Press release
Insightful Forecast on Expansion of Global Intelligent Transport Systems Market Set for Rapid Growth and Trend By 2027
Global intelligent transport systems market size is expected to be valued at US$ 21,481.4 Mn in 2017, and is projected to reach US$ 70,798.4 Mn by 2027 end, expanding at CAGR of 12.7% throughout the assessed period.
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Global Intelligent Transport Systems Market: Drivers
Focus on reducing vehicular pollution
Increase in government collaborations for effective traffic management
Growing requirement for advanced traffic congestion solutions
Growing innovations in products to amplify the demand of ITS products
Keeping a check on high emission vehicles
Increasing demand for advanced solutions to reduce road accidents
Traffic law enforcement
Rapid urbanization and government’s increasing spending on smart city projects
Government funding for proper transport plans
Overview of the global intelligent transport systems market
Global intelligent transport systems market is developing rapidly with a healthy CAGR during the assessed period. North America is expected to be the dominant market in 2017 in terms of revenue for intelligent transport systems. In the coming years, APEJ is expected to be a key market for sustainable revenue generation. Developing countries such as China are expected to account for high market shares in the APEJ region for the ITS market. Establishing strong supply chains and distribution channels are major practices followed by ITS vendors in China to expand their business opportunities. Smart technology such as smart parking and collision avoidance systems are the two applications which are showcasing high CAGRs.
Increased inclination towards better transport infrastructure is a new trend in the global intelligent transport systems market
Development of smart vehicles is one of the major trends shaping the global intelligent transport system market. These smart vehicles operate on intelligently controlled roads by deploying state of art infrastructure and latest technologies. However to operate with this technology, it is necessary for smart vehicles to have intelligent transport systems. This trend is expected to push the growth of the global ITS market.
This system not only provides new infrastructure opportunities but also offers openings for reworking on old infrastructure. For instance, on April 2016 it was announced by the Ministry for Transportin Germany that around 70% of investment of the transportwill be for renovation and improvement projects, comparedto 56% in the previous transport strategy.
Another recent trend in this market is associated with key players operating in the global market for intelligent transport systems that are joining 5G automotive association to scale up product innovation. For example, Savari Inc., joined the 5G automotive association to bring cellular communications to connected cars.
Demand for better transport infrastructure is likely to increase due to technological advancement. This allows the adoption of traveler information systems, ramp meters, electronic toll collection, traffic signal coordination and red light cameras. The governments across the globe are also taking initiatives to focus on research of cutting-edge technology related to advanced products such as vehicle ad hoc networks. These major trends are poised to fuel the growth of the global market for intelligent transport systems.
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In terms of value, the APEJis projected to be the most attractive market in the global intelligent transport systems (ITS) market during the forecast period. APEJis expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this market is expected to rise at a CAGR of 19.9% during the forecast period. In 2017, the market in the North Americais estimated to reach a value of US$ 6,995.6Mn in the year 2017, and is expected to witness steady growth in terms of revenue throughout the forecast period. North America also has a relatively large market share as compared to other countries and is the second largest region for intelligent transport systems.
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