NEW YORK, November 4, 2015 /PRNewswire/ --
The global intelligent transportation system (ITS) market is expected to increase from $18,210.2 million in 2014, and reach $38,013.2 million in 2020, with a CAGR of 13.1% during 2015-2020. The global market is mainly driven by increasing traffic congestion. As the traffic congestion is increasing, people are facing more problems. Traffic congestion wastes time of passengers and leads to delay in reaching the workplace. The most effective solution to reduce traffic congestion is adopting intelligent transportation systems that manage the traffic system more effectively and efficiently. The market in Asia-Pacific is expected to witness the fastest growth with a CAGR of 14.1% during 2015 - 2020. This is due to supportive government initiative, towards the implementation of ITS across several developing countries in Asia-Pacific.
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The increasing environmental pollution is also supporting the growth of the global intelligent transportation system market. The intelligent transportation system is able to minimize the adverse environmental impacts on human health. The implementation of intelligent transportation system also leads to improvement in air quality. The environmental burden of new road infrastructure can be minimized with the help of intelligent transportation system, which manages the existing road network. Vehicle emissions can be reduced to a great extent by improving the traffic flow with the use of improved network management techniques, offered through the intelligent transportation system.
The information and data in the publication "Global Intelligent Transportation System (ITS) Market Size, Share, Development, Growth and Demand Forecast to 2020 - Industry Insights by System (Advanced Traffic Management System, Cooperative Vehicle Systems, Advanced Transportation Pricing Systems, Advanced Public Transportation System, and Advanced Traveler Information System), by Application (Environment Protection, Public Transportation, Traffic Management, Road User Charging and Others)" represent the research and analysis of data from various primary and secondary sources. P&S Market Research analysts and consultants interact with leading companies of the concerned domain to substantiate every value of data presented in this report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
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The cooperative vehicle system accounts for the smallest share in the system segment of the global market, however the category is expected to grow with the highest rate (13.7% CAGR) during the forecasted period. The highest growth rate of cooperative vehicle system is due to increasing need for improving energy efficiency of road transportation. During the previous years, the activities related to enhancement in cooperative vehicle system have increased considerably in Europe and Japan. This is because the trucks and automobiles in Europe and Japan are equipped with enhanced technologies.
The major companies operating in the market include Thales SA, Kapsch TrafficCom AG, TomTom International BV, Nuance Communications Inc., Q-Free ASA, Denso Corporation, Efkon AG, TransCore LP, and Savari Inc.
INTELLIGENT TRANSPORTATION SYSTEM MARKET SEGMENTATION
- Advanced Traffic Management System
- Cooperative Vehicle System
- Advanced Public Transportation System
- Advanced Traveller Information System
- Advanced Transportation Pricing Systems
- Environment Protection
- Public Transportation
- Traffic Management
- Road User Charging
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Rest of Asia-Pacific
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