The global smart transportation market is expected to grow at a 20.21% CAGR between 2020 and 2027 and poised to reach at US$ 272.5 bn by the end of 2027.
The growing population of the world has led to rapid urbanization, resulting in many problems, such as congestion and safety issues on roads. The need to formulate a sustainable solution to counter these problems is gaining traction across the world. The emergence of cloud-based technologies and advances in vehicle-to-vehicle (V2V) and vehicle-to-grid infrastructure (V2I) are making smart transportation a reality.
Growing demand for traffic management system and improved transportation infrastructure for passenger safety are driving demand for smart transportation system. The smart transportation systems are equipped with various information and communication technologies such fiber optics, global positioning system (GPS), and Internet of Things (IoT). Combination of these technologies enables connection of vehicle in remote locations through real time navigations. This, further, aids in preventing traffic congestions and collisions.
For example, intelligent traffic control systems collect live traffic data. Further, the data helps regulatory authorities in avoiding traffic congestion and divert it in less busy area. Hence, risk of collision could also be minimized.
Considering several advantages offered by smart transportation system, it is being implemented in various cities. Moreover, government bodies are investing in smart cities projects. Subsequently, smart transportation system will also be adopted. Thus, smart transpiration market will also be boosted.
As the global population continues to grow, an increasing number of cities are experiencing the challenges of accommodating residents as well as visitors. Issues, like congested roadways and increased emissions, impact the health and well-being of city dwellers.
Government regulations and initiatives are the most important drivers for the growth and development of the intelligent transportation system market. With growing road safety concerns and increasing auto thefts, governments across the world, especially in the United States, Europe, Russia, China, and Brazil, are mandating the installation of factory-fitted telematics and safety devices in vehicles.
Smart transportation IoT solutions, augmented with smart city solutions, enable government organizations and their partners to create safer, efficient transport infrastructure in cities by improving community resources and transportation for everyone. IoT solutions, for smart transportation, offer real-time visibility and accurate data, allowing the concerned city transport authorities and organizations to improve efficiency, while creating smarter, greener cities for its dwellers.
Efforts for Sustainable Traffic Congestion Solution boosts Adoption
The worldwide smart transportation market is expected to display stellar growth in the coming years. Firstly, nations across the world are grappling with traffic congestion issues and are seeking sustainable solutions. Huge hours of traffic congestion in urban areas is leading to spike in air pollution, waste of fuel, and reduced manpower productivity. Traffic congestion in urban areas, especially emerging economies, is often related to poor traffic management, soaring number of vehicles, insufficient infrastructure, and poor road conditions.
Smart transportation systems have emerged to be a sustainable solution to serve traffic management issues. These include traffic update, ticketing, driver and pedestrian safety, parking, and overall integrated supervision.
Besides this, modernization of the transportation and logistics sector in developing countries is likely to positively impact the smart transportation market. These countries are following suit gathering from the success of smart transportation systems in developed countries. For example, the government in the U.K. adopted smart transportation system for improved driver safety, and improved logistics. The new-age urban development pursuits and planning of smart cities are also stoking the demand for smart transportation system.
Lack of Reliable Communication Network limits adoption in Emerging Economies
On the downside, high installation cost and requirement of skilled personnel to handle the system are key factors limiting the adoption of smart transportation systems. Besides this, the requirement of a reliable communication network have been a reason for higher adoption in developed countries thus far.
Factors such as poor road conditions and lack of large databases are also limiting the adoption of smart transportation systems in developing economies.
Nevertheless, mega infrastructure development projects undertaken by governments in emerging economies is likely to open growth opportunities for the smart transportation market.
Some of the key players operating in the global smart transportation market are General Electric Company, IBM Corporation Inc., WS Atkins, Cisco Systems, Accenture PLC, Cubic Corporation, Thales Group, and Siemens AG.
Global Smart Transportation Market: by Solution
Global Smart Transportation Market: by Service
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The Smart Transportation market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Smart Transportation market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Smart Transportation market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Smart Transportation market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Smart Transportation market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Smart Transportation capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Smart Transportation by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Smart Transportation market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Smart Transportation market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Smart Transportation market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Smart Transportation industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Smart Transportation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Smart Transportation market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Smart Transportation market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Smart Transportation market. These factors have benefited the growth of the global market for Smart Transportation. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Smart Transportation. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Smart Transportation are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: