The global intelligent transportation system market size is
projected to reach USD 51.09 billion by 2025, at a CAGR of 10.5% over the
forecast period, according to a new report by Grand View Research, Inc. Road
traffic related deaths have been increasing over the past few years. The usage
of ITS to reduce road accidents and to increase safety, in general, is a major
driving force for the ITS market. The demand for Vehicle-to-Vehicle (V2V) and
Vehicle-to-Infrastructure (V2I) communication to enhance the road safety is
expected to gain momentum over the next few years.
An effective transportation system is critical
for the socio-economic development of any country. ITS associations estimate
that the use of systems, such as the Advanced Traffic Management Systems (ATMS)
effectively reduce the travel time by 25% and the waiting time at a signal by
20% to 30%. They also help curb emissions of greenhouse gasses such as methane,
carbon dioxide, and nitrous oxide. The use of Electronic Tolling Systems (ETS)
and ramp metering systems also helps reduce the traffic congestion and maintain
the overall traffic flow. The limited space for transportation network expansion
is expected to further impact congestion costs, which in turn will fuel the
demand over the forecast period.
Intelligent transportation system helps
improve the supply chain process performance and yields a high benefit to cost
ratio; deploying these systems results in a significantly high ratio (8:1) as
compared to a traditional transportation network. Users can also cut down on
costs through real-time transportation systems. On account of these factors,
transportation service providers have increased the investment in ITS over the
past few years.
Browse full research report on Intelligent
Transportation System (ITS) Market:
https://www.grandviewresearch.com/industry-analysis/intelligent-transportation-systems-industry
Further key
findings from the study suggest:
- Advanced public transport system is expected
to witness the fastest CAGR of 12.1% from 2019 to 2025
- Stringent regulations to improve driver safety
in developed markets of Europe and North America are expected to
contribute to the ITS market growth
- The U.S. road tolling systems segment is
expected to expand at a CAGR of 7.1%, while public transport segment is
projected to witness the highest CAGR of 8.6% over the forecast period
- Asia Pacific is expected to grow at a
significant CAGR of 13% during the forecast period, owing to increasing
government initiatives and deployments of ITS
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/intelligent-transportation-systems-industry/request/rs1
Grand
View Research has segmented the global Intelligent Transportation System market
on the basis of application, type, and region:
Intelligent
Transportation System Type Outlook (Revenue, USD Million, 2015 - 2025)
- ATIS
- ATMS
- ATPS
- APTS
- EMS
Intelligent
Transportation System Application Type Outlook (Revenue, USD Million, 2015 -
2025)
- Traffic Management
- Road Safety and
Security
- Freight Management
- Public Transport
- Environment
Protection
- Automotive
Telematics
- Parking Management
- Road Tolling System
Intelligent
Transportation System Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Asia Pacific
- China
- India
- Japan
- South Korea
- MEA
- UAE
- KSA
- ROW
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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