Global Intelligent Transportation Systems Market 2024 - Business Opportunities, Industry Growth, Regional Analysis And Forecast To 2033
The Intelligent Transportation
Systems Global Market Report 2024 by The Business Research Company provides
market overview across 60+ geographies in the seven regions - Asia-Pacific,
Western Europe, Eastern Europe, North America, South America, the Middle East,
and Africa, encompassing 27 major global industries. The report presents a
comprehensive analysis over a ten-year historic period (2010-2021) and extends
its insights into a ten-year forecast period (2023-2033).
Learn More On The Intelligent
Transportation Systems Market:
According to The Business Research
Company’s Intelligent Transportation Systems Global Market Report 2024, The
intelligent transportation systems market size has grown strongly in recent
years. It will grow from $32.33 billion in 2023 to $35.52 billion in 2024 at a
compound annual growth rate (CAGR) of 9.9%.
The growth in the historic period
can be attributed to traffic congestion mitigation, safety improvement
measures, environmental sustainability goals, emergency response and incident
management, public transportation integration, efficiency in freight and
logistics, traffic signal control optimization..
The intelligent transportation
systems market size is expected to see rapid growth in the next few years. It
will grow to $52.23 billion in 2028 at a compound annual growth rate (CAGR) of
10.1%. The growth in the forecast period
can be attributed to rapid growth of connected vehicles, smart infrastructure
investments, data analytics for traffic prediction, dynamic road pricing
systems, focus on last-mile connectivity, smart mobility as a service (maas),
urban air mobility integration.. Major trends in the forecast period include
iot integration, advanced driver assistance systems (adas), smart parking
solutions, cybersecurity measures, augmented reality (ar) in navigation, 5g
connectivity, blockchain for transportation security, public-private
partnerships..
An increasing number of road
fatalities is expected to propel the intelligent transportation systems market.
A road fatality is defined as any person killed instantly or dying within 30
days as a result of a road injury or accident. An intelligent transportation
system is a system that assists drivers in avoiding accidents by detecting
surrounding automobiles, motorcycles, and pedestrians and adjusting driving
speed and distance from other vehicles. Additionally, rising road traffic
congestion has also favored the demand for intelligent transportation systems.
For instance, in August 2022, according to a report published by the National
Highway Traffic Safety Administration (NHTSA), a US-based agency for the
Department of Transportation, in the first quarter of 2022, 9,560 persons were
killed in road accidents, this indicates a 7% increase over the 8,935
fatalities predicted for the same period in 2021. Therefore, the increasing
number of road fatalities will drive the market for intelligent transportation
systems.
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The intelligent transportation
systems market covered in this report is segmented –
1) By Offering: Hardware,
Software, Services
2) By System: Advanced
Traffic Management System, Cooperative Vehicle System, Advanced Public
Transportation System, Advanced Traveler Information System, Advanced
Transportation Pricing Systems
3) By Application:
Roadways, Aviation, Railways, Maritime
Top Major Players
Denso Corporation
EFKON GmbH
Garmin Ltd.
Thales Group
Kapsch TrafficCom AG
Product innovations have emerged
as key trends gaining popularity in the intelligent transportation systems
market. Major companies operating in the market are developing innovative
products such as integrating the internet of things (IoT), communication
technologies, precise sensors, and artificial intelligence (AI) into new
products to sustain their position in the market. For instance, in January
2021, Cubic Corporation, American public transportation, and defense
corporation announced the launch of UMO. UMO is a completely integrated set of
platforms for customers, transit operators, and mobility service providers that
helps the business expand its modern transportation technology offering. It is
a versatile product suite that allows users to pay fares, plan trips across
public and private modes, get points for taking public transportation, and
access real-time information to enhance their mobility experience.
The intelligent transportation
systems market report table of contents includes:
1. Executive Summary
2. Intelligent Transportation
Systems Market Characteristics
3. Intelligent Transportation
Systems Market Trends And Strategies
4. Intelligent Transportation
Systems Market - Macro Economic Scenario
5. Global Intelligent
Transportation Systems Market Size and
Growth
.............................
31. Global Intelligent
Transportation Systems Market
Competitive Benchmarking
32. Global Intelligent
Transportation Systems Market
Competitive Dashboard
33. Key Mergers And Acquisitions
In The Intelligent Transportation Systems
Market
34. Intelligent Transportation
Systems Market Future Outlook and
Potential Analysis
35. Appendix
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