Press release
Smart Transportation Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Smart transportation markets are being driven by the surge in government initiatives and regulations. Developing and emerging economies' governments are emphasising innovative transportation technologies investment to alleviate roadway congestion, foster safe transportation and minimise road accidents. For example, in October 2023, the UK Government initiated the latest cycle of the Transport Research and Innovation Grant (TRIG) innovation contest, providing £1.8 million ($2.18 million) in resources. This funding is targeting companies that are working on projects around airport decarbonization and leveraging artificial intelligence to make transportation more cost-effective and efficient. Consequently, the growth in government initiatives and regulations is projected to stimulate smart transportation demand over the subsequent years.
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What is the future CAGR of the smart transportation market, and how will it impact industry expansion?
The expansion of the intelligent transportation market has been swift and significant in the past few years. The market size is projected to increase from $158.49 billion in 2024 to $181.77 billion in 2025, representing a compound annual growth rate (CAGR) of 14.7%. Factors contributing to this growth during the historic period include rising urbanization and city congestion, the implementation of smart transportation systems for traffic control, escalating demand for real-time tracking and monitoring in transport, advances in sensor technologies in vehicles, along with governmental initiatives endorsing smart city and transport solutions.
The size of the smart transportation market is projected to experience substantial growth in the upcoming years. The estimations suggest that it would increase to $335.95 billion in 2029, growing at a compound annual growth rate (CAGR) of 16.6%. The factors contributing to this growth during the forecast period are the rising adoption of electric and self-driving vehicles, the incorporation of 5g technology for improved and trustworthy communication, an increased emphasis on sustainable and green transportation solutions, expansion in the shared mobility and ride-hailing industry, and growth of smart transportation infrastructure in burgeoning economies. Significant trends during this forecast period include the creation of unified mobility-as-a-service (maas) platforms, focus on anticipatory maintenance for transport fleets, utilization of AI for traffic forecasting and enhancement, inclusion of blockchain technology for valued and transparent business transactions, and teamwork between automobile manufacturers and tech companies for networked vehicle solutions.
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What are the most significant trends transforming the smart transportation market today?
Major corporations in the smart transportation industry are stepping up their game by unveiling advanced platforms, such as the road synergy platform, to stay ahead in the market. The term ""road synergy platform"" denotes a system or technology engineered to foster an integrated and synergistic setting for various components pertaining to road infrastructure and transport. For example, SenseTime, an artificial intelligence firm from China, launched its SenseAuto V2X Vehicle-Road Synergy Platform in September 2022. The platform aims to facilitate safer and more streamlined urban mobility by weaving together 'smart cars, intelligent roads, and collaborative clouds.' The SenseAuto V2X system delivers a comprehensive analysis and decision-making solution by merging and examining vehicle and roadside data.
Which key market segments comprise the smart transportation market and drive its revenue growth?
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
Subsegments:
1) By Advanced Traveler Information Systems (ATIS): Real-Time Traffic Information Systems, Route Planning Applications, Mobile Travel Apps, Dynamic Message Signs
2) By Advanced Transportation Management Systems (ATMS): Traffic Signal Control Systems, Incident Management Systems, Traffic Monitoring Systems, Fleet Management Solutions
3) By Advanced Transportation Pricing Systems (ATPS): Congestion Pricing Solutions, Toll Collection Systems, Parking Management Systems, Dynamic Pricing Applications
4) By Advanced Public Transportation Systems (APTS): Smart Bus Systems, Automated Fare Collection Systems, Real-Time Passenger Information Systems, Demand-Responsive Transport Solutions
5) By Cooperative Vehicle Systems: Vehicle-To-Vehicle (V2V) Communication Systems, Vehicle-To-Infrastructure (V2I) Systems, Connected Vehicle Technologies, Automated Driving Systems
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What regions are at the forefront of smart transportation market expansion?
North America was the largest region in the smart transportation market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the smart transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the smart transportation market?
Major companies operating in the smart transportation market include 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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What Is Covered In The Smart Transportation Global Market Report?
•Market Size Forecast: Examine the smart transportation market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart transportation market for a structured understanding.
•Key Players Overview: Analyze major players in the smart transportation market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart transportation market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart transportation market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart transportation market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart transportation market.
•Competitive Landscape: Review strategic developments in the smart transportation market, including expansions, agreements, and new product launches.
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