The intelligent transport systems (ITS) market is projected to reach a value of US$ 37.8 Billion by the end of 2022, with sales growing at a prolific CAGR of 13.4% over the forecast period of 2022-2032.
The market will reach an estimated value of US$ 132.93 Billion by 2032. Elevated demand for enhanced transportation infrastructure and a growing need for better traffic management and control are expected to boost the market over the forecast period.
Rising incidences of road accidents and collisions have fueled the growing demand for advanced traffic control solutions. The adoption of smart vehicles across regions like the U.S., China, and the U.K. is promoting the demand for intelligent traffic control systems. These two factors are the primary drivers of the intelligent transport system market growth and expansion.
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Furthermore, the adoption of intelligent transport systems is expected to achieve traffic efficiency, and safety of traffic passengers, improve passenger experience, and also contribute towards environmental preservation. Improvements to the overall traffic operations are another benefit.
Government investments in the designing, planning, and implementation of intelligent transport system solutions to control traffic congestion as well as advancements in transportation technology and the rising adoption of IoT for traffic are all contributing factors to the market growth of intelligent transport systems.
Key Takeaways from the Intelligent Transport Systems (ITS) Market:
- The 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%.
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Competitive Landscape:
Key players in the global intelligent transport systems (ITS) market are employing tactics like strategic mergers, acquisitions, and collaborations to gain a competitive advantage. They are collaborating with governments and other key market players to invest extensively in advanced solution projects and thereby strengthen their market position.
Leading Key Players:
- 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.
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Intelligent Transport Systems (ITS) Market Segmentation:
By 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.
By Component:
- Hardware
- Software
- Services
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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