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  • 12 June 2019 23:03

Intelligent Transportation System (ITS) Market Set for Rapid Growth

An intelligent transportation system (ITS) is an advanced application which, aims to provide innovative services relating to different modes of transport and traffic management and enable users to be better informed and make safer.

The global intelligent transportation system market is expected to reach around US$ 50 billion by 2026 and market will grow at noteworthy CAGR around 10.2 % throughout the forecast period.

Rapid urbanization in developed and developing countries, rising automotive sale and high traffic congestion is resulting in growing demand for advanced public traffic management systems this is a major factor expected to drive growth of the global intelligent transportation system market. In addition, increasing government initiatives in order to manage the growing traffic through deployment of traffic management systems such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communicationis another factor expected to support the market growth.

The markets in North America and Europe are expected to contribute significant revenue shares in the global intelligent transportation system market. This can be attributed to rising traffic in countries such as US, France, and UK, increasing government initiatives in order to control and manage the traffic, and presence of major players operating in this region.

Market Dynamics:

The report comprises a detailed value chain analysis, which provides a comprehensive view of the global Intelligent Transportation System (ITS) market. Porter’s Five Forces model has also been included to help understand the competitive landscape of the market.

The report also includes the regulatory scenario of different countries. The study encompasses market attractiveness analysis, wherein various end-uses of aluminum frame market have been benchmarked based on their market size, growth rate, and general attractiveness.

Market Segmentation

By Type: ATIS, ATPS, APTS, ATMS, EMS

By Application: Traffic Management, Freight Management, Public Transport, Road Safety and Security, Automotive Telematics, Environment Protection, Road Tolling System, Parking Management

By Geography: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)

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.

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.

Secondary research also includes recent trends, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.

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