Smart Transportation Market - Forecast(2021 - 2026)

 

Smart Transportation Market Overview

Smart Transportation Market forecast to reach $292.5 billion by 2026, at a CAGR of 16.5% during 2021-2026. Increase in urban population, various government regulations, growing smart city initiatives assist in developing connected vehicle technologies such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Grid infrastructure (V2I). For instance, Indian government provided funding of $7.6 billion for the development of smart infrastructure and management services under the smart city initiative program over a five year period from 2016 to 2021. Such investments and initiatives are likely to improve the smart transportation market. Continuously growing urban population, rising number of road services, incidents and rapid vehicle modernization are some of the key issues that drive the development of the global market for smart transportation solutions. Growing implementation of road safety technologies since the last decade are expected to drive the market forward in competition for smart transportation. In turn, the Governments are taking road safety measures taking into account for the "cost-of-loss" arising from loss of life and damage to infrastructure.


Report Coverage

The report: “Smart Transportation Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Smart transportation Market.
By Transportation Mode: Roadways, Railways, Airways, Maritime
By Application: Traffic Management, Road Safety and Security, Parking Management, Public Transport, Automotive Telematics, Freight and Others
By Geography - North America (U.S, Canada, Mexico),  Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), South America(Brazil, Argentina and others), and RoW (Middle east and Africa)'


Key Takeaways

Asia-Pacific is the fastest growing region in the smart transportation market owing to the government initiatives for development of smart city solutions in this region.
According to Smart transportation market analysis, technological innovations such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Grid infrastructure (V2I), are making transport systems more efficient, reliable and brought major changes in the way everything operates.
Smart traffic management solutions hold the highest share in smart transportation due to smart traffic management systems, which are inbuilt with sensors and regulate the flow of traffic by reducing traffic congestion.
Major players in Smart Transportation market outlook include Accenture PLC, International Business Machine (IBM) Corporation, Kapsch, Alstom, SA; Cisco System, Inc., and General Electric Company (GE).


Smart Transportation Market Segment Analysis - By Type

Roadways account for the highest share in the smart transportation market. According to the report given by United States Environment Protection Agency in 2019, the transportation sector generates the largest share of greenhouse emissions accounting for 26 percent of total emissions globally. The adoption of smart transportation solutions, such as compressed natural gas, smart fuels and connected vehicles, helps in reducing the total vehicle carbon emissions and enhancing the environmental safety. The railway sector is expected to grow at the fastest rate over the forecast period. It carries billions of tons of freight and passengers each year, which results in the development of efficient smart rail infrastructure and technologies. The government of various countries are also taking up initiatives and implementing regulations for the development of the smart railway system. In some countries including China, the government has invested $28 billion in various PPP projects for implementing smart railways.


Smart Transportation Market Segment Analysis - By Application

Smart traffic management solutions hold the highest CAGR of 20.2% during forecast period 2021-2026. With the growing traffic congestion, pollution, and accidents, smart traffic management are gaining popularity in various countries. For instance, in January 2019, 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 which uses artificial intelligence (AI) capabilities to promote the transformation and upgrading of the taxi and bus industries, and help cities develop sustainable smart transportation ecosystems. Similarly in 2018, Government of India has approved to fund $8.9 billion to use artificial intelligence to decongest traffic and monitor violations. These kind of technologies are likely to accelarate smart transportation market trends.
Location: United States

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