Intelligent Transportation System 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.
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Market Synopsis of Intelligent Transportation System Market:
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.
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.
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.
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Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Intelligent
Transportation System: Market Variables, Trends & Scope
Chapter 4 Intelligent
Transportation System: Product Estimates & Trend Analysis
Chapter 5 Intelligent
Transportation System: Application Estimates & Trend Analysis
Chapter 6 Intelligent
Transportation System: End-use Estimates & Trend Analysis
Chapter 7 Intelligent
Transportation System: Industrial End-use Estimates & Trend Analysis
Chapter 8 Intelligent
Transportation System: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Intelligent
Transportation System: Manufacturers Company Profiles
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