The intelligent transport systems market was valued at USD 22.88 billion in 2019, and is expected to reach a value of USD 30.65 billion by 2025, at a CAGR of 5.11% over the forecast period
– Intelligent transport systems refer to the advanced technologies that are being applied to vehicles, infrastructure, and operating systems, which make the vehicles intelligent. As ITS technologies are being used in various industries beyond transportation and logistics, the demand for such systems is increasing rapidly.
– Government regulations and initiatives are the most important drivers for the growth and development of the intelligent transportation system market. With growing road safety concerns and increasing vehicle theft, governments across the world, especially in the United States, Europe, China, and Brazil among others are mandating the installation of factory-fitted telematics and safety devices in vehicles.
– Although such applications are increasing the demand for ITS across the world, the high cost of these systems is making it difficult for many manufacturers to keep the prices of the end-product low, leading to slow market penetration.
Scope of the Report
Intelligent transportation system (ITS) is the application of sensing, analysis, control, and communications technologies in transportation in order to improve safety, mobility, and efficiency. They can be applied to different modes of transport like roadways, railways, airways.
Click Here to Download Sample Report >> https://www.sdki.jp/sample-request-82485
Key Market Trends
Applications in Roadways are Becoming very Popular
– Roadways is the fastest-growing sector in the intelligent transport systems market. The increasing number of commercial fleets all over the world due to the increasing e-commerce activities and manufacturing activities is encouraging many logistics players to deploy proper asset monitoring and management systems.
– Companies, like GE Capital and AT&T have adopted telematics fleet solutions for continuous monitoring of fleet and real-time location status, which helps these companies schedule trips that would reduce the cost of maintenance and increase the driver’s productivity.
– Countries like the United States, Germany, and India, have increased their investments in the intelligent transport systems and have established laws that make telematics installations mandatory in many of the vehicle segment. The major concern for road safety, as these countries face high accident mortality rates, is driving the growth of the ITS market.
Intelligent Transport Systems Market
Satellite Communication Market
Telematics Control Unit Market
Network Automation Market
Managed IT Infrastructure Services Market
Internet of Things in Banking Market
Industrial Tablet PC Market
Digital Transformation Market
Context Aware Computing Market