Press release
Intelligent Transportation System (ITS) Market size forecast to grow at a CAGR of 13% during next Six years
Internet of things, big data, analytics, and mobile technology have significantly marked their presence across various industries. Automotive industry which is booming with the rapid increase in population is now much of a technology revolutionized space. With the growing number of vehicles, there has been an immense demand for road safety and traffic management to enhance user travel experience. This rising demand to improve transport efficiency has positively impacted the growth of Intelligent Transport System in the automotive industry.ITS or Intelligent Transport System market is anticipated to grow significantly in the coming years, hitting a revenue of USD 47.6 billion by 2022.
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Traffic management has been a major challenge due to the growing number of vehicles and multimodal transport. The demand for safety, operational performance and transport efficiency is driving the demand for ITS market. Moreover, rising environmental concerns as a result of pollutant emission and depleting fuel resources is also fueling the growth of ITS market to enable congestion free transport.
The system improves the transport efficiency by offering features like traffic prediction, traveler information, advisory services, analytics and decision support, ticketing and fare collection, roadside sensors, global positioning systems, and radio frequency tags. ITS services enable vehicles to share positions and data with each other as well as with the network and road infrastructures.
ITS is being adopted worldwide to build improved transport strategies, thereby marching towards ‘smart transportation’. North America and Europe have made it compulsory for the vehicles to use ESC (Electronic Stability Control) in public as well as private transport. Moreover, the US DOT (Department of Transport) has started a Federal ITS program supporting and emphasizing the manufacturing of intelligent vehicles and implementation of intelligent infrastructure. The growing adoption of these devices will positively impact the ITS market share over the coming years. North America led the ITS industry in 2014, contributing towards 41.5% of the overall market share. Favorable government norms and promotional activities will continue to drive the industry growth in the coming years.
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Asia Pacific ITS market is anticipated to record the highest growth rates over the next few years. The growth can be attributed to the rising advancements in sensor technologies and huge adoption of this system by countries like India and China. APAC ITS market is forecast to grow at a CAGR of 13.9 % over the period of 2015-2022.
ITS offers a wide range of application in Traffic Management, Road Safety and Security, Parking Management, Freight Management, Public Transport, Road User Charging, Environment Protection, and Automotive Telematics. Global ITS demand in Traffic Management was worth USD 5.6 billion in 2014 and is forecast to surpass USD 14 billion by 2022. Improved operational performance offered by these devices is likely to boost the market demand.
ITS demand in road user charging and public transport is likely to grow at a CAGR of 12% and 13.3% respectively.
Advanced Transportation Pricing System (ATPS) is being adopted widely by manufacturers as a product differentiation strategy to stay ahead of the competition. Implementation of this system helps in avoiding overcrowded routes, thereby reducing the overall travel time along with excessive fuel consumption. Owing to economic benefits provided by ATPS implementation, the ATPS market is likely to be worth USD 13.2 billion by 2022, recording a CAGR of 13% from 2015-2022.
Browse key industry insights from the report, “Intelligent Transportation System (ITS) Market Size By Application (Road Safety and Security, Traffic Management, Freight Management, Parking Management, Public Transport, Environment Protection, Road User Charging, Automotive Telematics), By Product (ATMS, ATPS, ATIS, APTS, Cooperative vehicle systems),Industry Analysis Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/intelligent-transportation-system-ITS-market
Advanced Traffic Management Systems (ATMS), another product derivative of ITS will also witness a significant surge in the coming years hitting a market value of USD 18.4 billion by 2022. Advanced Public Transportation System (APTS) market is expected to grow at a CAGR of 13% from 2015-2022, key applications including automatic vehicle location system, real-time passenger information system, and bus arrival notification system.
The industry is dominated by top 10 players accounting for the majority of market share. These players are Hitachi Ltd., Siemens AG, Q-Free ASA, SWARCO AG, Denso, Garmin International, Xerox Corp, IBM Corp., Kapsch TrafficCom, and TomTom NV.
Intelligent Transport System implementation will positively impact the overall automotive industry over the coming years. The system is not just a software solution, but is indeed a much wider concept. The data collected by the deployment of ITS can be a major asset for the auto manufacturers, which enables them to get a detailed insight about their vehicle performance in various environments.
Not only automotive, ITS provides a broad scope of its data usage by other industries as well, such as Airline, Retail, and healthcare etc. Making the automotive industry ‘smarter’, ITS market is all set to experience a remarkable rise in the coming years.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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