Industry Outlook and Trend Analysis
The global Intelligent Transportation System (ITS) market was worth USD 14.58 billion in the year 2012 and is expected to reach approximately USD 28.45 billion by 2022, while registering itself at a compound annual growth rate (CAGR) of 6.91% during the forecast period. Intelligent Transportation System (ITS) is a blend of information technology and communication with transportation systems which builds the productivity of transport process and enhances traveler security. A proficient transportation system positively affects the low number of road mishaps, decrease in debilitate discharges and less travel time. Systems as such give comfort to explorers in the case of driving a vehicle independently or utilizing open transport. The requirement for incorporated versatile systems in public transit has been on the ascent because of worries of public safety. Contemporary transportation providers are seeking after flexible vehicle computing systems incorporating portable surveillance, monitoring and tracking to guarantee the security of their travelers and simplify implementation procedure. Nations, for example, India and France are concentrating on usage of these systems attributable to rising interest for enhanced traffic conditions and travel comfort for drivers and in addition pedestrians. The usage of data on real time basis to encourage better choices alongside the requirement for management of traffic focuses will empower clients to react productively, consequently expanding the interest for intelligent transportation systems. The business players are concentrating on improving the capacity and innovation of their items and administrations inferable from the existence of several competitors. For example, in July 2016, NXP Semiconductors N.V. and eSSys declared innovation organization in cutting edge Cooperative Intelligent Transportation System (C-ITS) venture proposed by Korean Ministry of Land, Infrastructure and Transport.
Type Outlook and Trend Analysis
The cooperative vehicle system is relied upon to be the quickest developing section developing at a significant pace in the following years. The expanding need to enhance the energy effectiveness of vehicles by lessening the toxin discharge is giving traction to the development. Different ventures, for example, the Cooperative Vehicle-Infrastructure Systems (CVIS) are attempted to plan and build up the advancements, which needs the communication of vehicles with each other and with the roadside infrastructure.
Application Outlook and Trend Analysis
In 2015 Environment protection portion was esteemed at USD 546.6 million. This section is relied upon to witness quickest development attributable to the requirement for decreasing fumes outflows. It is one of the key needs of intelligent transportation systems, which is focused through bringing down of carbon dioxide and greenhouse gases concentration in thickly populated territories through traffic management. In 2015 Movement administration represented more than 30.5 percent of the general profit. These resolutions are utilized to enhance road networks by diminishing the financial pressure on administrative experts as it diminishes investment required to uphold traffic blockage control.
Regional Outlook and Trend Analysis
In 2015 Asia Pacific represented more than 23 percent income share and is expected to be the quickest developing area inferable from the adoption of ITS in Hong Kong, India, and Australia. Government controls and principles for ITS to deploy self-driving autonomous cars is boosting the requirement for systems like these in the district. For example, in the Republic of Korea, the distribution of ITS has expanded the average traffic speed by 20 percent. In 2015 North America ruled the market attributable to the instigating requirement from public and private division in the United States Government activities and arrangement of security advancements in business vehicles has expanded the buyer base over recent years.
The leading players in the market are Q-Free, Iteris Inc, Garmin International Inc, Kapsch TrafficCom AG, TomTom and Thales Group. Item advancement alongside mergers and acquisitions are the key procedures adopted by industry players. For example, Agero Inc. reported an association with Cambridge Mobile Telematics to create accident management solutions on real-time basis.
The global Intelligent Transportation System is segmented as follows-
Cooperative vehicle system
Road user charging
Road safety and security
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2012 and forecast from 2013 to 2022?
What will be the industry market growth from 2013 to 2022?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?