Intelligent Transportation System Industry Overview
The global intelligent transportation system market size was valued at USD 25,378.2 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028.
The growing demand for traffic control solutions, the rising demand for smart vehicles integrated with the latest telecommunications technology, and the improved safety and surveillance offered by modern cameras and License Plate Recognitions (LPRs) are expected to drive the growth of the market. The growing number of vehicles on road, aging infrastructure, and a looming lack of traffic data management are some of the other factors that are anticipated to contribute to the growth of the market. The eminent need to efficiently manage the traffic flow across city corridors and highways has triggered the need for an alternative traffic management technology. As such, transportation authorities are looking forward to utilizing innovative and advanced data analytics technologies to address the issue of growing traffic.
However, the outbreak of the COVID-19 pandemic has taken a severe toll on new intelligent transportation system (ITS) sales and installations. Several major system manufacturers have suspended their operations temporarily due to disruptions in the supply chain and the shortage of components. Nevertheless, the existing ITS solutions installed across the globe are being used aggressively. Although the efforts undertaken by both private and public entities have been successful by varying measures, the implementation of smart technologies has demonstrated the role of technology in shaping the future.
Gather more insights about the market drivers, restraints, and growth of the Global Intelligent Transportation System market
The lockdowns, border closures, and other restrictions imposed by various governments in different parts of the world as part of the efforts to arrest the spread of coronavirus have taken a severe toll on supply chains. Manufacturing and assembling units have also been closed temporarily. On the other hand, the ongoing transportation projects are getting delayed owing to the shortage of manpower. At this juncture, the ITS ecosystem, which relies significantly on electronics and telecommunications, is projected to witness a potential slowdown, particularly due to supply chain disruptions; and a downturn in the deployment of smart transportation systems seems inevitable in the short term.
A typical ITS leverages a set of sensors, video surveillance devices, navigation systems, and vehicle probes to collect real-time data, which is then analyzed and communicated to the user via the internet, mobile telephony, or dynamic signboards. As such, ITS can be equally used for rail, road, water, and air transport. Advances in sensing and telecommunications technologies are particularly expected to encourage the adoption of ITS over the forecast period. On the other hand, the growing preference for implementing an ITS is emerging as one of the key factors prompting the digitization of various attributes of the transportation infrastructure ecosystem.
The deployment of ITS to reduce road accidents and enhance road safety is a major factor driving the growth of the intelligent transportation system market. The demand for Vehicle-to-Infrastructure (V2I) and Vehicle-to-Vehicle (V2V) communication to enhance road safety is expected to gain traction over the next few years. Continued developments in the transportation industry have triggered the need for an efficient transportation system that can potentially improve road networks. At the same time, advances in technologies, such as blind-spot detection and electronic toll collection, have redefined the expectations and prospects of sustainable transportation and traffic management.
The increasing number of vehicles on the road and the subsequent frequent traffic congestions are also necessitating the deployment of advanced traffic management systems. These systems can potentially help in reducing the travel duration while ensuring efficient traffic management. Advanced traffic management systems can also enable authorities and public safety agencies to respond to accidents and emergencies rapidly and efficiently.
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Market Share Insights
January 2021 - DENSO CORPORATION partnered with Aeva, a developer of LiDAR and perception systems for autonomous vehicles, to develop sensing and perception systems. The partnership envisages the two companies developing Frequency Modulated Continuous Wave (FMCW) LiDAR that can potentially help in measuring the velocity and reflectivity of vehicles.
October 2020 - Hitachi, Ltd. introduced a heavy-duty automated parking brake (APB HD) specifically designed for vans, SUVs, pickup trucks, and light commercial vehicles. The new system facilitates APB safety and system management and allows extending the use of this technology to a broader extent.
Key Companies profiled:
Some prominent players in the global Intelligent Transportation System market include
- Addco
- Agero, Inc.
- DENSO CORPORATION
- EFKON GmbH
- Hitachi, Ltd.
- Garmin Ltd.
- Thales Group
- Xerox Corporation
- Recardo
- Sensys Networks, Inc.
- Telenav, Inc.
- Iteris, Inc.
- Kapsch TrafficCom
- Lanner
- Nuance Communications, Inc.
- Q-Free ASA
- Siemens AG
- TomTom International BV
- TransCore
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