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Key Companies Covered in the Intelligent Transportation Systems (ITS) Market Report are EFKON GmbH (Raaba, Austria), Siemens AG (Munich, Germany), DENSO CORPORATION (Kariya, Aichi, Japan), Lanner Inc. (New Taipei City), Kapsch TrafficCom AG (Vienna, Austria), Hitachi, Ltd. (Chiyoda City, Tokyo, Japan) and More Players
The globalintelligent transportation system (ITS) marketsize is set to gain impetus from the rising number of connected and automated cars worldwide. It is further causing the transportation agencies to make the infrastructure future-ready. These providers are therefore, striving to invest in the performance of ITS by delivering expertise in tasks, implantation, planning, and designing of solutions.Fortune Business Insights™published this information in a recent report, titled,“Intelligent Transportation System (ITS) Market Size, Share and Industry Analysis By Type (Advanced Traffic Management System, Advanced Traveler Information System, Advanced Public Transportation System, Advanced Transportation Pricing System, and Others), and regional Forecast till 2019-2026.”The report further mentions that the ITS market size stood atUSD 1643.8 millionin 2018. However, it is anticipated to reachUSD 8474.2 millionby 2026, exhibiting aCAGR of 22.3%during the forecast period.
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Drivers and Restraints-
Increasing Road Fatalities to Boost Growth
Nowadays, the number of vehicles is increasing across the world. It is leading to a rise in traffic congestion owing to the lack of proper transportation infrastructure. It is creating a negative impact on the environment by upsurging the amount of carbon emission in the atmosphere. Also, the number of road fatalities has increased. As per one of our lead analysts, in the year 2018, in the U.S., approximately, 36,600 deaths were reported because of traffic fatalities. However, implementation of ITS is a very expensive process. It is set to obstruct the intelligent transportation system market growth in the coming years.
Fortune Business Insights™ provides a list of all the companies operating in the intelligent transportation system market. They are as follows:
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ATMS Segment to Dominate Fueled by Rising Government Initiatives to Lower Traffic
Based on type, the market is segregated into advanced transportation pricing system (ATPS), advanced public transportation system (APTS), advanced traveler information system (ATIS), advanced traffic management system (ATMS), and others. Amongst these, the ATMS segment is set to lead the market during the forthcoming years. This growth is attributable to the increasing investment by the governments of various regions to reduce traffic congestion. The ATIS segment generated 15% intelligent transportation system market share in 2018 and is expected grow healthily on account of the surging utilization of smartphones for gaining information regarding all the modes of transport, as well as the weather.
Asia Pacific to Remain at the Forefront Backed by Rising Deployment of ITS in China
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Out of these, Asia Pacific is anticipated to dominate throughout the forecast period because of the extensive contribution of China. The Chinese government is spending huge sums in the deployment of ITS. South Korea will remain in the second position in terms of government funding.
Europe, on the other hand, is projected to be the second dominant region. It generated USD 244.8 million intelligent transportation system market revenue in 2018. This growth is attributable to the rising implementation of ITS in the U.K. for public transportation. North America would grow steadily owing to the installation of ITS in Canada.
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Key Players Adopt the Strategy of Collaboration to Gain Competitive Edge
The market consists of multiple organizations that are working constantly to provide better traffic commute to the masses. They are hence, engaging in the strategy of collaborations and partnerships to create new enterprises for delivering smart solutions. Below is one of the latest industry developments:
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To view the original version on The Express Wire visit Intelligent Transportation System Market Size to Reach USD 8474.2 Million by 2026; Rising Number of Automated & Connected Cars to Propel Growth: Fortune Business Insightsâ„¢