Intelligent Transportation Systems Market: Powered by U.S., North America Dominates in Terms of Revenue Competition Globally

The global intelligent transportation systems (ITS) market is fragmented in nature with a host of regional and international manufacturers competing with each other for market share. There are no clear dominant players and some of the big names operating in the global ITS market are Siemens, Garmin International, Hitachi, and TomTom N.V. These end-use solution providers offer a variety of software, hardware, and integrated system solutions to users.

Among them, Siemens holds a marginally stronger position on account of its robust earnings and the inroads it has made into different regions globally. Its wide array of innovative technology products have seen rapid uptake. Hitachi too offers reliable and quality products for traffic control and management. Both Hitachi and Siemens are considered trusted vendors for ITS end solutions. TomTom N.V. leads the in-vehicle hardware component suppliers segment in the global ITS market.

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The global intelligent transportation systems market’s revenue stood at US$20.22 bn in 2015 and exhibiting a healthy CAGR of 12.7% it is expected to reach US$57.44 bn by the end of 2024.

Powered by U.S., North America Dominates in Terms of Revenue
Among the various types of intelligent transport systems, advanced transportation management system (ATMS) held the maximum share – around 41% – in overall ITS market in 2015. In terms of growth, however, the automatic number plate recognition systems (ANPR) segment is predicted to outpace all other segments during the period from 2016 to 2024, filliped mainly by an alarming increase in road accidents across the globe caused by the breach of traffic laws. This has compelled traffic police departments in most countries to adopt new technologies to up road safety.

Application-wise, the traffic management segment has led the market so far and is expected to maintain its dominant position in the coming years too. It is followed by the road user charging segment. The environment protection segment, however, is predicted to witness maximum growth in the near future.

With a revenue of US$8.34 bn in 2015, North America, led by the U.S., overtook all other regions in terms of market share. Down the line, it is predicted to hold on to its leading position due to continued government support, intensive research in the field, and public-private partnerships for improving transportation. Europe follows North America vis-à-vis revenue. Powered by India and China, Asia Pacific, however, is slated to grow at a comparatively faster clip than others.

Lesser Spend on ITS Restrains Market Growth

Efficient performance of transportation networks is crucial for any nation, because glitches in traffic signals and traffic incidents result in traffic jams and higher carbon emissions in urban and interurban networks. “Congestion cost is a big issue for any country in terms of fuel consumption and travel time,” observes the lead analyst of the TMR report. Electronic tolling systems and ramp metering systems can go a long way in lessening congestion to maintain a more or less smooth flow of traffic on interurban road networks.

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One of the primary restraining factors in the global market for ITS is lower funding for ITS projects. Authorities across countries and states are attaching greater importance to the expansion and maintenance of transportation networks, while ignoring ITS technologies. Another market constraint is the absence of interoperability between ITS and infrastructure on account of challenges in sharing information seamlessly between vehicle and road users, traffic control units and transportation authorities.

“Interoperability is the major issue for electronic toll collection systems (ETC) due to a difference in toll collection concepts and different technologies used by highway toll collection operators,” points out the analyst of the report.

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This release was published on openPR.