Intelligent Transportation System Market Size [2021-2028] Worth USD 42.80 Billion | Exhibit a CAGR 9.34%
Fortune Business Insights
5 min read
Fortune Business Insights
Intelligent Transportation System Market Size to Hit USD 42.80 billion, at CAGR of 9.34% by 2028; Rising Government Funding for Intelligent Transportation System to Fuel Growth
Pune, India, July 19, 2022 (GLOBE NEWSWIRE) -- Intelligent Transportation System market size is projected to reach USD 42.80 billion in 2028, at CAGR of 9.34%. The global intelligent transportation system (ITS) market size was USD 22.91 billion in 2021. Rising Government Funding for Intelligent Transportation System to Drive Market. Fortune Business Insights offers this information in a report, titled “Intelligent Transportation System (ITS) Market, 2021-2028.”
COVID-19-Induced Disruptions to Impact Market Dynamics
The rapid outbreak of COVID-19, or coronavirus viral illness, has had an extraordinary impact on many countries across the world. The sudden surge in the number of cases of Severe Acute Respiratory Syndrome Coronavirus 2 has had a significant impact on the economics of many countries (SARS-CoV-2). In addition, reduced interaction to prevent the coronavirus from spreading across the population has disrupted global supply chains and logistics. However, the ITS demand will be counterbalanced by economic stimulus packages offered by the respective governments.
Based on type, the market is classified into the advanced traffic management system (ATMS), advanced traveler information system (ATIS), advanced public transportation system (APTS), advanced transportation pricing system (ATPS), and others.
Growth Drivers
Rising Government Funding for Intelligent Transportation System to Drive Market
Rising Deployment of ITS in Public Transportation to Propel Market in North America
Market Drivers-
The government's support and funding for intelligent transportation system planning, design, and implementation are projected to promote intelligent transportation system (ITS) market growth. Many countries' governments are working with business partners and investing in ITS to construct transportation infrastructure that will reduce traffic congestion. Intelligent transportation service providers also assist the government by offering advice on integrating ITS into the transportation system.
Highlights of the Report-
The report includes an in-depth evaluation of various growth drivers and restraints, opportunities & challenges, and latest trends that the market will witness during the forecast period. In addition, the report offers detailed insights into the regional developments of the market. It includes information sourced from industry professionals using several methodologies. Furthermore, the competitive landscape offers comprehensive coverage of strategies adopted by the companies such as partnerships, mergers & acquisitions, and product launches to expand their market presence.
Rising Deployment of ITS in Public Transportation to Propel Market in North America
The Asia-Pacific region presently dominates the global market, with a market value of USD 15.07 billion. Europe predicted to grow at the fastest rate during the projection period. Due to support provided by the Chinese government to implement ITS throughout the country, China is the second-largest market in this region. In this region, South Korea is the leading country with the most significant funding for ITS deployment. Europe is the ITS market's second-largest market holder. Over the projection period, this area is also expected to see considerable market expansion. The United Kingdom is a leader thanks to a large-scale deployment of ITS for public transportation. Because Canada is implementing ITS at a slower pace, the ITS market in North America is expected to increase steadily throughout the projection period. Latin America is also expected to grow rapidly, as Brazil and Mexico support ITS planning and deployment in their respective countries.
Collaboration of Major Companies and Governments to Intensify Competition
For design and product development, the important corporations work with companies specializing in intelligent transportation systems. They're also working on cutting-edge items for better service and less bother. In addition, a number of small businesses are collaborating with the government to improve transportation services.
List of Players Operating in the Intelligent Transportation System (ITS) Market are as follows:
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