The global integrated traffic systems market is projected to grow from USD 22.7 billion in 2019 to USD 37.5 billion by 2025, at a CAGR of 8.7%
NEW YORK, April 30, 2019 /PRNewswire/ --
Growing urbanization and vehicle ownership ratio worldwide is estimated to drive the integrated traffic systems market.
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The global integrated traffic systems market is projected to grow from USD 22.7 billion in 2019 to USD 37.5 billion by 2025, at a CAGR of 8.7%. Rising income levels have increased the demand for personal mobility and led to a rise in road traffic in major cities across the globe, which has increased the demand for advanced traffic systems such as integrated traffic systems. The increasing demand for reduction in average traffic speed will fuel the growth of the integrated traffic systems market. However, initial investments in existing road infrastructure and its capital-intensive nature are inhibiting the growth of the market.
Intelligent traffic lightings market to grow at a significant rate during the forecast period.
Intelligent traffic lightings segment is estimated to be the fastest growing segment of the integrated traffic systems market during the forecast period.The demand for reduction in waiting time at the traffic junction is high in developed countries such as the US, the UK, Germany, and Japan.
As intelligent traffic lightings are adaptive in nature, they change the waiting time for each junction by understanding the pattern of the traffic and reduces the average waiting time and subsequently reduces the journey time of commuter.Intelligent traffic lightings have reduced the average travel time by 20% which also led to decreasing emission level by vehicle.
These types of benefits have driven the increasing demand for intelligent traffic lightings systems.
Surveillance camera is estimated to be the largest market, by 2025.
The surveillance camera is estimated to hold the largest market share.The surveillance camera is a standard component in traffic management systems such as integrated traffic systems, as it detects and monitors the current traffic condition and sends information to control rooms.
Several countries in Europe, Asia Pacific, and the Middle East have introduced various traffic management projects to enable rapid traffic movement in urban areas predominately using surveillance cameras.The market for surveillance cameras is expected to grow in line with the increased demand for integrated traffic systems.
Moreover, advancement in software and data analytics will make surveillance cameras smarter, fueling the demand in the coming future.
Europe to be the largest integrated traffic system market
The European integrated systems market is estimated to be the largest in 2019.The significant increase in the volume of vehicular traffic over the last couple of decades and the inability of existing transport infrastructure to support the same is estimated to drive the demand for integrated traffic systems market.
Additinally, developed countries such the UK and Germany with stringent focus on road safety will further drive the market.
The study contains insights from various industry experts, ranging from component suppliers to tier I companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: Tier I: 40%, Tier II: 30%, OEM: 30%
• By Designation: C level: 40%, D level: 40%, Others: 20%
• By Region: North America: 20%, Europe: 30%, Asia Pacific: 40%, Rest of the World: 10%
Major players profiled in the report are:
• Sumitomo (Japan)
• Cisco (US)
• Swarco (Austria)
• Siemens (Germany)
• Kapsch TrafficCom (Austria)
• LG CNS (Korea)
• Cubic (US)
• Iteris (US)
• Jenoptik (Germany)
• Flir (US)
Research Coverage:
The report segments the integrated traffic systems market, by value, on the basis of region (Asia Pacific, Europe, North America, and Rest of the World), functions (traffic monitoring, traffic control and information provision), hardware type (display boards, surveillance cameras, radars, sensors, integrated boards, and others), and sensors. The report contains various levels of analysis, including industry analysis, industry trends, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
Reasons to Buy the Report:
The report enables new entrants and smaller firms as well as established firms to understand the market better to help them acquire a larger market share. Firms purchasing the report could use any one or a combination of the 4 strategies (market development, product development/innovation, market diversification, and competitive assessment) mentioned below to strengthen their position in the market.
The report provides insights into the following points:
• Market Penetration: The report offers comprehensive information about the integrated traffic systems market and the top players in the market.
• Product Development/Innovation: The report provides detailed insights into upcoming technologies, R&D activities, and new product launches in the integrated traffic systems market.
• Market Development: The report offers comprehensive information about the integrated traffic systems market. The report analyzes the integrated traffic systems market across regions and provides comprehensive information about lucrative emerging markets.
• Market Diversification: The report provides exhaustive information about new products, untapped regional markets, recent developments, and investments in the integrated traffic systems market.
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