World ITS market expected to grow at a steady rate to 2020

The global market for intelligent transportation systems (ITS) is expected to reach US$38.68 billion by 2020, according to a new study by Grand View Research. Growing demand for optimising fuel consumption and reducing emissions is expected to be the key driving force for the market. ITS aids in reducing incidents such as road accidents and boost safety, which is estimated to positively impact demand over the next six years.
August 4, 2014 Read time: 2 mins

The global market for intelligent transportation systems (ITS) is expected to reach US$38.68 billion by 2020, according to a new study by Grand View Research. Growing demand for optimising fuel consumption and reducing emissions is expected to be the key driving force for the market. ITS aids in reducing incidents such as road accidents and boost safety, which is estimated to positively impact demand over the next six years.

Increasing need for enhancing existing transportation networks coupled with demand for alleviating traffic congestion is expected to fuel market growth during the forecast period. However, interoperability and standardization issues may restrain the market over the next few years. Technological advancements have led to enhancement in wireless communication technologies, which is an opportunity for market participants.

Advanced transportation management systems (ATMS) accounted for the largest market share of 39.9 per cent in 2013; it is expected to continue dominating the overall industry over the next six years. Advanced public transportation systems (APTS) is expected to be the fastest growing segment, at an estimated CAGR of 13.7 per cent from 2014 to 2020. APTS deal in the use of IT and transportation management in order to boost the safety and effectiveness of public transit systems.

Traffic management is expected to remain the largest ITS application through the forecast period and was valued at US$5.16 billion in 2013. Road user charging (RUC) also accounted for considerable market share in 2013, driven by technological advancements in electronic toll collection (ETC). Environment protection is expected to grow at the fastest CAGR of 18.2 per cent from 2014 to 2020, due to increasing focus on reducing pollution and emission levels.

North America accounted for 43.8 per cent of the global market in 2013 and is expected to remain the most dominant ITS market over the next six years. This can primarily be attributed to favourable regulatory initiatives from transportation authorities for increasing driver safety and reducing traffic congestion. Asia Pacific ITS market is expected to register the fastest growth of 14.0 per cent from 2014 to 2020, as a result of need for improvement of transportation networks and high growth expected in India and China.

Urban Traffic Control Enforcement

Related Content

  • Market for semi-autonomous vehicles to reach 7.84 million units by 2021, say researchers
    May 11, 2017
    The latest research published by MarketsandMarkets indicates that the global market for semi-autonomous vehicles is estimated to be 3.17 million units in 2016, and is projected to grow at a CAGR of 19.85 per cent from 2016 to 2021, to reach 7.84 million units by 2021. However, the global market for autonomous vehicles is estimated to be 0.18 million units in 2025, and is projected to grow at a CAGR of 41.26 per cent per cent from 2025 to 2030, to reach 1.01 million units by 2030. The report says the growth
    Read More
  • Australian ITS market forecast to 2020
    September 4, 2015
    The latest report from Reportlinker analyses the Australian intelligent transportation systems (ITS) market and indicates that the total market is expected to reach US$1,130.2 million by 2020, at a CAGR of 14.41 per cent between 2015 and 2020. The market for the application of advanced public transportation systems is expected to grow at a CAGR of 14.90 per cent during the forecast period. The increasing demand for the use of technology in public transportation for vehicle location and real-time information
    Read More
  • Australia’s ITS market predicted to grow almost 15 per cent by 2020
    December 16, 2016
    According to a new market research report published by MarketsandMarkets, Australia’s intelligent transportation systems is expected to grow at a CAGR of 14.41 per cent between 2015 and 2020, and reach US$1,130.2 million by 2020. The report is combined with an in-depth analysis of the various market dynamics such as drivers, restraints, and opportunities. Along with the market dynamics, the report also gives an insight about various market parameters, such as market share analysis, value chain analysis,
    Read More
  • Commercial vehicle telematics market predicted to grow by 10 per cent by 2022
    July 18, 2017
    According to a new research report on the commercial vehicle telematics market published by MarketsandMarkets the market size is expected to grow from US$7.31 billion in 2017 to US$18.43 billion by 2022, at a compound annual growth rate (CAGR) of 20.3 per cent. The major driver of the commercial vehicle telematics market is the increasing adoption for the next-generation telematics protocol (NGTP) enhancing telematics service delivery, the proliferation of telematics technology due to decreasing sensor and
    Read More

Highlighted Content