BANGALORE, India, April 18, 2022 /PRNewswire/ — The Intelligent Transportation System Market is Segmented by Type (Advanced Traffic Management System, Advanced Traveler Information System, ITS-Enabled Transportation Pricing System, Advanced Public Transportation System, Commercial Vehicle Operation), by Application (Fleet Management and Asset Monitoring, Intelligent Traffic Control, Collision Avoidance, Parking Management, Passenger Information Management, Ticketing Management, Emergency Vehicle Notification, Automotive Telematics): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Transportation & Logistics Category.
The global Intelligent Transportation System (ITS) market size is projected to reach USD 1610.8 Million by 2028, from USD 901.4 Million in 2021, at a CAGR of 8.2% during 2022-2028.
Major factors driving the growth of the Intelligent Transportation System are:
The ability of ITS to process and share information that can prevent potential crashes, keep traffic moving, and reduce the transportation sector’s negative environmental impacts on society is expected to drive the Intelligent Transportation System (ITS) market forward.
Furthermore, government initiatives for effective traffic management, the growing need to reduce traffic congestion, the rapid development of smart cities, and the proliferation of connected vehicles are all expected to propel the intelligent transportation systems market forward.
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TRENDS INFLUENCING THE GROWTH OF THE INTELLIGENT TRANSPORTATION SYSTEM MARKET
Favorable government initiatives for effective traffic management are expected to drive the growth of the Intelligent Transportation System market. Governments all over the world are implementing ITS to improve road safety and operational performance of the transportation system, as well as to reduce the environmental impact of transportation. Significant
funds are required to implement ITS. Countries like the United States, Dubai, and Japan are heavily investing in various ITS projects. The government hopes that by deploying next-generation AI-powered intelligent transportation systems, drivers will be able to plan their trips without fear of getting stuck in traffic. These systems also reduce traffic congestion, delays, and pollution.
To improve productivity, visibility, and maintenance, the Intelligent Transportation System enabled fleet management telematics, which shares data between vehicles and fleet managers. Maintenance can cost millions of dollars depending on the size of the fleet. Managers can fix or replace parts before they become too expensive when telematics predicts fleet maintenance needs. Improved route efficiency and cargo utilization management can help managers save money. When telematics is used to provide optimized routes, ITS can also save money on fuel and reduce idle time. This is expected to propel the Intelligent Transportation System market forward.
To manage traffic flow, smart traffic solutions can detect traffic patterns and adjust traffic signal timing. These applications aid in the avoidance of road widening and other infrastructure changes. Smart traffic management solutions also assist drivers and first responders in avoiding hazardous or under-construction areas. These factors are expected to drive the growth of the Intelligent Transportation System market.
Advanced features like vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication are boosting the market’s prospects. These features provide travelers with real-time information about road conditions and construction zones, as well as seat availability and public transportation schedules, thereby improving overall on-road safety and reducing the risk of fatalities while reducing travel time. The introduction of advanced technology in the automotive sector has increased the global demand for improved automotive and transportation infrastructure. With the rise of smart and electric vehicles, the demand for cutting-edge infrastructure and technologies is growing, resulting in a favorable environment for the intelligent transportation systems market to thrive.
Furthermore, the ITS market is expected to be driven by rising demand for parking space management, particularly in urban areas. For more convenient parking, parking management systems communicate parking space availability. Parking space information is sent to drivers’ smartphones via sensors embedded in the pavement of parking lots or overhead in parking decks.
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INTELLIGENT TRANSPORTATION SYSTEM MARKET SHARE ANALYSIS
Based on type, Advanced traffic management systems are expected to be the most lucrative. This is due to increasing traffic congestion on roads across the world.
Based on region, APAC is expected to be the most lucrative. In countries like China, Japan, Australia, and the rest of APAC, the deployment of ITS has increased due to the growing number of megacities and population in developing countries.
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- Kapsch Trafficcom
- Tomtom International
- Flir Systems
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- The global automotive telematics market size was valued at USD 50.4 Billion in 2018, and is projected to reach USD 320.6 Billion by 2026, registering a CAGR of 26.8% from 2019 to 2026.
- The global IoT Fleet Management Market size is projected to reach USD 26410 Million by 2027, from USD 6955.7 Million in 2020 at a Compound Annual Growth Rate (CAGR) of 21.0% during 2021-2027.
- The global Commercial Vehicle Fleet Management System market size is projected to reach USD 15290 Million by 2027, from USD 5581.7 Million in 2020, at a CAGR of 15.5% during 2021-2027.
- The global smart fleet management market was valued at USD 38,245.6 Million in 2019, and is projected to reach USD 98,656.5 Million by 2027, registering a CAGR of 15.8%.
- The global Smart Parking market size is projected to reach USD 13180 million by 2028, from USD 4779.7 Million in 2021, at a CAGR of 15.3% during 2022-2028.
- The global Automatic License Plate Recognition market size is projected to reach USD 1920.7 Million by 2028, from USD 1020.7 Million in 2021, at a CAGR of 9.3% during 2022-2028.
- The global LPR Cameras market was valued at USD 381 Million in 2020 and it is expected to reach USD 682 Million by the end of 2027, growing at a CAGR of 8.5% during 2021-2027.
- The global Smart Transportation market size is projected to reach USD 131280 Million by 2027, from USD 72740 Million in 2020, at a CAGR of 8.3% during 2021-2027.
- The global Parking Management market size is projected to reach USD 947.4 Million by 2028, from USD 565 Million in 2021, at a CAGR of 7.6% during 2022-2028.
- The global Intelligent Traffic Systems market size is projected to reach USD 37210 Million by 2028, from USD 28610 Million in 2021, at a CAGR of 3.8% during 2022-2028.
- Due to the COVID-19 pandemic, the global Electronic Toll Collection market size is estimated to be worth USD 5033.8 Million in 2022 and is forecast to be a readjusted size of USD 6254.6 Million by 2028 with a CAGR of 3.7% during the review period.
- The global Intelligent Transportation Management System market size is projected to reach USD 37210 Million by 2028, from USD 28610 Million in 2021, at a CAGR of 3.8% during 2022-2028.
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