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”.

Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/1114

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.

Request For Table of Content of this Report : https://www.coherentmarketinsights.com/ongoing-insight/toc/1114

You may be interested

Patient Temperature Management Systems Market Expoler Future Growth With Top Players
Business
Business

Patient Temperature Management Systems Market Expoler Future Growth With Top Players

Albert R - October 16, 2018

CMI released a new market study on 2017-2025 Patient Temperature Management Systems Market with 100+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and…

Automated Endoscopy Reprocessor Market Appears To Improve In Time
Business
Business

Automated Endoscopy Reprocessor Market Appears To Improve In Time

Albert R - October 16, 2018

CMI released a new market study on 2017-2025 Automated Endoscopy Reprocessor Market with 100+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy…

Medical Plastics Market Seeking Growth from Emerging Study Drivers, Restraints and Forecast 2025
Business
Business

Medical Plastics Market Seeking Growth from Emerging Study Drivers, Restraints and Forecast 2025

Albert R - October 16, 2018

CMI released a new market study on 2017-2025 Medical Plastics Market with 100+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to…

Most from this category