Growing intelligent transportation system market valued at $35.93 billion in 2023, expected to reach $66.35 billion by 2031

From GlobeNewswire: 2024-12-03 09:01:00

The global intelligent transportation system market is growing due to urbanization and government efforts to improve road safety. The market is valued at $35.93 billion in 2023 and is expected to grow at a CAGR of 8.0% from 2023-2031. ITS technology enhances urban transportation, with North America leading the market in revenue.

Government initiatives worldwide focus on enhancing road safety and transportation infrastructure. Initiatives like India’s InTranSE-II program and Germany’s collaboration with China highlight the importance of ITS technology in modern transportation systems. Investments in airports, railways, and smart city projects are driving the growth of the ITS market.

Vehicle-to-Everything (V2X) communication is a key component of intelligent transportation systems, supporting various use cases like traffic safety, autonomous driving, and entertainment services. Governments and automakers are investing in V2X technology, with plans for nationwide deployment in the US and mass production in China. Projects like Hamburg’s ITS-Cube aim to optimize traffic flow and safety.

The market is segmented by type, system, and application, with major players like Hitachi, Siemens, and Cisco dominating the industry. Companies are focusing on new product launches and expansions to stay competitive. The market is projected to reach $66.35 billion by 2031, offering opportunities for growth and innovation in the ITS sector.



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