PUNE, India, Oct. 29, 2020 (GLOBE NEWSWIRE) -- The Intelligent Transportation System Market - Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Intelligent Transportation System Market was valued at US$ 25.3 billion in 2019, the expected CAGR for the duration 2020 to 2030 is 4.5%. With increased investment in development of efficient transport systems and growth in disposable income, the number of vehicles on road has increased significantly during past decade. The declining prices of passenger cars has resulted in increased traffic congestion across the major countries globally. This has led to emergence of intelligent transportation systems and has accelerated the growth of market across the globe. An intelligent transportation system undertakes data collection, data transmission, and data analysis of the roadside and transport system data to inform the passengers regarding real time traffic conditions. It manages all the aspects of public transport systems and informs the passengers about timing, seat availability, current location, next location and estimated time to arrival, thereby enhancing the consumer experience. Increased emphasis by government authorities to encourage public transport systems is anticipated to drive the growth of the global intelligent transportation system market during the forecast period.
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Improved accuracy in monitoring and managing roadside conditions to drive the growth of advanced traffic management system
The global intelligent transportation system market is segmented based on component, type, applications, and geography. Based on type, the global intelligent transportation system market is segmented into advanced traffic management system, advanced traveler information system, enabled transportation pricing system, advanced public transportation system, commercial vehicle operation, and others. The advanced traffic management system contributed a dominating share to the global intelligent transportation system market in 2019 and is expected to witness prominent growth in coming years. The advanced traffic management systems are used along with existing traffic control systems and help in efficiently monitoring and managing the road space by detecting accidents, roadside hazards, and bad weather conditions. The advanced public transportation system is anticipated to be the fastest growing segment during the forecast period owing to increasing adoption of managing public transport systems such as trains and buses.
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The traffic management applications to drive the growth of intelligent transportation system market
Based on applications, the global intelligent transportation system market is segmented into traffic management, road safety and security, freight management, public transport, environment protection, automotive telematics, parking management, road tolling systems, and others. The traffic management segment held the largest share of the global intelligent transportation system market in 2019 and is expected to be a dominating application throughout the forecast period. The intelligent transportation system enhances the efficiency of existing traffic management systems by optimizing metering, vehicle detection and traffic monitoring, and thus are extensively used for traffic management. The automotive telematics segment is anticipated to be the fastest growing segment during the forecast period owing to increased investment in enhancing on-road safety and vehicle to vehicle communication.
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Based on geography, the global intelligent transportation system market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominated the global intelligent transportation system market in 2019 and is expected to be a dominating region throughout the forecast period. Increased adoption of advanced communication technology and rising deployment of intelligent transportation system by the United States Department of Transportation (DOT) are the major forces driving the North America intelligent transportation system market. Rising investment in development of advanced transportation network to enhance roadside safety is expected to drive the growth of the North America intelligent transportation system market in coming years. Asia Pacific is expected to offer lucrative opportunities during the forecast period owing to expanding transportation infrastructure and rising adoption of intelligent transportation system across the emerging economies.
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Major players active in the global intelligent transportation system market include ADDCO, Agero, Inc., DENSO CORPORATION, EFKON GmbH, Garmin International, Inc., Hitachi, Ltd., Iteris, Inc., Kapsch TrafficCom, Lanner, Nuance Commination, Inc., Q-Free ASA, Ricardo, Sensys Networks, Inc., Siemens AG, Telenav, Inc., Thales Group, TomTom International, TransCore, and Xerox Corporation.
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