at a robust CAGR of 9.4%. Introduction of smart cities, and need for effective management of traffic across emerging economies is spurring the sales of the intelligent urban traffic management system segment. This system also aids in curbing the high mortality rate due to traffic accidents, thus, facilitating market growth.
Intelligent Transport Systems (ITS) Market by Category
Application:
- Intelligent Urban Traffic Management Systems
- Traffic Monitoring
- Traffic Signal Controls
- Enforcement Camera Management
- Highway Traffic Management
- Intelligent Car Parking Management Systems (Smart Parking)
- Fleet Management and Asset Monitoring
- Public
- Private
- Collision Avoidance Systems
- Advanced Traveler Information Systems
- Congestion/Road Charging Solutions.
Component:
- Hardware
- Software
- Services
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa
- Japan
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