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Global Intelligent Transportation System (ITS) Market is Mainly Driven by increasing Traffic Congestion

The global intelligent transportation system (ITS) market is expected to increase from $18,210.2 million in 2014, and reach $38,013.2 million in 2020, with a CAGR of 13.1% during 2015-2020. The global ITS market is mainly driven by increasing traffic congestion. As the traffic congestion is increasing, people are facing more problems. Traffic congestion wastes time of passengers and leads to delay in reaching the workplace.

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The increasing environmental pollution is also supporting the growth of the global intelligent transportation system market. The intelligent transportation system is able to minimize the adverse environmental impacts on human health. The implementation of intelligent transportation system also leads to improvement in air quality.

The cooperative vehicle system accounts for the smallest share in the system segment of the global ITS market, however the category is expected to grow with the highest rate (13.7% CAGR) during the forecasted period. The highest growth rate of cooperative vehicle system is due to increasing need for improving energy efficiency of road transportation. During the previous years, the activities related to enhancement in cooperative vehicle system have increased considerably in Europe and Japan. This is because the trucks and automobiles in Europe and Japan are equipped with enhanced technologies.

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The major companies operating in the intelligent transportation system market include Thales SA, Kapsch TrafficCom AG, TomTom International BV, Nuance Communications Inc., Q-Free ASA, Denso Corporation, Efkon AG, TransCore LP, and Savari Inc.

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Global Intelligent Transportation System (ITS) Market is Mainly Driven by increasing Traffic Congestion