The increasing number of mega cities and the population growth in developed and developing countries has increased the importance of deploying an intelligent transport system (ITS)
The increasing number of mega cities and the population growth in developed and developing countries has increased the importance of deploying an intelligent transport system (ITS). ITS system constitutes both, road transport and an efficient metro/underground rail system. ITS involves the revamp of overall technological aspects such as GPS, Carrier Access for Land Mobiles (CALM), Dedicated Short Range Communication (DSRC) etc.
Globally, the concerned government departments understand the importance of implementing an efficient ITS system, which is an important driving factor for the market growth. Therefore, these departments are formulating specific programs and taking initiatives to implement the system. For example, the U.S. Department of Transport (DOT) is focusing on intelligent infrastructure, intelligent vehicles and integration of these two factors.
The DOT has started a Federal ITS program that would make research initiatives, investigative study and support the deployment of the system through systematic investment. Additionally, an efficient transport system would assist in controlling traffic congestions and increase environmental benefits by reducing pollution, and these factors act as other major drivers for the market.
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The Global Intelligent Transportation System Market is estimated to grow at CAGR above 10.2 % over the forecast time frame 2019-2026 and reach the market value around USD 50 billion by 2026.
However, the major restraint for the market growth is the slow growth of infrastructure, especially in the developing regions of the world due to the high cost of installation. Another key restraint for the growth of the market is the lack of standards and negligible interoperability between the various modes of transport and technologies. To address these challenges, various government sectors and key players in the market are forming strategic private-public partnerships.
Furthermore, the major opportunity for the market lies in the development of smart vehicles that would operate on intelligently controlled roads by deploying state of art infrastructure and latest technologies.
Regional North America generates the largest share of revenue in the global market for smart transport systems. There is considerable support from the government and rapid development and research activities within the region to realize the potential of intelligent transport systems in urban mobility.
Investors in R&D, adoption and deployment of ITS in the region have been strongly made by the United States Department of Transport (DOT). In 2015-2012, a pilot model of safety deployment (SPMD) was carried out in Michigan with the aid of DSRC-enabling equipment in a real-world environment by the University of Michigan Transport Research Institute and (DOT). In addition, DOT announced in 2015 that it will push for V2V technology to be mandated for all SPMD-driven light vehicles in the US. In developing markets in Brazil, Russia, India, China and South Africa (BRICS), the economic advantages of ITS deployment are particularly notable. Car owners do not just benefit financially from in-vehicle systems and cooperative systems but also help to avoid congestion and to decrease overall fuel consumption and travel time. Car manufacturers both in established and emerging market install these systems to distinguish their products from competitors in their new automotive models.
The fastest CAGR is expected to be 12.1% from 2019 to 2026 for the advanced public transport system.
The ITS market growth is expected to contribute to strict rules for enhancing driver safety in developed markets in Europa and North America.
The US road toll system segment is expected to expand by more than 7 percent, with the highest CAGR projected to be around 8.5 percent during the forecast period in the public transport segment.
Due to increased government initiatives and deployments of ITS, Asia Pacific is anticipated to grow at a significant CAGR of 13 per cent during the forecast period.
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Key Players & Strategies
Siemens AG, Hitachi Ltd and Kapsch TrafficCom are key players in the ITS market. This is mainly due to the diverse customer base and a broad range of state-of – the-art technologies used in the smart transportation system industry. Denso Corporation, Efkon Ag, Garmin International and Lanner Electronics are among other prominent sellers, among others.