The market for intelligent transport systems is anticipated to reach US$ 37.8 billion by the end of 2022, with sales expanding at a rapid CAGR of 13.4% from 2022 to 2027.
| Attribute | Details |
| Intelligent Transport Systems Market Size in 2022 | US$ 37.8 Billion |
| Intelligent Transport Systems Market Value in 2027 | US$ 70.8 Billion |
| Historical CAGR | 9.8% |
| CAGR (2021-2031) | 13.4% |
By 2027, the market is anticipated to reach a value of $70.8 billion. Over the course of the forecast period, the market is anticipated to experience growth due to increased demand for improved transportation infrastructure and a growing need for better traffic management and control.
The increasing need for cutting-edge traffic control technologies has been spurred by an increase in traffic accidents and collisions. The demand for intelligent traffic control systems is growing as smart vehicles are increasingly being used in countries like the U.S., China, and the U.K. These two elements are the main forces behind the development and growth of the market for intelligent transportation systems.
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Additionally, the deployment of intelligent transport systems is anticipated to increase traffic efficiency, traffic passenger safety, passenger satisfaction, and environmental preservation. Another advantage is an improvement in traffic operations as a whole.
Advancements in transportation technology, rising adoption of IoT for traffic, and government investments in the designing, planning, and implementation of intelligent transport system solutions to control traffic congestion are all contributing factors for the market growth of intelligent transport system.
Key Takeaways:
- Rising adoption of smart vehicles will promote market growth in the U.S. over the assessment period.
- China will continue dominating the Asia Pacific market, excluding Japan.
- India is projected to emerge as a lucrative market in South Asia over the forecast period.
- By component, intelligent transport systems software is expected to witness a CAGR of 13% over the forecast period.
- On the basis of application, intelligent urban traffic management systems will register a CAGR of 9.4%.
Competitive Landscape
Manufacturers of intelligent transportation systems (ITS) are profiled in the full version of the report, including Thales Group AD, Siemens AG, Garmin Ltd., Kapsch Trafficcom, Tomtom International BV, Q-Free ASA, Denso Corporation, Atkins Group, Iteris Inc., Ricardo PLC, Efkon AG, Savari Inc., Transcore LP, Lanner Electronics Inc., and others.
To obtain a competitive edge, major companies in the global intelligent transport systems (ITS) market are using strategies such strategic mergers, acquisitions, and collaborations. Governments and other significant market participants are working with them to make significant investments in projects involving advanced solutions in order to increase their market position.
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More Insights into the Intelligent Transport Systems (ITS) Market Report
In its latest report, FMI offers an unbiased analysis of the global intelligent transport systems (ITS) market, providing historical data from 2013 to 2021 and forecast statistics for the period 2022 to 2027. To understand the global market potential, growth, and capacity, the market is segmented based on application (intelligent urban traffic management systems (traffic monitoring, traffic signal controls, enforcement camera management), Highway traffic management, intelligent car parking management systems (smart parking), Fleet management and asset monitoring (public, private), collision avoidance systems, advanced traveler information systems, congestion/road charging solutions), component (hardware, software, services), and region.
Intelligent Transport Systems (ITS) Market Regional Analysis
According to the latest reports by FMI, India is expected to present significant growth rate in the intelligent transport systems (ITS) market over the forecast period. Increasing development in transport infrastructure coupled with rising incidences of road accidents are promoting the expansion of intelligent transport systems (ITS) market in this region. India is thus considered as one of the most lucrative intelligent transport systems (ITS) markets in South Asia.
In China, demand for intelligent traffic management is rising along with the increasing cases of road accidents and collisions. Intelligent transport systems (ITS) control road accidents, traffic and improve transport infrastructure. Due to this reason, many key players in the market are either eying the region for product launch or for introducing updates to existing systems. As a result of all these factors, China is expected to lead the Asia Pacific intelligent transport systems (ITS) market, excluding Japan market.
Apart from countries in the Asia Pacific region, the U.S. intelligent transport systems (ITS) market will also account for steady growth due to the rising demand for improved transport infrastructure. Rising adoption of smart vehicles also contribute to market growth in this region.
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Intelligent Transport Systems (ITS) Market Segmentation Analysis
By component, the software segment will account for almost 21.6% market share, growing at a prolific CAGR of over 13% during the forecast period. Rising need for efficient traffic management systems across regions like China, India, and Japan is driving the market sales of this segment. More and more governments are forced to install ITS software for efficient traffic control due to the growing rates of accidents and collisions resulting from poor weather conditions. This bodes well for the software segment.
By application, the intelligent urban traffic management system segment is predicted to exceed US$5.04 Bn by the end of 2022, growing at a robust CAGR of 9.4%. Introduction of smart cities, and need for effective management of traffic across emerging economies is spurring the sales of the intelligent urban traffic management system segment. This system also aids in curbing the high mortality rate due to traffic accidents, thus, facilitating market growth.
Intelligent Transport Systems (ITS) Market by Category
Application:
- Intelligent Urban Traffic Management Systems
- Traffic Monitoring
- Traffic Signal Controls
- Enforcement Camera Management
- Highway Traffic Management
- Intelligent Car Parking Management Systems (Smart Parking)
- Fleet Management and Asset Monitoring
- Public
- Private
- Collision Avoidance Systems
- Advanced Traveler Information Systems
- Congestion/Road Charging Solutions.
Component:
- Hardware
- Software
- Services
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa
- Japan
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