The global IntelligentTransportation System (ITS) Market is anticipated 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.Request Sample Copy of This Market Research @
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.
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.
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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.
Market Segment:
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
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