Pune, India, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The global Intelligent Transportation System Market was USD 21.82 billion in 2020. The global market size is expected to grow from USD 22.91 billion in 2021 and is projected to reach USD 42.80 billion by 2028, exhibiting a CAGR of 9.34% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Intelligent Transportation System Market, 2021-2028.”
According to our analysts, the market growth is influenced by increasing government initiatives for smart city development. Increasing road traffic congestion to drive market growth globally during forecast period.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 9.34% |
| 2028 Value Projection | USD 42.80 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 36.90 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 150 |
| Segments covered | By Type, and By Region |
| Growth Drivers | Rising Government Funding for Intelligent Transportation System to Drive Market |
| Rising Deployment of ITS in Public Transportation to Propel Market in North America |
COVID-19 Impact:
COVID-19-Induced Disruptions to Impact Market Dynamics
The rapid outbreak of COVID-19, or coronavirus viral illness, has had an extraordinary impact on many countries across the world. The sudden surge in the number of cases of Severe Acute Respiratory Syndrome Coronavirus 2 has had a significant impact on the economics of many countries (SARS-CoV-2). In addition, reduced interaction to prevent the coronavirus from spreading across the population has disrupted global supply chains and logistics. However, the ITS demand will be counterbalanced by economic stimulus packages offered by the respective governments.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/intelligent-transportation-system-market-102065
Drivers and Restraints:
Rising Government Funding for Intelligent Transportation System to Drive Market
The government's support and funding for intelligent transportation system planning, design, and implementation are projected to promote intelligent transportation system (ITS) market growth. Many countries' governments are working with business partners and investing in ITS to construct transportation infrastructure that will reduce traffic congestion. Intelligent transportation service providers also assist the government by offering advice on integrating ITS into the transportation system.
Industry Developments:
February 2020: Lanner Electronics, Inc. signed a partnership agreement with Creanord, - a service assurance expert. This collaboration will assist the service and carriers’ providers with a wide range of segmented, advanced, and distributed solutions in Metro and access networks for performance assurance.
January 2021: The Ray, a Georgia-based collaborative initiative focusing on developing connected-vehicle infrastructure along an 18-mile stretch of I-85. The Ray's development will now include seven new dual-active roadside radios and ten Kia C-V2X (cellular vehicle-to-everything) connected vehicles, nearly increasing the scale of the interoperable infrastructure project.
May 2021: L&T, a leading technology services company, collaborated with Intel to develop an AI-based smart parking guidance solution. This solution can be installed in outdoor public areas such as stadiums, airports, office campuses, and shopping malls and also provides real-time occupancy tracking without the use of sensors through AI-enabled surveillance for operators through augmented video analytics.
List of Key Players Mentioned in the Report:
- 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.)
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Segments:
Based on type, the market is classified 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 expected to dominate the intelligent transportation system (ITS) market share owing to government investments in in cutting-edge technology to ensure safe and smooth travels.
By region, the market has been segmented into Europe, North America, Latin America, Asia-Pacific, the Middle East, and the Rest of the World.
Key Benefits for Intelligent Transportation System Market:
- The Intelligent Transportation System market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Intelligent Transportation System market during the forecast period (2022–2028).
- The report outlines the current market trends and future scenario of the global Intelligent Transportation System market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
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Regional Insights:
Rising Deployment of ITS in Public Transportation to Propel Market in North America
The Asia-Pacific region presently dominates the global market, with a market value of USD 15.07 billion. Europe predicted to grow at the fastest rate during the projection period. Due to support provided by the Chinese government to implement ITS throughout the country, China is the second-largest market in this region. In this region, South Korea is the leading country with the most significant funding for ITS deployment.
Europe is the ITS market's second-largest market holder. Over the projection period, this area is also expected to see considerable market expansion. The United Kingdom is a leader thanks to a large-scale deployment of ITS for public transportation.
Because Canada is implementing ITS at a slower pace, the ITS market in North America is expected to increase steadily throughout the projection period. Latin America is also expected to grow rapidly, as Brazil and Mexico support ITS planning and deployment in their respective countries.
Competitive Landscape:
Collaboration of Major Companies and Governments to Intensify Competition
For design and product development, the important corporations work with companies specializing in intelligent transportation systems. They're also working on cutting-edge items for better service and less bother. In addition, a number of small businesses are collaborating with the government to improve transportation services.
Global Intelligent Transportation System Market Size Segmentation:
By Type
- Advanced Traffic Management System (ATMS)
- Advanced Traveler Information System (ATIS)
- Advanced Public Transportation System (APTS)
- Advanced Transportation Pricing System (ATPS)
- Others
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Impact Of Covid-
- Global Intelligent Transportation System (ITS) Market Analysis, Insights and Forecast,
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Advanced Traffic Management System (ATMS)
- Advanced Traveller Information System (ATIS)
- Advanced Public Transportation System (APTS)
- Advanced Transportation Pricing System (ATPS)
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East
- Rest of the World
- North America Intelligent Transportation System (ITS) Market Analysis, Insights and Forecast
- Key Findings / Summary
- Market Analysis – By Type
- Advanced Traffic Management System (ATMS)
- Advanced Traveller Information System (ATIS)
- Advanced Public Transportation System (APTS)
- Advanced Transportation Pricing System (ATPS)
- Others
- Market Analysis – By Country
- US
- By Type
- Canada
- By Type
Continued…
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