The global market for intelligent transport system is envisaged to see substantial progress throughout the world. It is expected to rise at a steady CAGR through 2030 on account of growing awareness regarding public safety, adoption of environmental friendly automobile technologies, necessity to present real-time traffic information of different regions, growing need to limit pollution, traffic jams and to have an alternate technology to manage traffic. The government is partnering with market players toensure effective traffic and road management. Government support to ensure road safety and avoid vehicle thefts is estimated to exaggerate the progress of this market.
Emergency Management Systems (EMS) is catching the attention of global manufacturers as it is the newest research field in intelligent transport systems. The trend of EMS is growing as it focuses on the application of various intelligent transport system technologies to develop a transport system providing help in case of emergency situations.
The players in intelligent transport system market witnessed decline in market progress due to limitations imposed in the pandemic. Covid-19 interrupted the production, supply chains, distribution, transportation as well as import-export activities of the manufacturers operating in this market. The pandemic created an urgent need to modernize the operations globally to create significant attraction among the users.
Thales Group, Garmin and Lanner Electronics have been among the industrial players who sufferered the dire consequences of Covid-19 pandemic. These corporations saw a drop in their market share. Since the time relief in lockdown isgiven, these corporation are doing their best to regain their position in the market. For instance, Thales Corporation is now implementing a global implementation plan for the maintenance of its productive capacities for customers, reduce the financial crisis, strengthen funding capacity in case the crisis continues topersist. Garmin Corporation on the other other hand is expanding its operations and is planning to try some innovation with its offerings which is adding gradual rise in its market share. It is estimated that in the forthcoming years, the market will flourish owing to increasing preference for eco-friendly automobile technologies, awareness regarding public safety and supportive government efforts towards effective traffic management throughout the world.
Cubic Corporation partnered with Moovit Corporation, an Intel company in January 2020 to develop mobile experiences that enables travellers to book multi-model journeys. This partnership integrated Moovit’s MaaS APIs with Cubic’s Traveller app. Together, they are providing MaaS offerings for public transit agencies of any size. These solutions includes Cubic’s account-based Urban Mobility Back Office, cloud based ticketing solution, loyalty incentives, real-time passenger information system etc. This partnership has created a platform that offers travellers a seamlesss and frictionless mobile experience and has helped in reducing traffic congestion, improve travel experience and ensure public safety.
In addition to that, TomTom International, Toyota Research Institute-Advanced Development Incorporation and Denso Corporation announced a high definition map-building method on 10th March 2020. These corporation declared a successful proof of concept demonstrating a fast high definition map-building method for roads essential for autonomous driving. The development was achieved with TRI-AD test vehicles equipped with Denso sensors, TRI-AD’s Automated Mapping Platform and TomTom’s cloud-based transactional mapping platform to be used for collecting road observations converted and corrected by TRI-AD’s AMP, for input into TomTom’s cloud-based transactional mapping platform.
Global Intelligent Transport System Market: Snapshot
The global intelligent transport system market is envisaged to see its expansion rising on the back of the need to reduce road fatalities. Sophisticated security and safety solutions offered through intelligent transport system could prove to be extremely critical for the adoption rate in emerging as well as developed economies. Such solutions are used to improve road infrastructure and network. Intelligent transport system helps to improve the competence of the overall transport process and also passenger safety as it combines communication and IT with transportation infrastructure. Availability of competent transportation system helps to reduce travel time beside road accidents.
New solutions integrating electronic and communication technologies are being deployed in a number of economies for the purpose of effectively dealing with traffic concerns. There could be a massive demand for intelligent transportation system as it helps to gain better access to transportation and improve passenger and freight mobility. Intelligent transport system makes a strong contribution to the reduction in greenhouse gas emissions and fuel consumption by decreasing the level of traffic congestion. A collaboration was announced by the U.S. Department of Energy and Transportation in 2016, keeping in view similar concerns, so as to speed up the research and development of novel smart transportation solutions.
An intelligent transport system is a technology applied to transport and infrastructure to transfer information between systems to improve safety, productivity, and environment-friendly transportation. This includes standalone applications such as systems for traffic management, information and warning systems installed in vehicles, as well as cooperative intelligent transport system applications providing vehicles with IT infrastructure communication and vehicles-to-vehicle communication. An intelligent transport technology typically applies to management systems like, traffic control systems, automatic recognition of number plates, weather information, CCTV cameras and car navigation. The governments of various regions are spending on transportation infrastructure, which is expected to be a good opportunity for vendors associated with the market for intelligent transport systems to extract business, especially from emerging economies.
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Intelligent Transport System- Drivers
Increasing need for cutting-edge traffic congestion solutions is one of the significant factors which is fuelling the growth of intelligent transport system market. As these days more and more people are preferring to migrate to urban areas, intelligent transport systems are necessary for more infrastructure like highways, roads and other public transport options.
Significant partnerships with governments is expected to open new avenues in the market. This collaboration shows a positive response from both the people and government towards intelligent transport systems which is driving the market. For example, Siemens has collaborated with government of Germany for the completion of the projects of digital autobahn test field project. Germany’s first intelligent bridge is a prominent feature of this project.
Intelligent Transport System- Restraints
There are various other systems developed for managing the traffic congestions and giving the alternate routes and other such systems. These other systems cut down the market for the intelligent transport systems and hence acts as a restraint for the market. These substitutes are being used on a significant sale. Moreover, changing existing systems and setting up of new one would incur more charges.
Lack of standardization can affect the growth of the intelligent transport systems in the region. Proper standard would escalate the growth path for the market as it would restrict the unorganized propagation of other systems in the market.
Intelligent Transport System- Regional Overview
In the year 2017, North America region dominated the intelligent transport systems market by revenue. APEJ region is likely to be a chief market for sustainable revenue generation in the years to come. In APEJ region, China, which is a developing country, is likely to grab maximum revenue shares in the intelligent transport system market. In China, intelligent transport systems dealers are setting up strong distribution channels and supply chains to extend the opportunities in business.
Intelligent Transport System- Key Players
Lanner Electronics Inc., Thales Group Ad, Transcore, Lp, Siemens AG, Savari Inc., Garmin Ltd., Efkon AG., Kapsch Trafficcom, Ricardo PLC, Tomtom International BV, Iteris, Inc., Q-Free ASA, Atkins Group and Denso Corporation are some of the key companies provide the intelligent transport system
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on
- Market Dynamics
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Regional Segments Analyzed Include
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
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- Historical, current and forecast market size based on value and volume
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