“Increasing concern toward public safety to drive market for roadways.”
The Intelligent Transportation System (ITS) market for roadways is expected to grow from USD 17.9 billion in 2020 to USD 36.5 billion by 2025, at a CAGR of 15.3%. The market growth can be attributed to several factors such as increasing concerns toward public safety, growing traffic congestion problems, rising favorable government initiatives for effective traffic management, increasing adoption of eco-friendly automobile technologies, and development of smart cities across the world. However, issues related to high installation cost and slow growing infrastructure sector are expected to hamper the growth of the market.
The recent COVID-19 pandemic is expected to impact the global ITS market. The manufacturing units are highly hampered due to worldwide lockdown and limited availability of labor and raw material. This has resulted in a delay in ongoing transport projects to a greater extent. Some experts argue that the governments may rethink on their recently announced transport project plans to curb traffic congestion.
“Software segment is expected to register the highest CAGR in the ITS market for roadways during the forecast period.”
Based on the offering, the ITS market for roadways has been divided into hardware, software, and services. The high growth rate of the software segment is attributed to the deployment of various advanced software solutions and complex algorithms to strengthen the overall information and communication systems.
“Advanced traffic management system (ATMS) application held the largest share of the ITS market for roadways in 2019.”
The largest market size of the advanced traffic management system is due to the increasing traffic congestion on roads across the world. Moreover, the rising numberof vehicles, due to the availability of favorable deals offered by the automobile manufacturers and changing lifestyles of people, are also leading to the rising traffic congestion. So, it is expected that the advanced traffic management system will be deployed significantly across the globe to address the growing traffic congestion.
“North America is expected to hold the largest share of the market during the forecast period”
The market in North America is expected to hold the largest share during the forecast period. The deployment of ITS to reduce traffic congestion and boost safety on roads is propelling the growth of the ITS market in North America. In addition, the development related to ITS deployment in North American countries?including the US and Canada?is also empowering the market in the region.
Breakdown of primary participants:
- By Company Type: Tier 1 = 25%, Tier 2 = 35%, and Tier 3 = 40%
- By Designation: C-Level Executives = 35%, Directors = 25%, and Others = 40%
- By Region: Europe = 43%, APAC = 29%, North America = 14%, and RoW = 14%
Some of the major players in the ITS market include Thales Group (France), Siemens (Germany), Kapsch TrafficCom (Austria), Garmin (US), TomTom International BV (Netherlands), Cubic Corporation (US), Q-Free ASA (Norway), EFKON GmbH (Austria), FLIR Systems, Inc. (US), Indra Sistemas (Spain), and Denso Corporation (Japan).
In this report, the ITS market for roadways has been segmented on the basis of offering, system, application, and geography. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions?North America, Europe, APAC, and RoW. Value chain analysis has been included in the report, along with the key players and their competitive analysis in the ITS ecosystem.
Key Benefits to Buy the Report:
- This report includes statistics for the ITS market for roadways based on offering, system, application, and geography, along with their respective market sizes.
- Value chain analysis and key industry trends have been provided for the market.
- Major drivers, restraints, opportunities, and challenges for the ITS market have been provided in detail in this report.
- This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem and the recent development strategies adopted by the key players in the market, such as product launches and developments, partnerships, and acquisitions.