Market Trends of Intelligent Transport Systems Industry
This section covers the major market trends shaping the Intelligent Transport Systems Market according to our research experts:
Applications in Roadways are Becoming very Popular
- Roadways is the fastest-growing sector in the intelligent transport systems market. The increasing number of commercial fleets all over the world due to the increasing e-commerce activities and manufacturing activities is encouraging many logistics players to deploy proper asset monitoring and management systems.
- Companies, like GE Capital and AT&T have adopted telematics fleet solutions for continuous monitoring of fleet and real-time location status, which helps these companies schedule trips that would reduce the cost of maintenance and increase the driver’s productivity.
- Countries like the United States, Germany, and India, have increased their investments in the intelligent transport systems and have established laws that make telematics installations mandatory in many of the vehicle segment. The major concern for road safety, as these countries face high accident mortality rates, is driving the growth of the ITS market.
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North America Holds the Largest Market Share
- North America is the most advanced market for ITS. The region is equipped with several ITS systems in place, in order to manage the increasing traffic and public transportation system.
- The region is witnessing exponential growth in the sales of commercial drones, along with countries like the United States imposing strong laws on drone pilots and registrations. Hence it is expected to create a huge demand for ITS systems in the airways sector over the forecast period.
- In the case of passenger and commercial road vehicles, North America has a strong demand for dedicated short-range communication devices that prevent traffic jams, which is ultimately driving the demand for ITS systems in the region.
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