LOS ANGELES, May 16, 2019 (GLOBE NEWSWIRE) -- The Global Intelligent Transportation System Market is estimated to grow at CAGR above 10.2 % over the forecast time frame 2019-2026 and reach the market value around USD 50 billion by 2026.
In recent years, deaths related to road traffic have increased. ITS is an important driver for the ITS market in reducing road accidents and in general increasing safety. In the following years, there is a expected growth in demand for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication to increase road safety.
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For the socio-economic development of any country, an effective transportation system is essential. ITS associations estimate a reduction of travel time by 25 percent and wait time at signal by 20 percent up to 30 percent effectively when using systems, such as the Advanced Traffic Management Systems (ATMS). Emissions such as methana, carbon dioxide and nitrous oxide also help to curb greenhouse gasses. The use of ETS and ramp measurement systems also helps to reduce traffic jams and to keep traffic flows overall. The limited space for expanding transport networks will impact additional congestion costs, thus stimulating demand during the forecast period.
A smart transport system helps to improve the performance of the supply chain and provides a high cost-benefit ratio; the implementation of these systems leads to a significantly high ratio (8:1) compared to conventional transport systems. In addition, users can reduce costs via transportation systems in real time. These factors have increased the investment in ITS in the last few years by transportation service providers.
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Regional Stance
Regional North America generates the largest share of revenue in the global market for smart transport systems. There is considerable support from the government and rapid development and research activities within the region to realize the potential of intelligent transport systems in urban mobility.
Investors in R&D, adoption and deployment of ITS in the region have been strongly made by the United States Department of Transport (DOT). In 2015-2012, a pilot model of safety deployment (SPMD) was carried out in Michigan with the aid of DSRC-enabling equipment in a real-world environment by the University of Michigan Transport Research Institute and (DOT). In addition, DOT announced in 2015 that it will push for V2V technology to be mandated for all SPMD-driven light vehicles in the US. In developing markets in Brazil, Russia, India, China and South Africa (BRICS), the economic advantages of ITS deployment are particularly notable. Car owners do not just benefit financially from in-vehicle systems and cooperative systems but also help to avoid congestion and to decrease overall fuel consumption and travel time. Car manufacturers both in established and emerging market install these systems to distinguish their products from competitors in their new automotive models.
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Market Snapshots
The fastest CAGR is expected to be 12.1% from 2019 to 2026 for the advanced public transport system.
The ITS market growth is expected to contribute to strict rules for enhancing driver safety in developed markets in Europa and North America.
The US road toll system segment is expected to expand by more than 7 percent, with the highest CAGR projected to be around 8.5 percent during the forecast period in the public transport segment.
Due to increased government initiatives and deployments of ITS, Asia Pacific is anticipated to grow at a significant CAGR of 13 per cent during the forecast period.
Key Players & Strategies
Siemens AG, Hitachi Ltd and Kapsch TrafficCom are key players in the ITS market. This is mainly due to the diverse customer base and a broad range of state-of - the-art technologies used in the smart transportation system industry. Denso Corporation, Efkon Ag, Garmin International and Lanner Electronics are among other prominent sellers, among others.
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