According to Technavio’s latest report, the global intelligent transport systems (ITS) market is expected to exceed US$58 billion by 2020, growing at a CAGR of over eight per cent during the forecast period.
The global ITS market is expected to grow moderately during the forecast period. The major customer segments of ITSs are public departments, municipal corporations, government organizations, car and truck leasing companies, and construction firms.
“These systems help make traffic and fleet management much more streamlined and cost-effective in the long run. In addition, the use of these systems can eliminate inefficiencies caused by manual operations,” says Sharan Raj, lead analyst for transportation and distribution research at Technavio.
The report covers the present scenario and growth prospects of the Global Intelligent Transport Systems Market 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top six vendors operating in the market. The market is segmented into four regions: North America; Europe; APAC; ROW.
The ITS market in North America is expected to exceed US$26 billion by 2020, growing at a CAGR of over seven per cent. In North America, the market is expected to grow at a steady rate during the forecast period. The US and Canada are the key contributors to this market.
North America accounted for the highest market share in 2015 due to the high demand for network management, freight and commercial ITS, public transport ITS and security and crime reduction ITS in this region. However, North America is expected to show slower growth than Europe because the market in this region is becoming saturated and is headed towards maturity.
The intelligent transport systems market in Europe is expected to exceed US$10 billion by 2020, growing at a CAGR of over nine per cent.
The market in the region is experiencing rapid growth and is expected to show the fastest growth over the forecast period. Countries such as Austria and Germany are the key contributors to the market in Europe. One of the major factors for the growth of the market in this region, is the growth of the ITS communications market. The ITS communications market in Europe was valued at US$988 million in 2015.
In APAC, the market is expected to exceed US$12 billion by 2020, growing at a CAGR of over eight per cent and is expected to grow moderately during the forecast period.
Night vision systems and adaptive cruise control systems are highly popular in countries such as Japan and South Korea. The market in this region is presently concentrated in a few countries, and so, the scope for growth has pushed the demand in this region. “Emerging countries such as India and China are expected to boost the market during the forecast period, due to developments in roads and infrastructure in these countries,” says Sharan.
The intelligent transport systems market in ROW is expected to exceed US$8 billion by 2020, growing at a CAGR of over nine per cent and is expected to grow at a fast pace during the forecast period.
The ROW includes countries in Latin America and MEA. Some of the major factors for the growth of the market in ROW, are the growth of the ITS communications, and the freight and commercial ITS markets in this region.
The global ITS market is expected to grow moderately during the forecast period. The major customer segments of ITSs are public departments, municipal corporations, government organizations, car and truck leasing companies, and construction firms.
“These systems help make traffic and fleet management much more streamlined and cost-effective in the long run. In addition, the use of these systems can eliminate inefficiencies caused by manual operations,” says Sharan Raj, lead analyst for transportation and distribution research at Technavio.
The report covers the present scenario and growth prospects of the Global Intelligent Transport Systems Market 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top six vendors operating in the market. The market is segmented into four regions: North America; Europe; APAC; ROW.
The ITS market in North America is expected to exceed US$26 billion by 2020, growing at a CAGR of over seven per cent. In North America, the market is expected to grow at a steady rate during the forecast period. The US and Canada are the key contributors to this market.
North America accounted for the highest market share in 2015 due to the high demand for network management, freight and commercial ITS, public transport ITS and security and crime reduction ITS in this region. However, North America is expected to show slower growth than Europe because the market in this region is becoming saturated and is headed towards maturity.
The intelligent transport systems market in Europe is expected to exceed US$10 billion by 2020, growing at a CAGR of over nine per cent.
The market in the region is experiencing rapid growth and is expected to show the fastest growth over the forecast period. Countries such as Austria and Germany are the key contributors to the market in Europe. One of the major factors for the growth of the market in this region, is the growth of the ITS communications market. The ITS communications market in Europe was valued at US$988 million in 2015.
In APAC, the market is expected to exceed US$12 billion by 2020, growing at a CAGR of over eight per cent and is expected to grow moderately during the forecast period.
Night vision systems and adaptive cruise control systems are highly popular in countries such as Japan and South Korea. The market in this region is presently concentrated in a few countries, and so, the scope for growth has pushed the demand in this region. “Emerging countries such as India and China are expected to boost the market during the forecast period, due to developments in roads and infrastructure in these countries,” says Sharan.
The intelligent transport systems market in ROW is expected to exceed US$8 billion by 2020, growing at a CAGR of over nine per cent and is expected to grow at a fast pace during the forecast period.
The ROW includes countries in Latin America and MEA. Some of the major factors for the growth of the market in ROW, are the growth of the ITS communications, and the freight and commercial ITS markets in this region.
