According to Acumen Research and Consulting, the global intelligent transportation system market is expected to grow at noteworthy CAGR around 10.2 % throughout the forecast period and reach around US$ 50 billion by 2026.
One of the main factors driving demand for ITS is the need to present real-time information to drivers and passengers. The need for advanced public traffic management systems was due to a high traffic congestion caused by increasing numbers of vehicles. A major growth driver is expected to be the following need for smart trucks with public-private partnerships. Many advanced traffic management initiatives, for example Vehicle to Vehicle (V2V) and Vehicle to Infrastructure (V2I), are also planned to be observed as a key growth strategy.
The ITS system is a highway transport system as well as an efficient underground rail system. ITS consists of revision of overall technological aspects such as GPS, Carrier Access for Land Mobiles, DSRC and so on. The departments concerned are aware, globally, that the implementation of an effective ITS system is important for the growth of the market. Consequently, these departments develop specific programs and implement the system the U.S, for instance. The Transportation Department focuses on smart infrastructure, smart vehicles and the integration of both.
The report provides analysis of global Intelligent Transportation System market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Various economies address growing traffic issues and deploy new communications and electronic technologies integrated systems. The development of ITS systems over the forecast period is projected to increase mobility for freight and consumers, including better access to transport. Improving the management of traffic and emergency services enables authorities to respond more efficiently quickly to emergencies and accidents. The use of these systems optimizes traffic management efficiency and reduces the duration of travel. The use of public transport reduces airborne pollutants and emissions of carbon dioxide. In the forecast period, Asia-Pacific is estimated to be the fastest growing region. ITS introduction is contributing to growth in different economies, such as India and Hong Kong. For example, the Hong Kong government finances the deployment of ITS, ensuring that its transport systems are safe and efficient. High cost benefits have a major impact on the investments made in this technology by transport authorities and vehicle owners. The key applications of connected vehicle technology include communication with a vehicle to a vehicle (V2V), communication with an infrastructure vehicle (V2I), environmental application and application of mobility.
However, the slow growth of infrastructure, in particular in developing countries worldwide due to the high cost of installation, is a major constraint to market growth. The lack of norms and the negligible interoperability between different transport modes and technologies are another major constraint to the growth of the market. Various government sectors and key market actors form strategic private-public partnerships to address these challenges. The main opportunity is also the development and use of state-of - the-art facilities and state-of - the-art technology for smart cars that operate on smartly controlled roads.
On an application basis, traffic management, environmental protection, public transport, freight management, automotive telematics, road safety and security, road users charging and parking management can all be classified on the market of the intelligent transport system (ITS). Approximately 7 per cent of the U.S. segment in the traffic management application is expected to reach more than USD 3.5 billion from 2019 to 2026. The deployment of ITS in Europe and North America is largely influenced by government regulations. Traffic management systems improve road network reliability and operational performance. Amongst other things, they include automotive detectors, traffic systems for bridges and ramp meters. Increasing traffic jams lead to waste of fuel, traffic time and cash losses and they have a negative impact on a country's socio-economic growth and development. Traffic management systems are therefore used to reduce the financial burden on transport authorities and governments to a minimum.
The segment of automotive telematics is projected to grow at CAGR from 2019 to 2026 by around 11 %. The adoption of telematics services in vehicles will be expected to have a positive impact on regulatory initiatives in relation to safety and security. Telematics tracking systems are extensively used in vehicles that include the use of radio frequency identification to enter and activate remote vehicles. High demand for parking management led to an increase in the number of on-road vehicles. Smart parking management systems allow parking operators to offer car users a high level of comfort and to reduce waste of time.
System Type Outlook
The market can be classified by system type in Advanced Traveler Information Systems (ATIS), Advanced Traffic Management System (ATMS), Emergency Management Systems (EMS) and Advanced Transport Price Systems (ATPS).
It is expected that the China ATMS segment will reach USD 650 million between 2019 and 2026. From 2019 to 2025, the global APTS segment should expand to more than 12% at the CAGR. APTS offers increased vision of the bus and train overall schedules. Increased public transportation passenger numbers are expected to enable passengers to enjoy real-time passenger information systems.
The ATIS market for Asia Pacific is projected to expand by more than 14 percent from 2019 to 2025, due to the increase in the installation of new vehicles in the area of infotainment and navigation equipment. ATIS applications include location, weather, actual traffic and parking information. ATIS applications Services like mobile call, Internet connection and music, and film downloads may also be offered. Vehicle manufacturers have tried to add navigation and infotainment in cars; demand for aftermarket telematics is also present.
Investing in R&D, adoption and ITS deployment throughout the region has been a major part for the United States Transportation Department (DOT). From 2015 to 2013, a Safety Pilot Model Deployment (SPMD) has been carried out by the University of Michigan Transport Research Institution (DOT) in Michigan with real-world DSRC devices. Furthermore, in 2015, DOT announced its commitment to V2V Technology in the United States for all SPMD-based light-duty vehicles.
In Brazil, Russia, India, China and South Africa (BRICS) developing markets the economic advantages of deployment with ITS are particularly notable. Car owners benefit not only financially from in vehicle and cooperative systems, but also help to avoid congested roads and reduce overall fuel consumption and travel time. In established and emerging markets, car manufacturers install these systems in their new car models to distinguish their products from their competitors.
Global Intelligent Transportation System Market, By Type
Global Intelligent Transportation System Market, By Application
Global Intelligent Transportation System Market, By Geography
The market research study on “Intelligent Transportation System (ITS) Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Intelligent Transportation System market segments with market dynamics and their impact. The report also covers basic technology development policies.
The report provides an analysis of the latest industry trends from 2015 to 2026 in all sub-segment segments and forecasts revenue and volume growth on the global, the regional and country levels. ARC has divided the global market report of medical oxygen concentrations on product, application, technology and region for this study.
Key Players & Strategies
Siemens AG, Hitachi Ltd and Kapsch TrafficCom are key players in the ITS market. This is mainly due to the diverse customer base and a broad range of state-of - the-art technologies used in the smart transportation system industry. Denso Corporation, Efkon Ag, Garmin International and Lanner Electronics are among other prominent sellers, among others.
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