Intelligent Transportation System Market: Atms Segment Is Anticipated To Register Considerable Growth

Intelligent Transportation System Industry Overview

The global intelligent transportation system market size is expected to reach USD 42,936.1 million by 2028, registering a CAGR of 7.0% from 2021 to 2028, according to a new study by Grand View Research, Inc. Continued advances in the development of transportation networks have triggered the need for an efficient transportation system. At the same time, advances in the latest technologies, such as blind-spot detection and electronic toll collection, are continuously redefining the expectations and prospects for sustainable management of transportation networks and traffic. At this juncture, the growing need to present real-time traffic information to drivers and passengers is emerging as one of the key factors driving the demand for intelligent transportation system (ITS).

 

Advances in telecommunications technologies and the evolution of IT systems are expected to help in reducing traffic congestions. Given that modern traffic control strategies focus more on utilizing real-time data while simultaneously addressing impact criteria, such as emission control; the integration of ITS with smart grid and other energy distribution and charging systems can potentially help distribution agencies in utilizing the real-time data to draft capacity expansion strategies for the future. According to the ITS Development Strategy drafted by the Department of Transport of the Republic of Korea, intelligent transportation systems can help significantly in reducing traffic congestion, preventing automobile idling, and subsequently in reducing fuel consumption and hence greenhouse gas emissions.


Intelligent Transportation System Market Segmentation

Grand View Research has segmented the global intelligent transportation system market based on type, application, and region:

Based on the Type Insights, the market is segmented into Advanced Traveler Information System (ATIS), Advanced Traffic Management System (ATMS), Advanced Transportation Pricing System (ATPS), Advanced Public Transportation System (APTS), and Emergency Medical System (EMS).

  • The Advanced Traffic Management System (ATMS) segment accounted for a market share of over 30% in 2020. Solutions offered by the key market players can combine data processing technology with sensing and telecommunications technologies to ensure real-time management of transportation networks and share the information gathered and processed with drivers and travelers.
  • The Advanced Public Transportation System (APTS) segment is anticipated to register considerable growth over the forecast period. APTS provides enhanced visibility into the overall timeliness of buses and trains. As several individuals avail public transportation facilities, any aggressive investments in real-time information systems can potentially help in sharing real-time information about the buses and trains with commuters.

 

Based on the Application Insights, the market is segmented into Traffic Management, Road Safety and Security, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management, and Road Tolling Systems.

  • The traffic management segment accounted for the largest market share of over 30% in 2020. Traffic management systems enhance the reliability and operational performance of road networks. These systems may typically include vehicle detection systems, bridge traffic management systems, and ramp metering systems, among other systems. Frequent traffic congestions often culminate in significant monetary losses stemming from the increase in travel time and the growth in fuel consumption.
  • The growth of the automotive telematics segment can be attributed to the initiatives being pursued by government bodies for ensuring safety and security on roads. Dynamic displays and navigation systems can potentially help in operating road networks flexibly and reducing travel time. Similarly, smartphone-based applications used to provide real-time information to passengers using public transport are also gaining popularity in several parts of the world. This is expected to play a vital role in driving the growth of the public transport segment over the forecast period.

 

Intelligent Transportation System Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market players are investing aggressively in research and development activities, improving internal processes, actively engaging in new product development, and improving their existing products as part of the efforts to increase their respective market shares. They are also focusing on strategic partnerships and mergers & acquisitions to develop technologically advanced products and gain a competitive edge in the market. For instance, in January 2021, DENSO CORPORATION partnered with Aeva, a developer of LiDAR and perception systems for autonomous vehicles, to develop sensing and perception systems. The partnership envisages the two companies developing Frequency Modulated Continuous Wave (FMCW) LiDAR that can potentially help in measuring the velocity and reflectivity of vehicles.

Market players are investing aggressively in research and development activities to drive organic growth. For instance, in October 2020, Hitachi, Ltd. introduced a heavy-duty automated parking brake (APB HD) specifically designed for vans, SUVs, pickup trucks, and light commercial vehicles. The new system facilitates APB safety and system management and allows extending the use of this technology to a broader extent. Some of the prominent players operating in the global intelligent transportation system market are:

  • Addco
  • Agero, Inc.
  • DENSO CORPORATION
  • EFKON GmbH
  • Hitachi, Ltd.
  • Garmin Ltd.
  • Thales Group
  • Xerox Corporation
  • Recardo
  • Sensys Networks, Inc.
  • Telenav, Inc.
  • Iteris, Inc.
  • Kapsch TrafficCom
  • Lanner
  • Nuance Communications, Inc.
  • Q-Free ASA
  • Siemens AG
  • TomTom International BV
  • TransCore

 

Order a free sample PDF of the Intelligent Transportation System Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

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Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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