Intelligent Transport System Market - Forecast(2024 - 2030)

Intelligent Transport System Market With global automotive sales reaching well above 91 million in 2018, the turmoil of road fatalities and time-consuming traffic congestion are inevitably accelerating. According to World Economic Forum, in the Colombian capital Bogota, commuters are stuck in traffic for an average of 272 hours per year, similarly Rome loses 254 hours and stationary traffic causes Irish Capital, Dublin 264 hours.[1] Apart from time, traffic congestion upsurges carbon footprints of an area due to prolonged stationed vehicles, fuel loss, and road fatalities. With both ecological and economic adverse effects pertaining to traffic, intelligent transport system (ITS) market based on advanced telecommunication and information technology such as GPS and cloud service is gaining traction as an imperative asset for the transportation sector. Ample opportunities from numerous economies aggressively developing their transportation infrastructure for improved trade routes and transit has driven the intelligent transport system market size to be $21.33 billion as of 2018.

Intelligent Transport System Market Outlook:

As per the WHO, around 1.35 million road traffic accidents are converted into fatalities, with some countries spending 3% of their GDP towards road traffic crashes.[2] As an effective tool for road safety, opportunities in the intelligent transport system market is progressing with a global compound annual growth rate (CAGR) of 6.01% during the forecast period of 2019-2025.

Although ITS is an emerging global phenomenon, North America being a technologically advanced settlement with developing economies such as the United States, holds the apex spot in terms of global demand with 33.35% share in 2018. Prevailing advanced traffic management and mobility management infrastructure offers compatibility for the adaption of sophisticated ITS market. Some factors supporting the argument-

·     The Intelligent Transportation Society of America[3] is an organization working towards the renovation of technology for the United States transportation services by the deployment of ITS such as V2V (vehicle to vehicle) and V2I (vehicle to infrastructure) communication, consequently creating abundant demand driving the market. Moreover, surging fatalities in road crash in the U.S from 35,485 in 2016 to 37,461 in 2017 (5.6%) is also pushing the intelligent transport system market.

·     As per the American Trucking Association, 33.8 million commercial trucks generate nearly $738.9 billion in gross freight revenues, representing 81.5% of the nation’s freight bill. Owing to this, CVO (commercial vehicles operations), an application of ITS for trucks is stroking the intelligent transport system market with abundant demand.

·     United Sates Department of Transportation reported-[4]

                             i. Deployment of photo-radar speed enforcement van reduced the count of speeding vehicles by 23.7%.

                            ii.  Installation of speed management system reduced the number of winter weather-related accidents by 100%. Zero accidents were recorded post-installation.

                      iii.  Speeding dropped by 65% in local neighborhood by the installation of automated speed enforcement systems.

Intelligent transport system is bifurcated into various systems including Advanced Traffic Management System (ATMS), Advanced Traveler Information System (ATIS), Advanced Transportation Pricing System (ATPS), Advanced Public Transport System (APTS), and Advanced Rural Transportation System (ARTS). After an acute analysis of this segment, ATMS and APTS is reckoned to be the leading segments progressing with an application CAGR of 5.25% going through 2025. With number of daily commuters increasing, the demand for an efficient public transportation network is increasing. Uber recently made its inclination towards public transportation vocal, estimating a surge in the ITS market in the capacity of a major employer.

Intelligent Transport System Market trends and Growth Drivers:

·        Smartphone as a device loaded with GPS and cloud services is a disruptive trend in the intelligent transport system market. Transportation network companies such as Uber and Lyft are heavily capitalizing on the ITS loaded functionality performed by cellular devices such as GPS, real-time data interpreter, and communication. Similarly such devices connected over the ITS can be used by individuals as well, by delivering real-time traffic, weather, re-routing data via applications or direct messages.

·      Similarly, connected autonomous vehicles (AV) are no longer on the horizon, they are on the roads now as vehicles electronics configuration is developing. Autonomous vehicles are significantly reliant on ITS. In 2012, Google achieved the first self –driven vehicle license in Nevada, with its self-driving cars completing a voyage of 8 million kilometers as of March 2018, which is a sheer example of wireless sensors network integrated with autonomous vehicles. ITS (Intelligent Transport System) is only achievable via wireless sensors networks.

Intelligent Transport System Market Players Perspective:

Garmin, Thales, Kapsch Trafficcom, Tomtom International, Denso Corporation, Flir Systems, Ricardo, Tomtom International, Kapsch Trafficcom, and Ricardo are the key players operating in the intelligent transport system market.

Kapch TraffiCom is among the leading provider and one-stop solution for tolling, smart urban mobility, connected vehcles, traffic management and traffic safety. In a public tender, Kapsch TrafficCom and its associate EVOCON were nominated to deliver the inclusive urban mobility management solution EcoTrafiXTM for the city of Santo Domingo, Dominican Republic.

Intelligent Transport System Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the intelligent transport system market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various systems in global intelligent transport system market, and their specific advantages.

The   Intelligent Transport System Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include: