Smart Transportation Market Headed for Growth and Global Expansion by 2025
North America accounted for the largest share in the global smart transportation market in 2016. U.S. is the major growth engine in North America market. This is owing to increasing initiatives from the U.S. government towards improvement of transportation facilities and implementation of intelligent transportation systems (ITS). For instance, the America’s Surface Transportation Act or “FAST Act” was passed in 2015, in order to solve congestion issues, enhance transportation within the country, improve working efficiencies in transportation systems and commercial vehicles, and minimize vehicle emissions.
Asia Pacific market is expected to exhibit highest CAGR over the forecast period and this is due to increasing deployment of smart city and smart infrastructure projects in this region. China, Japan, India, and South Korea are the major growth engines in the region. For instance, in 2015 Government of India launched “100 Smart Cities Mission”.
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Smart transportation system are efficient and sustainable intermodal transport systems and infrastructure that can deliver high level of intelligence and performance. Smart transportation system includes use of advanced technologies such as electronics, computers, information and telecommunication, and advanced sensors to provide information to consumers in order to improve safety and efficiency of the transportation system. Smart transportation system are increasingly being adopted in order to reduce congestion, improve traffic management, and reduce environmental impact of greenhouse gasses emitted by vehicles. These systems have a range of applications in transportation such as electronic toll collection, ramp meters, traffic light cameras, traffic-signal coordination, transit signal priority, and traveler-information systems. These are also used in fleet monitoring, tolling management, ticket management, telematics and traffic monitoring. Smart transportation systems aids in improving safety and security and offers real-time information related to traffic and routes and this one of the major drivers for growth of the market.
One of the key factors responsible for driving the market growth is increasing vehicle parc worldwide. According to statistics by Organisation Internationale des Constructeurs d’Automobiles, globally, 93,856,388 units of vehicles were sold in 2016, which is 4,171,780 units over 2015 total global sales. Moreover, rising need for efficient traffic management, increasing need for public safety and security, and environmental concerns over emission of greenhouse gases, along with rise in number of smart cities. For instance, in 2015 Government of India launched “100 Smart Cities Mission”.
However, high initial investment for replacement of present infrastructure with advanced smart transportation solutions and requirement of large database for road network are factors expected to adversely affect the global smart transportation market growth.
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