Dublin, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The "Intelligent Transportation Systems And Services (Itss) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
The global intelligent transportation systems and services (ITSS) market is likely to cross US$ 127.5 Bn by 2030, growing at a CAGR of 6.0% through the forecast period 2022 to 2030.
The market for intelligent transportation systems and services is growing steadily with rising need to reduce traffic congestions particularly in metropolitan cities across the world. In addition, intelligent transportation systems offer benefits such reduced fuel consumption, travelling delays and environment protection.
Rising awareness about the benefits of this technology is expected to spur the demand for ITSS particularly in emerging markets. This is expected to motivate players across the value chain of this industry to introduce innovative technologies to maintain their footholds in this potential industry.
Intelligent transportation systems and services (ITSS) are used for several applications which include road traffic management, efficient public transport facilities, freight management, road safety, environment protection, automotive telematics, parking management, electronic toll collection and vehicle safety and security.
Road traffic management is the largest application segment in the overall Intelligent transportation systems and services (ITSS) market and accounted for the largest revenue share in 2021. With rising population, number of vehicle and limited scope for road expansion metropolitan cities across the world are continuously facing congestion problems.
In order to reduce congestion, metropolitan cities are expected to invest significant amount in advance traffic management solutions to reduce congestion problems. Moreover, the public transport segment is expected to be the most attractive segment as public transport authorities are investing significant amount in advanced transportation and related solutions for more efficient services compare to private transportation facilities.
In addition, environment protection and automotive telematics applications are another attractive market segments for intelligent transportation systems and services (ITSS) vendors. Stringent emission control and road safety regulation in developed and developing markets are expected to influence the demand for environment protection, traffic management and road safety solutions in these markets.
Developed markets such as the U.S, UK and Singapore have introduced stringent road charging policies to reduce congestion on major roads during peak times. Some other countries particularly in Asia Pacific and Europe are expected to introduce such traffic control policies to reduce congestion in peak hours which is expected to spur the demand for road charging systems in these countries.
Advanced public transportation systems are expected to see a lucrative growth through the forecast period 2022 - 2030 This is particularly due to increasing installation of automotive telematics systems, electronic fare payment systems and dynamic sign boards in order to improve the public confidence for public transports facilities over private transport. Advanced traffic management systems accounted for the largest revenue share in 2021 and is expected to remain the dominant segment over the forecast period with rising need to reduce congestion particularly developed and emerging economies across the world.
Advanced vehicle information systems are another attractive market segment in this market with rising demand for infotainment and navigation devices from both vehicle manufacturers and private vehicle owners in aftermarket. The market for road pricing system in developed economies is relatively mature and expected to grow with new highway and expressway projects. However, the market for electronic toll collection (ETC) system is growing rapidly in emerging markets such as China, Russia, Brazil India, and South Africa owing to new highway projects in these countries.
There are two types of cooperative vehicle systems.
Vehicle to Infrastructure (V2I): Enables communication between vehicle and road side infrastructure.
Vehicle to Vehicle (V2V): Enables communication between two vehicles.
Cooperative vehicle systems are most commonly used to provide dynamic traffic information to driver and increase driver's safety.
The global intelligent transportation systems and services market is divided into four regional markets i.e. Europe, North America, Asia Pacific and Rest of the World. North America was the largest regional market in 2021. The U.S. government and traffic authorities in the country are investing significant amount to reduce congestion and introducing mandatory regulations to reduce accidents which further expected to influence the growth of ITSS market in the U.S. Canada and Mexico are also introducing U.S. transportation standards to improve efficiency of their transportation networks.
Asia Pacific is the expected to be the fastest growing regional market. This growth is primarily attributed to rising adoption of intelligent transportation systems particularly in China, Australia and India. Rising number of vehicle registrations per year and limited space for road expansion are two major factors forcing India and China to invest in the road transportation improvement programs.
In Europe, EU7 countries (UK, Germany, Spain, Italy, France, Netherlands and Belgium) accounted for the largest market share in the overall Europe ITSS market. In Europe, CIS (Commonwealth of Independent States) region is expected to observe the fastest growth during the forecast period 2022& 2030. This growth is primarily attributed to introduction of new investment program for deployment of intelligent transportation systems particularly in Russia.
Russia looking to improve efficiency of the existing transportation network and reduce congestion in the country. In the rest of the world ITSS market, South America is the largest market and Africa is expected to be the fastest growing region with rising deployment of ITSS in South Africa to support its economic growth.
With rising income opportunities, the global population in urban areas is increasing rapidly and it is predicted that more than 75% of the global population will live in metropolitan cities across the world. Rising population and increasing number of vehicles in these cities will force government and traffic authorities to deploy advance traffic management solutions for better traffic management. Japan, U.S., Singapore, UK and Germany represent matured markets for ITS.
Most of the ITS technologies are first developed, tested and implemented in these countries. North America and Europe have made mandatory to install Electronic Stability Control (ESC) system in both commercial and passenger cars from 2011. ESC is a driver assistance system and enables drivers to avoid accidents caused due to skidding.
