he global intelligent transport systems (ITS) market is expected to exceed US$58bn by 2020, growing at a CAGR of over eight per cent, according to a report from Technavio.
The global ITS market is expected to grow moderately during the forecast period. The major customer segments of ITS are public departments, municipal corporations, government organisations, 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,” said lead analyst Sharan Raj. “In addition, the use of these systems can eliminate inefficiencies caused by manual operations.”
The ITS market in North America is expected to exceed $26bn by 2020, growing at a CAGR of over seven per cent, with the growth steady during the forecast period. North America accounted for the highest market share in 2015 due to the high demand for network management, freight and commercial, public transport, and security and crime reduction ITS in this region. However, North America is expected to show slower growth than Europe because the market in North America is becoming saturated and is heading towards maturity.
The market in Europe is expected to exceed $10bn by 2020, growing at a CAGR of over nine per cent. The European market is expected to show the fastest growth over the forecast period. Countries such as Austria and Germany are the key contributors. One of the major factors is the growth of the ITS communications market, which was valued at $988m in 2015.
The market in the Apac region is expected to exceed $12bn by 2020, growing at a CAGR of over eight per cent. 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 the 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,” said Raj.
In the rest of the world (RoW), the market is expected to exceed $8bn by 2020, growing at a CAGR of over nine per cent. The RoW includes countries in Latin America, Middle East and Africa. Some of the major factors for the growth are ITS communications, and the freight and commercial ITS markets.
Key vendors in global ITS include 3M, Denso, Efkon, Kapsch TrafficCom, Traffic Tech Middle East and Transcore.
Source: IMC
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