Intelligent Transportation Systems Market Worth USD 51.09 Billion By 2025
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.
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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
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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.