Several countries have observed a massive improvement in the performance of transportation network operations after deploying intelligent transportation systems and services (ITSS) by improving the efficiency of their existing transportation networks, reduce fuel consumption and the number of road accidents. ITSS is gaining popularity in emerging markets such as South Korea, China, Brazil, India, Russia, Australia and many other countries across the world with the rising awareness about the benefits of these technologies.
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Intelligent Transportation Systems And Services (Itss) market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2030.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Intelligent Transportation Systems And Services (ITSS) market?
Which is the largest regional market for Intelligent Transportation Systems And Services (ITSS) market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East - Africa?
Which are the key trends driving Intelligent Transportation Systems And Services (ITSS) market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Intelligent Transportation Systems And Services (ITSS) market worldwide?
Key Topics Covered:
2. Executive Summary
3. Intelligent Transportation Systems And Services (Itss) Market: Business Outlook & Market Dynamics
3.2. Global Intelligent Transportation Systems And Services (Itss) Market Value, 2020 - 2030, (US$ Billion)
3.3. Market Dynamics
3.3.1. Market Drivers
3.3.2. Market Restraints
3.3.3. Key Challenges
3.3.4. Key Opportunities
3.4. Impact Analysis of Drivers and Restraints
3.5. See-Saw Analysis
3.6. Porter's Five Force Model
3.6.1. Supplier Power
3.6.2. Buyer Power
3.6.3. Threat Of Substitutes
3.6.4. Threat Of New Entrants
3.6.5. Competitive Rivalry
3.7. PESTEL Analysis
3.7.1. Political Landscape
3.7.2. Economic Landscape
3.7.3. Technology Landscape
3.7.4. Legal Landscape
3.7.5. Social Landscape
3.8. Heptalysis Analysis
3.9. Critical Investigation of Business Problems Through Five Whys Root Cause Analysis & Relevant Solutions
4. Intelligent Transportation Systems And Services (Itss) Market: By System Type, 2020-2030, USD (Billion)
4.1. Market Overview
4.2. Growth & Revenue Analysis: 2021 Versus 2030
4.3. Market Segmentation
4.3.1. Traveller Information Systems
4.3.2. Transportation Management Systems
4.3.3. Road Pricing Systems
4.3.4. Public Transportation Systems
4.3.5. Cooperative Vehicle
5. Intelligent Transportation Systems And Services (Itss) Market: By Application, 2020-2030, USD (Billion)
5.1. Market Overview
5.2. Growth & Revenue Analysis: 2021 Versus 2030
5.3. Market Segmentation
5.3.1. Traffic Management
5.3.2. Road Safety and Surveillance
5.3.3. Freight Management
5.3.4. Public Transport
5.3.5. Environment Protection
5.3.6. Automotive Telematics
5.3.7. Parking Management
5.3.8. Road User Charging
6. Intelligent Transportation Systems And Services (Itss) Market: By Component, 2020-2030, USD (Billion)
6.1. Market Overview
6.2. Growth & Revenue Analysis: 2021 Versus 2030
6.3. Market Segmentation
7. North America Intelligent Transportation Systems And Services (Itss) Market, 2020-2030, USD (Billion)
8. UK and European Union Intelligent Transportation Systems And Services (Itss) Market, 2020-2030, USD (Billion)
9. Asia Pacific Intelligent Transportation Systems And Services (Itss) Market, 2020-2030, USD (Billion)
10. Latin America Intelligent Transportation Systems And Services (Itss) Market, 2020-2030, USD (Billion)
11. Middle East and Africa Intelligent Transportation Systems And Services (Itss) Market, 2020-2030, USD (Billion)
12. Company Profile
12.1. Garmin Ltd
12.1.1. Company Overview
12.1.2. Financial Performance
12.1.3. Product Portfolio
12.1.4. Strategic Initiatives
12.2. Cobra Electronics Corporation
12.2.1. Company Overview
12.2.2. Financial Performance
12.2.3. Product Portfolio
12.2.4. Strategic Initiatives
12.3. DENSO Corporation
12.3.1. Company Overview
12.3.2. Financial Performance
12.3.3. Product Portfolio
12.3.4. Strategic Initiatives
12.4. Xerox Corporation
12.4.1. Company Overview
12.4.2. Financial Performance
12.4.3. Product Portfolio
12.4.4. Strategic Initiatives
12.5. SWARCO AG
12.5.1. Company Overview
12.5.2. Financial Performance
12.5.3. Product Portfolio
12.5.4. Strategic Initiatives
12.6. Siemens AG
12.6.1. Company Overview
12.6.2. Financial Performance
12.6.3. Product Portfolio
12.6.4. Strategic Initiatives
12.7. Hitachi Ltd
12.7.1. Company Overview
12.7.2. Financial Performance
12.7.3. Product Portfolio
12.7.4. Strategic Initiatives
12.8. Kapsch TrafficCom
12.8.1. Company Overview
12.8.2. Financial Performance
12.8.3. Product Portfolio
12.8.4. Strategic Initiatives
12.9. Q-Free ASA
12.9.1. Company Overview
12.9.2. Financial Performance
12.9.3. Product Portfolio
12.9.4. Strategic Initiatives
12.10. TomTom NV
12.10.1. Company Overview
12.10.2. Financial Performance
12.10.3. Product Portfolio
12.10.4. Strategic Initiatives
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