LONDON, Feb. 1, 2017 /PRNewswire/ -- "Increase in urbanization and technological advancement, are expected to fuel the demand in the smart solutions market for mass transit"
The smart solutions market for mass transit for roadways and railways is projected to grow at a CAGR of 8.90%, to reach USD 44.78 billion by 2021. Major driving factors for the smart solutions market for mass transit are rapid urbanization, industrialization, and demand for safety, comfort, and convenience, especially in emerging economies. However, some of the key restraints such as slow growth of GDP in developing economies, capital-intensive nature of the project and concerns related to data storage could affect the growth of the smart solutions market for mass transit. The concept of automated vehicle technology will also raise concerns regarding cybersecurity risks, data protection and manipulation, and unauthorized data usage.
"Increase in need for intelligent vehicle initiative and automated vehicle location system will give rise to demand for smart solutions market for mass transit"
The intelligent vehicle initiative system is observed as the fastest growing market, by technology. The growth is observed due the benefits the system offers to the user. The system includes processors, software, warning devices and for guiding the drivers in best possible manner. For instance, the EU developed "Shift2Rail" a public-private program which improves safety and passenger security. The automatic vehicle location system segment is estimated to be the fastest growing market by roadways transportation mode. The growth is observed owing to the advantage it offers such as vehicle tracking. This helps the transportation authorities to keep a real time check on the transit and provide assistance in case of medical emergency.
"Automatic passenger counter systems are the largest application of the smart solutions market for mass transit"
The automatic passenger counter system accounted for the largest market size in terms of application for both roadways and railways as a transportation mode as this component assists to record precise and accurate passenger data and helps plan transits accordingly. For instance The Tri-County Metropolitan Transportation District of Oregon (U.S.) had implemented automatic passenger counter (APC) systems in public transits. With the new system, the Federal Transit Administration are able to collect the data automatically and with functional changes have enhanced service quality and had improved efficiency of the transits.
"Asia-Oceania & Europe: Fastest-growing market for smart solutions for mass transit"
The Asia-Oceania and Europe are estimated to dominate the market for roadways and railways, and is projected to grow at the highest CAGR during the forecast period. The Asia-Oceania market is growing because of rising industrialization, urbanization, and government spending in transportation sector. This growth in the European region can be credited to the improved socio-economic conditions in economies such as the U.K., Germany, and France. The sizeable populations of these countries have resulted in increased requirement of public transport, which in turn resulted in more government projects for transportation infrastructure developments.
BREAKDOWN OF PRIMARIES
The study contains insights provided by various industry experts, ranging from component suppliers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type – Tier-1 - 45 %, Tier-2 - 40%, and Tier 3 - 15%
- By Designation - C level - 35%, Manager Level – 50%, others –15%
- By Region - North America - 15%, Europe - 50%, and Asia-Oceania - 35%
With the advancement in technology and government norms, OEMs are investing heavily in R&D activities to provide better fuel-efficient products. One such new technology is the traffic management and traffic control solutions. This technology offers better efficiency in terms of reduced time and usage of fuel as it helps the driver with the alternate routes avoiding traffic congestion and is anticipated to grow in the near future.
The report provides detailed profiles of the following companies:
- Thales Group (France)
- Siemens AG (Germany)
- Kapsch TrafficCom (Austria)
- TomTom International (The Netherlands)
- WS Atkins Plc (U.K.)
- Q-Free ASA (Norway)
- Swarco AG (Austria)
- TransCore LP (U.S.)
- Iteris Inc. (U.S.)
- Efkon AG (Austria)
- The report defines, describes, and projects the smart solutions market for mass transit on the basis of applications, components, technology and region
- It analyzes the opportunities offered by various segments of the market to stakeholder
- It analyzes the regional markets for growth trends, future prospects, and their contribution to the overall market
- It also tracks and analyzes competitive developments such as joint ventures, mergers and acquisitions, new product launches, expansions, and other industry activities carried out by key industry participants
REASONS FOR BUYING THE REPORT
- The report covers a detailed analysis of the smart solutions market for mass transit system in terms of its application, the components required, the adoption of technologies and the penetration of the system in different regions
- The study provides qualitative and quantitative analysis of each segment which is represented in terms of volume (thousand units) and value (USD Million)
- The top ten companies which have significant impact on the market are profiled along with their financial stature, recent developments, products offered along with the SWOT analysis
- The report covers the competitive landscape which reflects the market share analysis or market ranking of the leading players along with the dominant strategy adopted by the major stakeholders to retain their leading position
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