Intelligent Transportation Systems Market by Type (Advanced Traffic Management Systems, Advanced Traveler Information Systems, Advanced Public Transportation Systems), Application (Traffic Management, Automotive Telematics, Parking Management, Environment Protection, Others), Region- Growth, COVID-19 Impact, Trends and Forecasting Till 2030

Market Overview:

Global intelligent transportation systems market size is estimated at 69.90 USD Billion by 2028 and is anticipated to grow at a CAGR of 10.2% during the projected time frame (2021-2028). Intelligent transportation systems involve use of advanced technologies for vehicles, infrastructures, and operating systems that make the vehicle intelligent. It includes control, analysis, sensing, and communication technologies in transportation sector to improve efficiency, mobility, and safety. Intelligent transportation systems have applications in airways, roadways, and railways.

Dynamics of Market:

Drivers:

The factors driving intelligent transportation systems market include increasing demand to reduce traffic congestion, government initiatives to promote public and road safety and effective traffic management, growing number of smart city projects, and increasing adoption of automobile technology. Increasing number of on road vehicles is causing a rise in traffic, which is expected to contribute to market growth.

Restraints:

High infrastructure installation costs, lack of government funding, and nation’s financial crisis are factors that can hinder the market growth during the forecast period.

COVID-19 Impact on the Intelligent Transportation Systems Market:

The COVID-19 pandemic had a significant impact on the intelligent transportation systems (ITS) market. Due to lockdown and social distancing norms, major manufacturers had to suspend their operations and supply chains were disrupted. Assembling and manufacturing units were also shut. The in-progress projects were delayed due to labor shortage. Thus, the market observed a reduced growth during the pandemic. However, with the ease of restriction, the market is expected to accelerate at a significant rate during the forecast period.

TABLE 1: GLOBAL MARKET SCOPE

Market Segmentation of Intelligent Transportation Systems Market

Type of Intelligent Transportation Systems Market

By type, the intelligent transportation systems market is classified into advanced traffic management systems (ATMS), advanced traveler information systems (ATIS), and advanced public transportation systems (APTS).

The into advanced traffic management systems (ATMS) segment is expected to hold the largest share in intelligent transportation systems market during the forecast period. Increasing traffic congestion on roads across the world is expected to drive the segment growth during the projected time. Easy availability of affordable vehicles and favorable discount and schemes lead to increased automobile purchase, which leads to increased traffic congestion and is expected to augment the segment growth.

Application of Intelligent Transportation Systems Market

By application, the intelligent transportation systems market is classified into traffic management, automotive telematics, parking management, environment protection, and others. The traffic management segment is expected to dominate the market during the forecast period. Operational performance of road networks and reliability are factors contributing to segment growth. Traffic management systems include ramp metering systems, vehicle detection systems, and bridge traffic management systems.

Government initiatives on introducing traffic management systems to reduce financial burden caused due to rise in fuel consumption and travel time are expected to contribute to segment growth during the forecast period.

Global Regional Analysis of Intelligent Transportation Systems Market: Asia Pacific to Dominate the Market

By region, the global Intelligent Transportation Systems Market has been classified by North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to grow at highest CAGR during the forecast period. Growing population and increasing number of smart city projects in countries such as Japan, China, India and Australia are expected to accelerate the adoption of intelligent transportation system in the region. Growing urbanization, and strong economic development are expected to contribute to regional market growth during the forecast period.

Key Development

• In January 2021, Denso Corporation partnered with Aeva, a developer of LiDAR and perception systems for autonomous vehicles, to develop sensing and perception systems. The partnership envisages the two companies developing Frequency Modulated Continuous Wave (FMCW) LiDAR that can potentially help in measuring the velocity and reflectivity of vehicles
• In October 2020, Hitachi, Ltd. introduced a heavy-duty automated parking brake (APB HD) specifically designed for vans, SUVs, pickup trucks, and light commercial vehicles. The new system facilitates APB safety and system management and allows extending the use of this technology to a broader extent

Market Segmentation

By Type:

• Advanced Traffic Management Systems
• Advanced Traveler Information Systems
• Advanced Public Transportation Systems

By Application:

• Traffic Management
• Automotive Telematics
• Parking Management
• Environment Protection
• Others

By Region:

• North America
• Europe 
• Asia Pacific
• Middle East & Africa 
• South America 

Key Companies listed

The major companies listed in the Intelligent Transportation Systems market include Siemens AG, Thales Group, Conduent, Inc., Hitachi Ltd., and Lanner Inc.

These companies are span over North America, Europe, South America, and Asia Pacific markets, which empowers it to consider clients across the globe. The company’s leading position in the Intelligent Transportation Systems Market is endorsed by its wide product portfolio.

Report Highlights:

•          Complete overview of market

•          Major drivers, restrain, opportunities, and challenges of the market

•          Market Trends and how they are boosting the market growth

•          Changing dynamics in the Market

•          Complete overview of the market

•          Historical, Base year, projected, and current market size in terms of value and volume

•          COVID-19 Impact analysis of the market

•          Current industry trends and developments