Intelligent Transport System Market to Exhibit 7.2% CAGR; Automated Toll Collection Feature to Aid Growth
Fact.MR’s latest report uncovers details on opportunities in the intelligent transport system market. The report delivers insights on trends favouring growth between 2022 and 2032. Apart from growth and demand, the report presents information about various segments, including product offering, system, application, and region.
NEW YORK, July 5, 2022 /PRNewswire/ — The global intelligent transport system market is expected to register a CAGR of 7.2% between 2022 and 2032 and reach US$ 53.06 Bn by the end of 2032. Urgent need to minimize road fatalities and increase passenger safety is projected to boost the global intelligent transport system market in the upcoming decade.
Deployment of an advanced traffic management system to reduce travel time is another vital factor that is expected to bode well for the global market. As per Fact.MR, sales of intelligent transport systems are estimated to be valued at US$ 26.47 Bn in 2022.
Lack of infrastructure development and increasing number of vehicles on the road are causing traffic congestion. These factors are further leading to huge losses in terms of economic productivity and efficiency.
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On account of this, several countries are planning to implement wireless advanced safety systems to reduce road traffic and accidents. According to Bosch’s study, the total socio-economic costs of road traffic accidents in India range between US$ 15.71 to 38.81 Bn, which is estimated to be about 0.55% to 1.35% of the country’s GDP.
An intelligent transport system is applicable to wide-ranging management systems such as traffic control systems, car navigation, automated electronic toll collection, and pedestrian safety. Launch of state-of-the-art systems by key players with the surging demand for cost-effective solutions is set to aid growth.
Minimizing traffic congestion through an intelligent transportation system will also help in reducing fuel consumption and emissions of greenhouse gases. Due to the above-mentioned benefits, governments of various countries are focusing on the adoption of new transportation management systems.
Key Takeaways:
- The global intelligent transport system market is expected to reach US$ 53.06 Bn in 2032, growing at a CAGR of 7.2% in the evaluation period.
- Europe presently holds nearly 24.7% of the intelligent transport system market share.
- North America intelligent transport system market is expected to generate a share of about 28.1% in the forecast period.
- Asia Pacific intelligent transport system market is expected to exhibit significant growth on the back of expansion of transportation networks.
Growth Drivers:
- Rising demand for better traffic management systems due to increasing number of vehicles causing traffic congestion on roads is projected to drive growth.
- Government funding and partnerships with organizations to improve transportation infrastructure is likely to create new growth opportunities in the market.
Restraints:
- Requirement of a sophisticated centralized traffic management center to deal with real-time traffic data may hamper growth in emerging economies.
- Implementation of dynamic message signboards, CCTV cameras, highway advisory radios, and microwave detectors is expensive, which may hinder growth.
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Competitive Landscape:
Key players in the global intelligent transport system market are engaging in partnerships with government agencies to remain at the forefront in the industry. Meanwhile, a few other key players are focusing on mergers and acquisitions, as well as new product launches to gain a competitive edge in the market.
For instance,
- In June 2022, the Chennai Corporation mentioned that it is planning to provide a contract to deploy the Intelligent Transport System (ITS) Installation Project in the Chennai Metropolitan Area. It has received bids from 3 companies and is aiming to finalize one within a few months.
Key Companies Profiled by Fact.MR
- Thales Group
- Transcore
- Siemens AG
- Garmin Ltd.
- Efkon AG
- Lanner Electronics Inc.
- Kapsch Trafficcom
- Ricardo Plc
- Tomtom International BV
- Iteris Inc.
- Q-Free ASA
- Atkins Group
- Denso Corporation
More Valuable Insights on Intelligent Transport System Market
In the latest report, Fact.MR offers a detailed study on global intelligent transport system market for the forecast period of 2022 to 2032. The study also highlights key drivers promoting the sales of intelligent transport systems through detailed segmentation as follows:
By Product Offering:
- Intelligent Transport Hardware
- Intelligent Transport Software
- Intelligent Transport Services
By System:
- Advanced Traffic Management System (ATMS)
- Advanced Traveler Information System (ATIS)
- Advanced Transportation Pricing System (ATPS)
- Advanced Public Transportation System (APTS)
- Emergency Medical Systems (EMS)
By Application:
- Intelligent Traffic Control
- Collision Avoidance
- Parking Management
- Ticketing Management
- Automotive Telematics
- Fleet Management & Asset Monitoring
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions Covered in the Intelligent Transport System Market Report
- What is the market share of the top 3 countries?
- What is the current global size of the intelligent transport system market?
- At what CAGR will the global intelligent transport system market grow?
- Which region holds the highest share in intelligent transport system market?
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