The Smart Transportation Market for mass transit is estimated to grow at a CAGR of 8.90% during the forecast period, to reach USD 44.78 billion by 2021.
A wide array of upcoming rail projects increased urbanization, and the rising demand for public transport has led to an increase in demand for transportation solutions and its related components, services, and software. The investment in smart city projects across the globe has led to a substantial increase in transit solutions to meet the rising demand for efficient public transport.
The rising concerns about passenger safety and increased demand for ease in commuting, have to lead the mass transit operators to adopt advanced technologies. Growing urbanization, especially in countries such as China and India, has meant that the respective governments have had to implement smart transportation solutions for public transit.
The smart transportation market is dominated by a few global players such as Thales Group (France), Siemens AG (Germany), Kapsch TrafficCom (Austria), TomTom International (The Netherlands), WS Atkins Plc. (U.K), Q-Free ASA (Norway), Swarco AG (Austria), TransCore LP (U.S), Iteris Inc. (U.S), and Efkon AG (Austria).
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The North American market is estimated to dominate the market for roadways as it accounted for the largest share during the forecast period. The growth factors include increasing roadways networks, government spending and rising safety concerns for commuters. Europe is estimated to dominate the market for railways in terms of value during the forecast period. This growth is attributed to improved socio-economic conditions in countries such as Germany, the U.K., and France. In addition, the sizeable growth in the population of these countries leads to an increase in the use of public transport, which further resulted in more government projects for transportation infrastructure development.
Owing to the growing requirement of surveillance and vehicle tracking activities, there has been substantial growth in the use of Wi-Fi devices in mass transit vehicles which in turn fuels the demand for components. The deployment of Wi-Fi devices in public transit and railways is projected to grow at a higher CAGR during the forecast period. The increase in the demand for Wi-Fi devices can be attributed to the benefits offered such as internet connectivity, real-time information, and trip schedule, which helps the commuter to continue their work without disturbance and simultaneously also helps the transportation authorities to monitor the information on a real-time basis.
The market for smart ticketing systems is expected to rise for both roadways and railways, where it accounts for the highest CAGR. The growth is observed owing to the advantages offered in terms of efficiency, and reliability. This service makes the travel experience better as well as reduces losses which leads to better performance. The component manufacturer can leverage the rising opportunity in the smart transportation system market as the components, software, and services are an integral part of the system. This will allow the OEMs and subsequent companies to diversify their products and increase their geographical presence.
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The automatic passenger counter system accounted for the largest market size in terms of application for both roadways and railways as a transportation mode as this component assists to record precise and accurate passenger data and helps plan transits accordingly. For instance, The Tri-County Metropolitan Transportation District of Oregon (U.S.) had implemented automatic passenger counter (APC) systems in public transits. With the new system, the Federal Transit Administration is able to collect the data automatically and functional changes have enhanced service quality and had improved efficiency of the transits.
Scope of the Report
- Smart Transportation Market, By Technology
- For Roadways
- Automatic Vehicle Location System
- Traveler Information System
- Electronic Payment System
- Intelligent Vehicle Initiative System
- For Railways
- Automatic Vehicle Location System
- Traveler Information System
- Electronic Payment System
- Intelligent Vehicle Initiative System
- Smart Transportation Market, By Component
- For Roadways
- CCTV Cameras
- GPS Device
- Displays
- Automated stop announcement
- Wi-Fi devices
- For Railways
- CCTV camera
- GPS Device
- Displays
- Automated stop announcement
- Wi-Fi devices
- Smart Transportation Market, By Application
- For Roadways
- Traffic management and traffic signal control system
- Emergency vehicle notification system (e-call)
- Smart ticketing system
- Automated passenger counter system
- For Railways
- Emergency vehicle notification system (e-call)
- Automated passenger counter system
- Smart Transportation Market, By Region
- North America
- Europe
- Asia-Oceania
- RoW
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