Global Intelligent Transportation Systems (ITS) Market Share, Growth 2022: Acute Market Reports
Intelligent Transportation Systems Market Overview:
The universal intelligent transportation systems market crossed 16 billion US dollar mark in year 2013 and is predicted to observe a significant growth and expansion during the estimated period. Escalating concentration on road security and growing requirement for enhancing the performance of current transportation networks is also predicted to stimulate the demand.
The global intelligent transportation systems market is predicted to accrue the total income of 34 billion dollars by end of year 2020.
High traffic congestion owing to increase in proportion of vehicles has contributed to the requirement for modernized public traffic management systems. Consequent requirements for smart vehicles with public private associations are foreseen to be a key growth avenue during the estimated period. Many initiatives taken by the government to set up modern traffic management systems like vehicle to infrastructure communications systems and vehicle to vehicle systems is predicted as the main strategies of market growth.
Developed regions of North America and Europe have made the use of electronic stability control systems, a driver assistance system, and compulsory in commercial as well as passenger vehicles. Car producers in both the evolving and established areas are setting up these systems in their new cars to distinguish their products from their business rivals. The above described aspects are projected to offer profitable growth avenues for the market growth and expansion by the end of year 2020.
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These systems help in enhancing the job performance of supply chain procedure and produce high level of benefits to price ratio. Customers can also cut down on prices by utilizing the real time systems of transportation. Owing to these aspects, transportation service providers have enhanced capital investment in this technology during the last few years. But high costs of installation and slow rate of growth in infrastructure segment can act as a threat to the market growth.
High cost advantage to price ratio encourages the vehicle owners as well as transport authorities all across the globe to make capital investments in this technology. Main uses of connected vehicle techniques includes vehicle to infrastructure communication, mobility application, vehicle to vehicle communication and environment application.
Intelligent Transportation Systems Market By Product :
The market can be bifurcated into advanced transportation pricing systems, cooperative vehicle systems, advanced traveler information systems, advanced public transportation systems and advanced transportation management systems on the product types.
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Advanced transportation management systems industry contributed for more than thirty eight percent of the universal market revenue in year 2013. It is projected to expand by more than 12 % during the forecasted period. It helps in reducing pollution and traffic jamming and maximizes the transport network functions.
ATMS (an abbreviated form of advanced transportation management systems) solutions provided by dealers merge data processing technique along with communications and sensors to assure real time management of transport network functions.
Advanced public transportation systems are predicted to grow by more than 13% by the end the forecasted period. These transportation systems are utilized for improving efficacy of functions or activities of public transit systems and enhance overall security. Its uses are automatic vehicle location systems, bus arrival notification systems and real time passenger information systems.
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Intelligent Transportation Systems Market By Application:
The market can be divided into public transport, automotive Telematics, traffic management, environmental protection, parking management, road safety & surveillance, road user charging and freight management depending upon the types of applications.
Traffic management contributed more than thirty percent of the total market revenue share in year 2013. It is predicted to grow more than 11% during the estimated period. Advanced transportation management systems are used to improve road networks by minimizing the economic load on the regulatory authorities by reducing investments of capital in order to control the congestion of traffic.
Environmental protection application is predicted to witness a great demand and experience a significant growth during the forecasted period from year 2014 to year 2020. Different nations across the world who are working towards annihilation of vehicular emissions are expected to stimulate the demand for this application all across the globe.
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