Intelligent Transportation System (ITS) Market to be Driven by Rising Awareness for Road Safety Till 2024 | Million Insights

News provided by

Apr 04, 2018, 06:10 ET

FELTON, California, April 4, 2018 /PRNewswire/ --

The global Intelligent Transportation System (ITS) Market is expected to reach USD 66.5 billion by 2024. Rising awareness of road safety and need to improve existing transportation performance are expected to be the key driving factor for market growth. High traffic congestion due to urbanization and increasing number of on road vehicles has contributed to the demand for advanced traffic management systems for public. Consequent need for smart automobiles with public and private partnerships is forecasted to be a major growth opportunity for the intelligent transport system market. Various initiatives to deploy advanced traffic management systems such as vehicle to vehicle (V2V) and vehicle to infrastructure (V2I) communication is also expected to be witnessed as a key growth strategy.

Developed regions including North America and Europe have made the use of driver assistance system, electronic stability control (ESC) systems in commercial and passenger vehicles mandatory. Car manufacturers in both emerging and established economies are implementing these systems in their new car models to differentiate their products from the competitors. These factors are anticipated to drive the market growth in the foreseeable future. Intelligent transportation systems are expected to help improve the performance of supply chain process and yield high benefit to the organizations. Users can also reduce the costs through real-time transportation systems. On account of the above factors, transportation service providers have increased investment in this technology over the past few years.

Investment across the intelligent transport system is expected to increase on account of high benefit cost ratio that strongly influences vehicle owners and government authorities to invest in this technology that includes vehicle to Infrastructure (V2I) communication, Vehicle to Vehicle (V2V) communication, mobility application and environment application. However, slow growth in infrastructure sector can act as a challenge to the market. Interoperability and standardization pose a major challenge for the market growth. Development of connection assurance systems is expected to be the top agenda of various nations. Achieving interoperability ensures that transport systems are not simply interconnected but that the boundaries between different networks are effective. Technical interoperability is achieved when different transport systems are linked in ways which effectively extend the network of services. Technical interoperability requires the various systems of physical infrastructure in different transport systems to interface efficiently. High cost of these systems can also be attributed as a major restraint to the market growth.

Browse 112 page research report with TOC on "Global Intelligent Transportation System (ITS) Market" at: https://www.millioninsights.com/industry-reports/intelligent-transportation-system-its-market

On the basis of product, intelligent transportation system can be segmented into Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS) and Advanced Traveler Information Systems (ATIS). ATMS is expected to be the largest market product segment since it provides enhanced management services which help in alleviation traffic congestion, pollution and also increases the efficiency of transportation operations. These systems are coupled with communications and sensors to ensure real time management. ATPS is estimated to witness high growth rate over the forecast period owing to its increased operations efficiency and overall transportation safety. These systems are widely used in automatic vehicle location systems, passenger information, and real time bus arrival notification systems.

On the basis of applications, the intelligent transportation system can be classified into, environment protection, traffic management, public transport, freight management, automotive telematics, road safety and security, parking management and road user charging. Traffic management is expected to be the largest application segment in the market. ATMS is used in traffic management to enhance road network by reducing financial burden on regulatory authorities thereby decreasing the cost of investment in traffic congestion control. Environmental protection is anticipated to witness significant growth in the market over the forecast period owing to increase in environmental awareness coupled with various government initiatives to curb vehicle pollutant emissions.

Globally, North America is expected to have the largest market over the forecast period. Increasing demand for efficient transporting systems across various sectors including public, private and government regulations coupled with promotional activities for road safety. Asia Pacific is anticipated to witness the fastest growth owing to technological innovations that includes integrated handheld devices with sensors to enhance transportation networks. Emerging economies such as India and china are investing more in R&D and regulatory initiatives including wealth and welfare act and industrial safety that are expected to fuel the market growth in this region Major players operating in the ITS market include Thales Group, Garmin International Inc, TomTom International BV, Kapsch TrafficCom AG Q-Free ASA and Nuance Communication Inc. Other industry participants include denso corporation, savari, transcore and EFCON AG.

Key company strategies of the companies include innovation and product development with mergers and acquisitions. In addition, market players provide maintenance and construction services for large deployments of the technology. For instance, Thales group introduced employed signaling, communications and supervision solutions in railway transportation. Thales' signaling system is based on electronic interlocking, field, Altrac ETCS level 1 as ATP train protection system, energy systems, hotbox detectors, cables and interfaces with existing signaling systems on adjacent lines.

Browse reports of similar category available with Million Insights:

ITS Type Outlook (Revenue, USD Million, 2014 - 2024)

• ATIS

• ATMS

• ATPS

• APTS

• Cooperative vehicle system

ITS Application Outlook (Revenue, USD Million, 2014 - 2024)

• Traffic management

• Road safety and security

• Freight management

• Public transport

• Environment protection

• Automotive telematics

• Parking management

• Road user charging

ITS Regional Outlook (Revenue, USD Million, 2014 - 2024)

• North America

• U.S.

• Canada

• Europe

• Germany

• France

• Italy

• U.K.

• Asia Pacific

• China'

• India

• Japan

• RoW

About Million Insights:

Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

Contact:
Ryan Manuel
Research Support Specialist, USA
Million Insights
Phone: +1-408-610-2300
Toll Free: 1-866-831-4085
Email: [email protected]

Web: https://www.millioninsights.com/

SOURCE Million Insights