Growth of Smart Transportation Market Trends, Share, Industry Size, Opportunities and Forecast 2017-2024 – Research Nester

“Smart Transportation Market: Global Demand Analysis & Opportunity Outlook 2024”

Smart Transportation Market Overview

Smart transportation is new method to design and planning of roadways which would provide the finest and safest transport solution. The design would provide support to pedestrians, bicyclists and transit users for regular and safe travel. Hence, lack of safe and quality transportation, poor road conditions are the problem face by most cities. Therefore, smart transportation would anticipate to overcome the challenges posed by the growing number of megacities in developing and developed region in sustaining the smooth traffic flow and safety. Smart transportation is applicable in parking management and guidance, passenger information and traffic management.

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Market Size and Forecast

The Global Smart Transportation Market is expected to anticipate at a CAGR of 19.5% over the forecast period i.e.2017-2024. The growing number of on-road vehicles and ineffective existing transport infrastructure will drive the need for the smart transportation system. Initiatives by government towards building a better infrastructure and running the transport system smoothly are expected to grow the smart transportation market globally. In addition, smart transportation systems can provide better safety and security by integrating intelligent communication systems in the infrastructure, thus increasing the market growth. North America is expected to remain the leader with highest market share by 2024. The increasing government investment in transportation infrastructure is expected to boost the growth of smart transportation.

Asia-Pacific is expected a robust growth over the forecast period. The growth is anticipated to be specifically higher in India, China, Japan and South Korea. The competition in this region is fragmented and smart transportation solution providers are looking at expanding the base of their operation to the most countries, as a result of business strategic moves, such as improved infrastructure and implementation of various smart city projects. The European region is expected to expand at moderate pace owing to early adoption of technology. The Middle East is anticipated to witness an upliftment in the next few years in terms of smart transportation.

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By Region

Global smart transportation Market is further classified on the basis of region as follows:

North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis

Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis

Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis

Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis

Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis

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Growth Drivers and Challenges

The growth of smart transportation market is driven by the time and fuel saving ability. It also encourages the development and promotion of substitute green fuels such as natural gas and biodiesel. The major factors anticipating the growth of smart transportation are growing population, increasing number of vehicles, concern over rising of greenhouse gas along with increase in adoption of internet of things. Further, smart cities are supporting the growth of smart transportation. The rise in urbanization and megacities are key factors for the adoption of smart transportation. The use of smart transportation is expected to curb the excess use of private vehicles on limited road space and reduce carbon emission.

However, the requirement of a huge capital for replacing the existing infrastructure with the smart transportation advancement and large database requirement of road network is expected to restrain the growth of the smart transportation market globally.

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