Intelligent Transportation System Market

Intelligent Transportation System Market

Growth Factors of Intelligent Transportation System [ITS] Market

The intelligent transportation system [ITS] market size was valued at USD 26.18 billion in 2023, and the market is now projected to grow from USD 28.36 billion in 2024 to USD 66.64 billion by 2032, exhibiting a CAGR of 11.3% during the forecast period of 2024-2032.

The COVID 19 have given a push to the ITS globally due to the new norms of social distancing and decrease in the use of public transportation. Leading ITS solutions to facilitate the improvement of traffic management and safety, and support of remote operations have also stimulated investment in advanced technology systems. This shift highlights the need for the robust transportation infrastructure and flexible supply-chain systems in the light of future shocks.

Population growth of people and inadequate transport facilities whereby there are many vehicles on the roads result in traffic congestions hence, emissions causing harm to the environment and increased rates of fatal road accidents. According to WHO, approximately 1 million people die in traffic accidents every year, of them 36, 090 were killed in the U.S. alone in 2018. Road crashes killed 35 million people throughout the world. These statistics bring out the need to enhance the traffic management and other safety aspects.

Present and future advancements in the transport industry and particularly the development of self-driving cars is placing the need for future transport infrastructure. With growth in urbanization levels and disposable incomes, transportation agencies are looking at more sophisticated ITS solutions in improving efficiency and safety in roads. Smart city projects, advanced communication networks, and government agenda in the new economy nations including China, India, Singapore, and Dubai further promote demand of well-connected systems, which in turn presents robust growth prospects for the ITS industry.

Comprehensive Analysis of Intelligent Transportation System [ITS] Market

The intelligent transportation system [ITS] market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by type analysis. By type analysis include advanced traffic management system (ATMS), advanced traveler information system (ATIS), advanced public transportation system (APTS), advanced transportation pricing system (ATPS), and others.

The Asia Pacific region lead the intelligent transportation system [ITS] market share by benefitting a market size of USD 17.64 billion in 2023 due to the significant investments in smart city initiatives.

The top players in the markets have a central responsibility in the automotives industry to be sure of industrial prospectus development and to establish the market norms. These players include, DENSO CORPORATION, Siemens AG, Hitachi, Ltd., Kapsch TrafficCom AG, EFKON GmbH, Lanner Inc., Thales Group, Cubic Corporation, Q-Free ASA, Garmin these market players provide a level-playing competitive landscape.

In August 2023, NEC announced its role as the master system integrator for UPSRTC's Vehicle Location Tracking-Passenger Information System project, installing AIS 140-based VLT devices and emergency safety buttons across UPSRTC buses under India's Nirbhaya fund.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 11.3% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Type

• Advanced Traffic Management System (ATMS)
• Advanced Traveler Information System (ATIS)
• Advanced Public Transportation System (APTS)
• Advanced Transportation Pricing System (ATPS)
• Others

By Geography

• North America (By Type)
• U.S. ( By Type)
• Canada (By Type)
• Europe (By Type)
• UK (By Type)
• Germany (By Type)
• France (By Type)
• Rest of Europe (By Type)
• Asia Pacific (By Type)
• Japan(By Type)
• China(By Type)
• India (By Type)
• South Korea (By Type)
• Rest of Asia Pacific (By Type)
• Latin America (By Type)
• Mexico (By Type)
• Brazil (By Type)
• Argentina (By Type)
• The Middle East (By Type)
• UAE (By Type)
• Rest of the World (By Type)

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