WILMINGTON, DE / ACCESSWIRE / August 16, 2022 / Transparency Market Research Inc. - The value of the global intelligent transportation system market stood at US$ 24.32 Bn in 2021. The intelligent transportation system report anticipates the market to develop at a CAGR of 13.95% during the forecast period, from 2022 to 2031. The sales forecast for intelligent transportation system report estimates the market to attain value of US$ 85.52 Bn by 2031.Surge in demand for utility vehicles is likely to emerge as a major factor likely to drive growth opportunities for the intelligent transportation systems companies. Utility vehicles are designed to perform a certain function or to be used both on and off the road.
Based on application, road user charging is a rapidly expanding market segment due to rise in the need for sensor-based detection systems, while traffic management is also a notable application area. Moreover, it is anticipated that government programs to create smart cities would present considerable market for suppliers of intelligent transportation systems.
The improvement of advanced transportation systems including Advanced Public Transportation System (APTS), Advanced Traveler Information System (ATIS), Advanced Transportation Pricing System (ATPS), and Advanced Transportation Management System (ATMS) is a top priority for leading players in the intelligent transportation system report. These updated systems provide their customers with a diverse product selection that is creative, has cutting-edge technology, and is highly efficient. Such innovations are expected to fuel intelligent transport systems market growth in the forthcoming years.
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Key Findings of Market Report
According to the sales projection for intelligent transportation systems, the market is anticipated to attain a value of approximately US$26.39 Bn by the end of 2022 due to the substantial demand from vehicle owners. Urbanization can promote sustainable growth by increasing productivity and fostering the emergence of novel ideas and innovations if it is effectively handled.
The use of connected and smart technologies, including infrared sensors and sensor-based detection systems is predicted to expand quickly in the market for intelligent transportation systems. The market for intelligent transportation systems is expected to be driven by these new technologies since there is more emphasis on improving the on-road driving experience and growing the transportation industry by incorporating cutting-edge technology.
The advanced transportation management system (ATMS) accounted for a significant 39% of the global market in 2021. ATMS has been quickly incorporated into transportation hubs to identify accidents as well as traffic jams. A proactive traffic management system can increase the throughput of the road network, manage traffic in a proactive manner, and reduce the impact of accidents on users. It also helps in providing emergency medical services, and develop and uphold public confidence in traffic control.
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Global Intelligent Transportation System Market: Growth Drivers
The traffic management application category dominated the market for intelligent transportation systems in 2021 and the trend is expected to continue in the forthcoming years. Two of the primary factors likely to drive ITS adoption are traffic accidents and heavy traffic congestion.
In 2021, North America accounted for 40% of the global market for intelligent transportation system in terms of volume. This is mostly due to the region's highly developed road network and widespread use of technology-advanced vehicles.
Global Intelligent Transportation System Market: Key Players
Some of the key market players are
Nuance Communications Incorporation
Sixth Sensor Technology
Garmin International Inc.
AllGoVision Technologies Pvt. Ltd
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Global Intelligent Transportation System Market: Segmentation
Advanced Traveler Information System (ATIS)
Advanced Transportation Management System (ATMS)
Advanced Transportation Pricing System (ATPS)
Advanced Public Transportation System (APTS)
Cooperative Vehicle System (CVS)
Automatic Number Plate Recognition System (ANPR)
Road Safety & Surveillance
Road User Charging
Middle East & Africa
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