North America is projected to dominate the smart transportation market by 2024 due to rapid deployment of smart transportation solutions, which offer features such as real-time traffic information, parking assistance, adaptive traffic signal control, electronic toll collection, and real-time information for public transit systems. Asia Pacific is the fastest growing region in the smart transportation industry owing to the government initiatives for development of smart city solutions in this region. The developed countries including Australia and Japan have already adopted smart transportation facilities as they are politically and technologically advanced.
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With the robust penetration of smart technologies in the transit space, smart transportation market has been progressing at a prodigious pace in the recent years. The growth can be aptly credited to the efforts of the automotive industry players that have been striving to bring in innovative products to the masses. However, the governmental bureaucracy is also to be accredited with some appreciation, given that these authorized bodies have been extensively adopting smart technologies to solve traffic problems, in addition to providing substantial financial support for modernizing transportation.
Urban planners along with technology experts are focusing on building smart cities that will use automated transportation, smart grids, artificial intelligence and digital sensors. Such cities are expected to become a hub for the expansion of the smart transportation industry. Furthermore, the advent of the Internet of Things (IoT) and artificial intelligence (AI) will also be playing a major role in popularizing smart transport, extending its reach across the masses. Indeed, it is being speculated that smart transportation market will emerge as one of most revolutionizing business spaces of the 21st century.
Smart traffic management solutions hold the highest share in the smart transportation market with USD 9.3 billion in 2017 and are anticipated to reach USD 25.4 billion by 2024. The smart traffic management systems are inbuilt with sensors, which regulate the flow of traffic by reducing traffic congestion, pollution, and accidents, thus enhancing the smart transportation industry growth. For instance, in January 2018, the China-based firm, Didi Chuxing together with Chinese traffic management authorities launched a smart city traffic management solution known as DiDi Smart Transportation Brain.
Roadways account for the highest share in the smart transportation market and are anticipated to dominate the market growing at a CAGR of 20 percent with USD 36 billion in 2017 to reach USD 108 billion by 2024. Approximately 1745.5 million metric CO2 emissions come from the transportation sector, accounting for 28 percent of total emissions globally. The adoption of smart transportation solutions, such as smart fuels and connected vehicles, helps in reducing the total carbon emissions and enhancing the environmental safety. The railway sector is expected to grow at the fastest rate over the forecast period.
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In the forthcoming years, vehicle ownership is likely to be displaced with the rapid proliferation of Mobility-as-a-Service technology. Smart transportation market is expected to witness an altogether new scenario of ride-hailing services and pilotless vehicle options, revolutionizing the automotive & transportation space in its entirety. As per estimates, smart transportation industry size is anticipated to increase commendably in the ensuing years, with a target valuation of USD 130 billion by 2024.
Some Points From Table Of Content: –
Chapter 5. Global Smart Transportation Market, By Mode of Transportation
5.1. Global smart transportation industry, key takeaways, by mode of transportation
5.2.1. Market estimates and forecast, 2013 – 2024
5.2.2. Market estimates and forecast, by region, 2013 – 2024
5.3.1. Market estimates and forecast, 2013 – 2024
5.3.2. Market estimates and forecast, by region, 2013 – 2024
5.4.1. Market estimates and forecast, 2013 – 2024
5.4.2. Market estimates and forecast, by region, 2013 – 2024
Chapter 7. Global Smart Transportation Market, By Deployment model
7.1. Global smart transportation industry, key takeaways, by deployment model
7.2.1. Market estimates and forecast, 2013 – 2024
7.2.2. Market estimates and forecast, by region, 2013 – 2024
7.3.1. Market estimates and forecast, 2013 – 2024
7.3.2. Market estimates and forecast, by region, 2013 – 2024
7.4.1. Market estimates and forecast, 2013 – 2024
7.4.2. Market estimates and forecast, by region, 2013 – 2024
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