Intelligent Transportation System Market size forecast to grow with 13% CAGR to surpass 13% USD 47.6 billion by 2022
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This helps in diminishing the overall travel time and fuel utilization by avoiding overcrowded traffics or routes. Need for interoperability is likely to create challenge to industry participants. However, governments and transportation authorities, have been actively working together to improve overall interoperability.
Rising needs for interoperability is projected to drive the intelligent transportation system market growth over the forecast period. It is a major issue for electronic toll collection systems (ETC), owing to difference in toll collection technologies implementations by operators across the globe. For instance, in Europe, dedicated short range communications (DSRC) and GPS/GSM technology is employed for ETC systems for toll collection on highways. Conversely, this restraint is likely to be diminished by increasing standardization in services as well as the ITS market.
Browse key industry insights spread across 112 pages with 59 market data tables & 50 figures from the report, “Intelligent Transportation System (ITS) Market Size By Application (Road Safety and Security, Traffic Management, Freight Management, Parking Management, Public Transport, Environment Protection, Road User Charging, Automotive Telematics), By Product (ATMS, ATPS, ATIS, APTS, Cooperative vehicle systems),Industry Analysis Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022” in detail along with the table of contents:
Key insights from the report include:
- Global intelligent transportation system (ITS) market was valued USD 18.04 billion in 2014, with estimation of USD 47.6 billion by 2022, growing at 13% from 2015 to 2022.
- Worldwide demand in traffic management system was USD 5.6 billion in 2014 which is probable to achieve USD 14 billion by 2022, growing at a CAGR of 12% from 2015 to 2022. Advantages offered by this system include operation performance and reliability are predictable to stimulate the industry demand. Public transport is expected to grow at 13.3% over the forecast period.
- North America leads the regional demand with market share of 41.52% in 2014. Stringent government norms have boosted the demand in this region over the forecast period. Asia Pacific region is expected grow at high rates compared to other regions. The region is expected to grow at a CAGR of 13.9% up to 2022.
- Reasonably competitive industry consists of top ten manufacturers which accounts large percentage of industry share in 2013. Major industry manufacturers include Siemens AG, Hitachi Ltd., Kapsch TrafficCom, SWARCO AG, Denso, Q-Free ASA, TomTom NV, Garmin International, IBM Corp. and Xerox Corp.
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