Global ITS market expected to reach US$66.5 billion in eight years

The global intelligent transportation system (ITS) market is expected to reach US$66.5 billion by 2024, according to a new report by Research and Markets. The report, Intelligent Transportation System (ITS) Market Analysis By Type, By Application And Segment Forecasts To 2024, indicates that usage of ITS to reduce road accidents and increase safety is a major driving force for the ITS market. Demand for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication in order to enhance road s
November 28, 2016 Read time: 2 mins
The global intelligent transportation system (ITS) market is expected to reach US$66.5 billion by 2024, according to a new report by 7527 Research and Markets. The report, Intelligent Transportation System (ITS) Market Analysis By Type, By Application And Segment Forecasts To 2024, indicates that usage of ITS to reduce road accidents and increase safety is a major driving force for the ITS market.

Demand for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication in order to enhance road safety is expected to gain momentum over the forecast period. The continuous progression and development have become a crucial need for betterment of road networks in the transportation systems. Enhancement in vehicle transport technology such as blind spot detection and electronic toll collection has continued to redefine the current opportunity and future prospects of sustainable traffic and transport management.

Additionally, congestion cost is a major issue for any nation in terms of fuel consumption and travel time. ITS and connected car technology is transforming mobility and safety on highways by avoiding crashes and reducing fatalities. As a result, there is a strong focus on deployment of advanced traffic systems and reducing the number of road accidents, which can be facilitated through ITS solutions.

The North America ITS industry is anticipated to reach US$26.29 billion by 2024. Increased government focus on passenger safety and implementation of traffic management projects and initiatives are propelling the demand for intelligent transportation system.

Urban Traffic Control

For more information on companies in this article

Related Content

  • New solutions to old problems set to cut emergency response times
    April 30, 2015
    David Crawford looks at the latest developments in emergency response. Ensuring speedier reactions to transport and travel crises is becoming increasingly important. US statistics suggest that as many as 1,000 ‘saveable’ lives can be lost each year in major cities because of operational defects in their SOS operations.
    Read More
  • Norway continues to lead global electric vehicle market
    September 23, 2016
    Norway continues to lead the global market for electric vehicles, according to the most recent plug-in electric vehicle (PEV) index from IHS Automotive, part of business information provider IHS Markit. Plug-in electric vehicles are defined as either a pure Battery Electric Vehicle (BEV) or a Plug-In Hybrid Vehicle (PHEV). Based on analysis of new vehicle registrations during the first quarter 2016, one out of every three vehicles registered in Norway during the quarter was a plug-in electric vehicle, r
    Read More
  • Need for simpler urban tolling solutions
    January 10, 2013
    A common assumption, even amongst informed observers, is that there’s but a handful of urban charging schemes in operation around the world and scant prospect of that changing any time soon. Larger city-sized schemes such as Singapore, London and Stockholm come readily to mind but if we take a wider view and also consider urban access control and Low Emission Zones (LEZs) then the picture changes rather radically. There is a notable concentration of such schemes in Europe but worldwide the number is comfort
    Read More
  • Electric vehicle infrastructure market set to grow
    June 10, 2016
    According to a new TechSci Research report, Global Electric Vehicle Infrastructure Market By Type, by Installed Location, by Region, Competition Forecast and Opportunities, 2011 - 2021, the global market for electric vehicle infrastructure is projected to grow at a CAGR of over 27 per cent during 2016-2021, on account of favourable government policies that promote adoption of electric vehicles and growing concerns over harmful effects of air pollution. Additionally, grid integration of electric vehicles
    Read More

Highlighted Content