Intelligent Transportation System Market Projected Worth of US$57.44 bn by 2024

The global market for intelligent transportation system (ITS) consists of numerous foreign as well as domestics players. The global industry can be termed as fairly fragmented and there is no clear dominant player leading the overall intelligent transportation system market. Some of the key players in the global intelligent transportation system market include names such as Garmin International, TomTom N.V., Hitachi, and Siemens. The companies in the market are heavily investing in the activities of research and development as well innovating new products. These strategies are proving to be successful among the leading players in the global market. Siemens recently collaborated with the government in Germany on the project of Digital Autobahn Test Field. The flagship feature of the project is to build nation’s first intelligent bridge. The bridge opened for the civilians of Nuremberg in October 2016.

The global market for intelligent transportation system stood at an overall market valuation of US$20.22 bn in the year 2015. This valuation is expected to grow and touch a figure worth US$57.44 bn over the course of the given forecast period of 2016 to 2024. This growth is projected to be achieved with the help of a strong CAGR of 12.7% over the same period of forecast.

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In terms of type of intelligent transportation system, the advanced transportation management system held a dominant share of 41.0% in the year 2015, owing to the increasing demand for high tech traffic control and management solution. The segment is expected to show a strong CAGR of 12.9% over the mentioned period of forecast. From a geographical standpoint, North America held a dominant share in the global intelligent transportation systems market with 41.2% in 2015.

Effective Management of Traffic due to ITS to Drive Market Growth

A good transportation system form the pillar of any nation’s economic as well as social development. However, congestions in traffic is a big issue with respect to consumption of fuel, time for travel, and overall cost. Intelligent transportation systems have come up as a vital solution for all these problems and thus has led to augment the growth of the global market.

Numerous associations of intelligent transportation systems across the globe have discovered that high-tech traffic management systems cut down the waiting time at a traffic signal by nearly 20% to 30% and the time for travel averagely by 25%. All these factors have led to increasing adoption of intelligent transportation systems and thus have propelled the overall growth of the global market.

Another significant factor responsible for driving the demand for intelligent transportation systems is the increasing demand for improving road safety. It is found that almost 2% of all the casualties across the globe are caused due to road accidents. This need for better road safety is working exceedingly well for the overall development of the global intelligent transportation market.

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Lack of Interoperability between ITS and Local Infrastructure to Hinder Market Development

However, there are some factors that may negatively impact the global market for intelligent transportation systems and slow down its growth rate. One of the chief impeding factor responsible for such negative impact is the slow economic growth in various countries. Moreover, in some countries there is a clear lac of interoperability between the local infrastructure and intelligent transportation systems. This is also expected to delay the global market to reach its full potential.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.