Press release
Intelligent Transportation Systems Market: Projected Growth Rates, Market Size, and Emerging Trends
Intelligent Transportation Systems Market
Promising market outlook with the global intelligent transportation systems market projected to grow from $34.72 billion in 2024 to $58.78 billion in 2029 at a CAGR of 11.7%.
What Is The Projected Market Size Of The Global Intelligent Transportation Systems Market And Its Growth Rate?
• The intelligent transportation systems market size was $34.72 billion in 2024 and is expected to grow to $37.75 billion in 2025 at a CAGR of 8.7%.
• This growth is credited to traffic congestion mitigation, safety improvement measures, environmental sustainability goals, and efficiency in freight and logistics.
• The market is projected to see rapid growth, reaching $58.78 billion in 2029 at a CAGR of 11.7%.
• This growth can be attributed to the rapid growth of connected vehicles, smart infrastructure investments, and increased focus on last-mile connectivity.
What Is Driving The Growth In The Intelligent Transportation Systems Market?
The increasing number of road fatalities is a significant factor driving the growth in the intelligent transportation systems market. These systems help drivers avoid accidents by detecting surrounding vehicles and pedestrians and adjusting speed and distance. Rising traffic congestion is also contributing to market growth. For example, in the first quarter of 2022, there was a 7% increase in road fatalities compared to the same period in 2021, according to the National Highway Traffic Safety Administration (NHTSA).
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Who Are the Key Players Driving Intelligent Transportation Systems Market Growth?
• Denso Corporation
• EFKON GmbH
• Garmin Ltd.
• Thales Group
• Kapsch TrafficCom AG
• Siemens Aktiengesellschaft
• Cubic Corporation
• TomTom International B.V.
• Indra Sistemas S.A.
• Traffic Tech Inc.
• Alstom SA
• Cisco Systems Inc.
What Are The Key Trends In The Intelligent Transportation Systems Market?
• IoT Integration
• Advanced Driver Assistance Systems (ADAS)
• Smart Parking Solutions
• Cybersecurity Measures
• Augmented Reality (AR) in Navigation
• 5g Connectivity
• Blockchain for Transportation Security
• Public-Private Partnerships
What Are The Segments Of The Global Intelligent Transportation Systems Market?
• Offering: Hardware, Software, Services
• System: Advanced Traffic Management System, Cooperative Vehicle System, Advanced Public Transportation System, Advanced Traveler Information System, Advanced Transportation Pricing Systems
• Application: Roadways, Aviation, Railways, Maritime
Which Region Leads The Intelligent Transportation Systems Market?
North America was the largest region in the intelligent transportation system market in 2024. However, Asia-Pacific is expected to be the fastest-growing region in the global intelligent transportation systems market during the forecast period, underscoring the global appeal and potential of these systems.
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What Is Covered In The Intelligent Transportation Systems Market Global Market Report?
- Market Size Analysis: Analyze the Intelligent Transportation Systems Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Intelligent Transportation Systems Market for effective categorization.
- Key Player Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Intelligent Transportation Systems Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Intelligent Transportation Systems Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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