Intelligent Transportation System (ITS) Market size forecast to grow at a CAGR of 13% during next Six years
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.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/178
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.
Make an inquiry for buying this report @ https://www.gminsights.com/inquiry-before-buying/178
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:
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.
About Global Market Insights
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.
29L Atlantic Avenue,
Suite L 105, Ocean View,
Toll Free: 1-888-689-0688
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Intelligent Transportation System (ITS) Market size forecast to grow at a CAGR of 13% during next Six years here
News-ID: 387919 • Views: 448
More Releases from Global Market Insights Inc.
Steam Autoclaves Market | Insights and Forecast Research Report 2024
The steam autoclave market size is expected to exceed more than US$ 3.1 Billion by 2024, Growing at a CAGR of more than 8.7% in the given forecast period. The extensive use of sterilizing surgical equipment in pharmaceutical and biomedical applications has been propelling steam autoclaves market share over the last few years. The primary reason for the massive deployment of these products in medical applications is the nontoxic and
Advanced Wound Care Market 2019 | Growth, Status and Forecast by 2025
The global advanced wound care market size is expected to reach USD 13.5 billion by 2025, at a CAGR of 5.0% during the forecast period, according to a new report by Global market insights, Inc. Europe advanced wound care market will experience 5.0% growth during the analysis period. Germany, UK, and France represents mature markets in Europe while Spain, Netherland, Belgium, Austria are forecasted to witness high CAGR. Aging demographics
Vascular Graft Market | Industry Analysis, Size, Share, Growth by 2024
Vascular graft market size is anticipated to exceed US$ 3.6 bn by 2024, states Global Market Insights, Inc. in its latest research report. Prominent industries involved in vascular graft market are Becton Dickinson (C.R. Bard), B. Braun, Cryolife (Jotec), Cook Medical, Endologix, Getinge AB, LeMaitre Vascular, Medtronic PLC, Terumo GmbH and W.L. Gore and Associates. These prominent business players are focusing on strategic mergers, new product launch and acquisitions to
Pharmacovigilance Outsourcing Market 2019 | Dynamics, Forecast, Analysis and Sup …
U.S. pharmacovigilance outsourcing market size dominated North America region and was valued at USD 783.2 million revenue in 2017 and is estimated to witness similar trend during the forthcoming years. The high growth is attributed to strong foothold of major pharma and medical device companies coupled with extensive drug development activities in the U.S. Moreover, high healthcare expenditure in the country and growing concern regarding drug safety and adverse drug
More Releases for Transport
ZAMBIA - TRANSPORT SECTOR OVERVIEW
ReportsWorldwide has announced the addition of a new report title ZAMBIA - TRANSPORT 2015 to its growing collection of premium market research reports. This report provides a comprehensive industry profile, analysis and outlook of Zambia’s transport sector. Transport sector has remained buoyant over the years. The sector is the country’s fastest growing sector, ahead of construction, community & social services, and financial services. It is expected to remain its robust double digit
TANZANIA - TRANSPORT SECTOR OVERVIEW
ReportsWorldwide has announced the addition of a new report title TANZANIA - TRANSPORT SEPTEMBER 2016 to its growing collection of premium market research reports. This report provides a comprehensive industry profile, analysis and outlook of Tanzania’s transport sector. The sector is one of the fastest growing industries in the country growing at over 12.5%, almost twice faster than the overall GDP growth. Transport contributes over 4% to the country’s economy. Investments in
ANGOLA - TRANSPORT SECTOR OVERVIEW
ReportsWorldwide has announced the addition of a new report title ANGOLA - TRANSPORT 2015 to its growing collection of premium market research reports. This report provides a comprehensive industry profile, analysis and outlook of Angola’s transport sector. Since the end of the 27-year civil war in 2002, Angola has been re-building its transport infrastructure. Strong government commitment propelled infrastructure development, buoyed by strong revenue streams from mineral exports and a peaceful environment
transport logistic 2013
Cloud Computing experts report at the industry´s fair/ IT technology makes logistics more efficient „at the push of a button“ AXIT AG presents successful projects based on cloud technology / „Xpert-Days“ give a live insight into cloud-based SCM projects. The heart of cloud technology beats at booth 527 in hall B2: "Today anyone who wants to operate a delivery chain in an economical and transparent way cannot bypass
transport logistic China 2008
Germany, Belgium, the Netherlands, Russia, Spain, the Czech Republic and the Italian regions of Friuli and Veneto are all exhibiting at their own national pavilions in Shanghai transport logistic China, the meeting point for transport, logistics and telematics, is going from strength to strength. At this exhibition, which takes place from 17 to 19 June 2008 in Shanghai, groups of exhibitors from the following countries will be exhibiting at their own
German Transport Minister Tiefensee opens transport logistic 2007
Germany´s Minister of Transport Wolfgang Tiefensee will officially open transport logistic 2007, the 11th International Trade Fair for Logistics, Telematics and Transport in Munich on 12 June 2007. In his opening address, he will comment on Germany´s new framework plan for investment in transport infrastructure through to 2010. Messe München also expects a range of other high-ranking international politicians to attend. The Ministry of Transport´s new infrastructure plan envisages investment