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.

UTC

Related Content

  • September 11, 2017
    Investment by players in global IoT in intelligent transportation systems drives growth, finds TMR
    Some of the major players in the global market for internet of things (IoT) in intelligent transportation systems are investing heavily in developing solutions, according to Transparency Market Research. As a result, it predicts that the market for IoT in intelligent transportation systems will rise at a 19.8 per cent CAGR during the period between 2017 and 2025. At this pace, the market is likely to attain a value of US$249.84 billion by the end of 2025 from US$41.57 billion in 2015.
    Read More
  • October 21, 2016
    Alternative fuel and hybrid vehicle ‘to grow at 12.9 per cent to 2022’
    A new report published by Allied Market Research, Alternative Fuel and Hybrid Vehicle (AFHV) Market by Alternative Fuel Type, Vehicle Type, and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022, projects that the world AFHV market is expected to reach US$614 billion by 2022, growing at a CAGR of 12.9 per cent during the forecast period. The passenger vehicle segment is estimated to dominate the market from 2016 to 2022. Asia-Pacific dominated the global market accounting for a market s
    Read More
  • October 5, 2015
    New report sheds light on the road safety market
    MarketsandMarkets’ latest report, Road Safety Market by Types (Highways and Bridges Safety, Urban Roads Safety and Tunnels Safety) & Systems (Red Light Enforcement, Speed Limit Enforcement, Bus Lane Enforcement, Communication, Incident Detection) - Worldwide Market Forecast (2014-2019) claims that major driving factors responsible for the growth of the market are the constant need for road safety and public security, new infrastructural development, and traffic congestion and longer commuting. The significa
    Read More
  • November 28, 2014
    Connected cars market expected grow by a third globally by 2020
    A new report by Allied Market Research, Global Connected Cars Market (Technology, Connectivity Solutions, Application, Products & Services and Geography) - Size, Share, Global Trends, Company Profiles, Demand, Insights, Analysis, Research, Report, Opportunities, Segmentation and Forecast, 2013 - 2020, indicates that the global connected cars market is forecast to reach US$141 Billion by 2020, growing at a CAGR of 32.7 per cent during the period 2014 - 2020. The integrated connectivity solutions segment
    Read More

Highlighted Content