The global intelligent transportation system (ITS) market reached value at US$ 29.69 billion in 2020 and is expected to hit US$ 47.89 Bn by 2030, growing at a compound annual growth rate (CAGR) of 6.3% from 2020 to 2030.
The main objective of this report is to define, describe, and forecast the global market by types, application, manufacturers, and regions. The report provides detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The report aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the global market. The report also attempts to forecast the market size of the 5 main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It strategically profiles the key market players and comprehensively analyzes their core competencies. It also tracks and analyzes the competitive developments, such as joint ventures, mergers and acquisitions, new developments, and Research and Development (R&D) activities, in market.
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Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the intelligent transportation system (ITS) market in 2020.
COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.
- North America led the global intelligent transportation system market with a revenue share of nearly 41% in the year 2020 due to technological advancement and rapid transformation in the automotive sector
- The Asia Pacific anticipated to flourish at the fastest growth rate in the upcoming years because of fast penetration of advanced technologies in the automotive sector such as big data, IoT, AI, and blockchain
- On the basis of type segment, Advanced Traffic Management System (ATMS) held the major revenue share on the global level accounting for more than 31.8% in 2020
- Public transportation system segment expected to grow at the fastest rate during the forthcoming years owing to increasing number of passengers and investment for real-time information in public transportation
- By application, traffic management segment captured majority of market share in the global intelligent transportation system market in the year 2020
- Automotive telematics segment estimated to witness the highest growth rate of nearly 7.3% during the forecast period due to its positive impact on increasing the safety and security of a vehicle
Major highlights of Report:
- Figures related to sales volume, market remuneration, and segmental shares
- Featuring market dynamics
- Growth prospects and expansion graph
- PROCON study of direct & indirect sales channels
- Profiles of prominent traders, dealer, and distributors in the industry
Geographical landscape: North America, Europe, Asia-Pacific, South America, Middle East and Africa
- Industry forecasts based on region and at country level
- Data about sales volume recorded, industry share held, and profit margins amassed
- Overall remuneration and estimated growth rate for each regional market
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the intelligent transportation system (ITS) market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the intelligent transportation system (ITS) market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Intelligent transportation system (ITS) market.
Market Segments: This part of the report discusses about product, application and other segments of the intelligent transportation system (ITS) market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
Some of the prominent players in the Intelligent Transportation System Market include:
- Lanner Electronics
- Hitachi Ltd.
- Kapsch TrafficCom
- Denso Corporation
- TomTom International BV
- Siemens AG
- Garmin International
- Clever Devices Ltd.
- Nuance Communications
- Lanner Electronics
- Thales Group
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Precedence Research has segmented the global Intelligent Transportation System Market report on the basis of type, application, and region:
- Type Outlook
- Application Outlook
- Road Safety & Security
- Traffic Management
- Public Transport
- Freight Management
- Environment Protection
- Parking Management
- Automotive Telematics
- Road Tolling Systems
- Regional Outlook
- North America
- Asia Pacific
- South Korea
- Rest of the World
- North America
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