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Global Smart Transportation Market Comprehensive Study: Forecasted Market Size And Growth Rate
Smart Transportation Market
The Business Research Company offers in-depth market insights through Smart Transportation Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The smart transportation market size has grown rapidly in recent years. It will grow from $139.76 billion in 2023 to $161.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to increased urbanization and congestion in cities, adoption of intelligent transportation systems for traffic management, growth in the demand for real-time tracking and monitoring in transportation, advances in sensor technologies and connectivity in vehicles, government initiatives promoting smart city and transportation solutions.
The smart transportation market size is expected to see rapid growth in the next few years. It will grow to $286.93 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to rise in the adoption of electric and autonomous vehicles, integration of 5g technology for faster and more reliable communication, increasing focus on sustainability and eco-friendly transportation solutions, growth in the shared mobility and ride-sharing industry, expansion of smart transportation infrastructure in emerging economies. Major trends in the forecast period include development of integrated mobility-as-a-service (maas) platforms, emphasis on predictive maintenance for transportation fleets, use of artificial intelligence for traffic prediction and optimization, integration of blockchain technology for secure and transparent transactions, collaboration between automotive manufacturers and technology companies for connected vehicle solutions.
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Market Segmentation:
The smart transportation market covered in this report is segmented -
1) By Product Type: Advanced Traveler Information Systems (ATIC), Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), Cooperative Vehicle Systems
2) By Transportation Mode: Roadways, Railways, Airways, Maritime
3) By Application: Traffic Management, Road Safety and Security, Parking Management, Public Transport, Automotive Telematics, Freight
Major Driver - Government Initiatives And Regulations Driving Growth In Smart Transportation Market
Increasing government initiatives and regulations are driving the smart transportation market. The governments across emerging and developing economies are focusing on investing in innovative transportation technologies to reduce the congestion on roadways, maintain safe transportation practices and reduce road accidents. Currently, the Indian government is building around 599 highway projects with a total outlay budget of INR 1,000 billion ($14.67 billion), out of which INR 480 billion ($ 7.03 billion) will be spent on the development of smart cities across the new highways. Therefore, increasing government initiatives and regulations is expected to boost demand for smart transportation solutions during the forecast period.
Competitive Landscape:
Major companies operating in the smart transportation market report are Cisco Systems Inc., Toshiba Corporation, Siemens Corporation, SAP SE, Thales Group, Alphabet Inc., Tesla Inc., Uber Technologies Inc., Mobileye, NVIDIA Corporation, Siemens Mobility, TomTom N. V., IBM Corporation, Qualcomm Inc., Intel Corporation, General Motors Company, Ford Smart Mobility, Daimler AG, Bosch Group, Continental AG, Cubic Corporation, Aptiv PLC, Trimble Inc., HERE Technologies, Velodyne Lidar Inc., ChargePoint Inc., NXP Semiconductors, TransCore Holdings Inc., WSP Global Inc., Cryoport Inc.
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Top Trend - Sensetime's Senseauto V2X Revolutionizes Urban Mobility
Major companies operating in the smart transportation market are introducing innovative platforms, such as the road synergy platform, to gain a competitive edge in the market. A road synergy platform refers to a technology or system designed to create a synergistic and integrated environment for various elements related to road infrastructure and transportation. For instance, in September 2022, SenseTime, a China-based artificial intelligence company, launched its SenseAuto V2X Vehicle-Road Synergy Platform. This platform is designed to enable safer and more efficient urban mobility by integrating "smart cars, intelligent roads, and collaborative clouds. The SenseAuto V2X platform provides a one-stop analysis and decision-making solution through fusion processing and analysis of vehicle and roadside information.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Transportation Market Characteristics
3. Smart Transportation Market Trends And Strategies
4. Smart Transportation Market - Macro Economic Scenario
5. Smart Transportation Market Size And Growth
…..
27. Smart Transportation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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