Intelligent Transportation System Market Size Expected to Reach USD 42.80 Billion in 2028 | Increasing Government Initiatives to Foster Growth
Intelligent Transportation System (ITS) Market to Exhibit a CAGR of 9.3% during 2021-2028; Announcement of The Ray’s Connected-Vehicle Infrastructure to Enable Massive Growth: Fortune Business Insights™
Pune, India., May 23, 2023 (GLOBE NEWSWIRE) — The global intelligent transportation system (ITS) market size is slated to hit USD 42.80 billion by 2028, expanding at a CAGR of 9.34% during the forecast period. The market valuation amounted to USD 21.82 billion in 2020 and reached USD 22.91 billion in 2021. The market growth is influenced by increasing government initiatives for smart city development. Fortune Business Insights offers this information in a report, titled “Intelligent Transportation System (ITS) Market, 2021-2028.”
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 9.34% |
| 2028 Value Projection | USD 42.80 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 22.91 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 150 |
Drivers & Restraints-
Rising Government Funding for Intelligent Transportation System to Drive Market
The government’s support and funding for intelligent transportation system planning, design, and implementation are projected to promote intelligent transportation system (ITS) market growth. Many countries’ governments are working with business partners and investing in ITS to construct transportation infrastructure that will reduce traffic congestion. Intelligent transportation service providers also assist the government by offering advice on integrating ITS into the transportation system.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/intelligent-transportation-system-market-102065
Segments-
Based on type, the market is classified into the advanced traffic management system (ATMS), advanced traveller information system (ATIS), advanced public transportation system (APTS), advanced transportation pricing system (ATPS), and others. The advanced traffic management system (ATMS) segment is expected to dominate the intelligent transportation system (ITS) market share owing to government investments in in cutting-edge technology to ensure safe and smooth travels. By region, the market has been segmented into Europe, North America, Latin America, Asia-Pacific, the Middle East, and the Rest of the World.
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Competitive Landscape-
Collaboration of Major Companies and Governments to Intensify Competition
For design and product development, the important corporations work with companies specializing in intelligent transportation systems. They’re also working on cutting-edge items for better service and less bother. In addition, a number of small businesses are collaborating with the government to improve transportation services.
Regional Insights-
Rising Deployment of ITS in Public Transportation to Propel Market in North America
The Asia-Pacific region presently dominates the global market, with a market value of USD 15.07 billion. Europe predicted to grow at the fastest rate during the projection period. Due to support provided by the Chinese government to implement ITS throughout the country, China is the second-largest market in this region. In this region, South Korea is the leading country with the most significant funding for ITS deployment. Europe is the ITS market’s second-largest market holder. Over the projection period, this area is also expected to see considerable market expansion. The United Kingdom is a leader thanks to a large-scale deployment of ITS for public transportation. Because Canada is implementing ITS at a slower pace, the ITS market in North America is expected to increase steadily throughout the projection period. Latin America is also expected to grow rapidly, as Brazil and Mexico support ITS planning and deployment in their respective countries.
Report Coverage:
The report includes an in-depth evaluation of various growth drivers and restraints, opportunities & challenges, and latest trends that the market will witness during the forecast period. In addition, the report offers detailed insights into the regional developments of the market. It includes information sourced from industry professionals using several methodologies. Furthermore, the competitive landscape offers comprehensive coverage of strategies adopted by the companies such as partnerships, mergers & acquisitions, and product launches to expand their market presence.
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A list of prominent Intelligent Transportation Systems manufacturers operating in the global market:
- DENSO CORPORATION (Kariya, Aichi, Japan)
- Siemens AG (Munich, Germany)
- Hitachi, Ltd. (Chiyoda City, Tokyo, Japan)
- Kapsch TrafficCom AG (Vienna, Austria)
- EFKON GmbH (Raaba, Austria )
- Lanner Inc.(New Taipei City, Taiwan)
- Thales Group (Paris, France)
- Cubic Corporation (San Diego, U.S.)
- Q-Free ASA (Trondheim, Norway)
- Garmin (Olathe, U.S.)
Notable Industry Development:
- February 2020: Lanner Electronics, Inc. signed a partnership agreement with Creanord,- a service assurance expert. This collaboration will assist the service and carriers’ providers with a wide range of segmented, advanced, and distributed solutions in Metro and access networks for performance assurance.
- January 2021: The Ray, a Georgia-based collaborative initiative focusing on developing connected-vehicle infrastructure along an 18-mile stretch of I-85. The Ray’s development will now include seven new dual-active roadside radios and ten Kia C-V2X (cellular vehicle-to-everything) connected vehicles, nearly increasing the scale of the interoperable infrastructure project.
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Impact Of Covid-19
- Global Intelligent Transportation System (ITS) Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Advanced Traffic Management System (ATMS)
- Advanced Traveller Information System (ATIS)
- Advanced Public Transportation System (APTS)
- Advanced Transportation Pricing System (ATPS)
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East
- Rest of the World
- North America Intelligent Transportation System (ITS) Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Type
- Advanced Traffic Management System (ATMS)
- Advanced Traveller Information System (ATIS)
- Advanced Public Transportation System (APTS)
- Advanced Transportation Pricing System (ATPS)
- Others
- Market Analysis – By Country
- U.S.
- By Type
- Canada
- By Type
- Europe Intelligent Transportation System (ITS) Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Type
- Advanced Traffic Management System (ATMS)
- Advanced Traveller Information System (ATIS)
- Advanced Public Transportation System (APTS)
- Advanced Transportation Pricing System (ATPS)
- Others
- Market Analysis – By Country
- U.K.
- By Type
- Germany
- By Type
- France
- By Type
- Rest OF EU
- By Type
- Asia pacific Intelligent Transportation System (ITS) Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Type
- Advanced Traffic Management System (ATMS)
- Advanced Traveller Information System (ATIS)
- Advanced Public Transportation System (APTS)
- Advanced Transportation Pricing System (ATPS)
- Others
- Market Analysis – By Country
- Japan
- By Type
- China
- By Type
- India
- By Type
- South Korea
- By Type
- Rest of Asia Pacific
- By Type
- Latin America Intelligent Transportation System (ITS) Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Type
- Advanced Traffic Management System (ATMS)
- Advanced Traveller Information System (ATIS)
- Advanced Public Transportation System (APTS)
- Advanced Transportation Pricing System (ATPS)
- Others
- Market Analysis – By Country
- Brazil
- By Type
- Mexico
- By Type
- Argentina
- By Type
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