Summary
Intelligent Transportation System Market Research Report by Component (Interface Boards, Monitoring & Detection System, and Sensors), Type, Application, Region - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Global Forecast 2023-2030
The Global Intelligent Transportation System Market size was estimated at USD 41.39 billion in 2022 and expected to reach USD 44.74 billion in 2023, projecting growth at a CAGR of 9.38% to reach USD 84.82 billion by 2030.
Market Statistics:
The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make better decisions. In this report, the years 2018 to 2021 are considered as historical years, 2022 as the base year, 2023 as the estimated year, and years from 2024 to 2030 are considered as the forecast period.
Cumulative Impact of COVID-19:
The COVID-19 pandemic has had a significant effect on the market for intelligent transportation systems. As many countries around the world imposed travel restrictions and people moved to work-from-home facilities, demand for public transport dropped drastically. This has led to a decline in sales of new vehicles, which in turn has resulted in reduced demand for intelligent transportation systems. Many companies have been compelled to adapt their business models to account for this decline in demand, such as introducing new services that can help reduce traffic congestion or using AI systems to manage routes more efficiently.
Cumulative Impact of Russia-Ukraine Conflict:
The Russia-Ukraine conflict has also had an impact on the market for intelligent transportation systems. The conflict has caused major disruptions to cross-border trade between countries involved in it, leading to reduced demand for goods and services across Europe and other parts of the world. This reduction in trade has also had an impact on the demand for intelligent transportation systems, as companies may be reluctant to invest in this technology when faced with a decrease in customer numbers due to reduced trade. Companies may need to focus more on providing quality services rather than relying solely on the number of customers if they want to remain competitive during times of uncertainty.
Cumulative Impact of High Inflation:
High inflation is another factor that has affected the market for intelligent transportation systems. As fewer people are able or willing to own vehicles or use public transportation as a result of inflation, there is a corresponding drop in demand for this technology. Companies must ensure their pricing remains competitive during periods of high inflation and consider different methods, such as discounts or loyalty programs to attract customers that feel cash-strapped due to rising prices.
Market Dynamics:
The market dynamics represent the ever-shifting landscape of the Global Intelligent Transportation System Market by providing actionable insights into supply and demand levels. Taking such factors into account helps inform strategies, investments, and future developments to capitalize on opportunities or avoid potential pitfalls related to political, geographical, technical, social, and economic conditions. Such market observations also highlight consumer behaviors while influencing both manufacturing costs as well as consumer purchasing decisions.
- Drivers
- Growing urbanization coupled with increasing demand for smart transportation
- Increasing adoption of connected and autonomous vehicles worldwide
- Favorable government initiatives for effective traffic management worldwide
- Restraints
- High cost of installation and maintenance of intelligent transportation system
- Opportunities
- Growing the government initiative for the development of smart infrastructure and smart cities
- Technological advancement in the intelligent transportation system to optimize logistics and supply chain management
- Challenges
- Lack of reliable and secure communication networks to support ITS solutions
Market Segmentation & Coverage:
- Based on Component, the market is studied across Interface Boards, Monitoring & Detection System, Sensors, Software, Surveillance Camera, and Tele-Communication Networks.
- Based on Type, the market is studied across Advanced Public Transportation Systems, Advanced Transportation Management Systems, Advanced Transportation Pricing Systems, Advanced Traveler Information Systems, Automatic Number Plate Recognition Systems, and Cooperative Vehicle Systems.
- Based on Application, the market is studied across Automated Vehicles, Automotive Telematics, Environment Protection, Freight Management, Parking Management, Public Transport, Road Safety & Surveillance, Road User Charging, and Traffic Management.
- Based on Region, the market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.
This research report categorizes the Global Intelligent Transportation System Market in order to forecast the revenues and analyze the trends in each of the following sub-markets:
Company Usability Profiles:
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global Intelligent Transportation System Market, including Agero, Inc., Conduent Business Services, LLC, Cubic Corporation, Denso Corporation, EFKON GmbH, FLIR Systems by Teledyne Technologies Incorporated, GMV Innovating Solutions S.L., Hitachi, Ltd., Indra Sistemas, S.A., International Business Machines Corporation, Iteris, Inc., Kapsch TrafficCom AG, Lanner Electronics Inc., Nuance Communications, Inc., PTV Planung Transport Verkehr GmbH, Q-Free ASA, Ricardo PLC, Sensys Networks, Inc., Siemens AG, Stantec Inc., Telenav, Inc., Thales Group, TomTom International BV, TransCore by Roper Technologies, Inc., and Xerox Corporation.
The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
- What is the market size and forecast of the Global Intelligent Transportation System Market?
- What are the inhibiting factors and impact of COVID-19 shaping the Global Intelligent Transportation System Market during the forecast period?
- Which are the products/segments/applications/areas to invest in over the forecast period in the Global Intelligent Transportation System Market?
- What is the competitive strategic window for opportunities in the Global Intelligent Transportation System Market?
- What are the technology trends and regulatory frameworks in the Global Intelligent Transportation System Market?
- What is the market share of the leading vendors in the Global Intelligent Transportation System Market?
- What modes and strategic moves are considered suitable for entering the Global Intelligent Transportation System Market?
