The smart transportation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Smart Transportation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The smart transportation market size has grown rapidly in recent years. It will grow from $139.76 billion in 2023 to $161.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to increased urbanization and congestion in cities, adoption of intelligent transportation systems for traffic management, growth in the demand for real-time tracking and monitoring in transportation, advances in sensor technologies and connectivity in vehicles, government initiatives promoting smart city and transportation solutions.
The smart transportation market size is expected to see rapid growth in the next few years. It will grow to $286.93 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to rise in the adoption of electric and autonomous vehicles, integration of 5g technology for faster and more reliable communication, increasing focus on sustainability and eco-friendly transportation solutions, growth in the shared mobility and ride-sharing industry, expansion of smart transportation infrastructure in emerging economies. Major trends in the forecast period include development of integrated mobility-as-a-service (maas) platforms, emphasis on predictive maintenance for transportation fleets, use of artificial intelligence for traffic prediction and optimization, integration of blockchain technology for secure and transparent transactions, collaboration between automotive manufacturers and technology companies for connected vehicle solutions.
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Scope Of Smart Transportation Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
Increasing government initiatives and regulations are driving the smart transportation market. The governments across emerging and developing economies are focusing on investing in innovative transportation technologies to reduce the congestion on roadways, maintain safe transportation practices and reduce road accidents. Currently, the Indian government is building around 599 highway projects with a total outlay budget of INR 1,000 billion ($14.67 billion), out of which INR 480 billion ($ 7.03 billion) will be spent on the development of smart cities across the new highways. Therefore, increasing government initiatives and regulations is expected to boost demand for smart transportation solutions during the forecast period.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The smart transportation market covered in this report is segmented –
1) By Product Type: Advanced Traveler Information Systems (ATIC), Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), Cooperative Vehicle Systems
2) By Transportation Mode: Roadways, Railways, Airways, Maritime
3) By Application: Traffic Management, Road Safety and Security, Parking Management, Public Transport, Automotive Telematics, Freight
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Regional Insights –
North America was the largest region in the smart transportation market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the smart transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the smart transportation market report are Cisco Systems Inc., Toshiba Corporation, Siemens Corporation, SAP SE, Thales Group, Alphabet Inc., Tesla Inc., Uber Technologies Inc., Mobileye, NVIDIA Corporation, Siemens Mobility, TomTom N. V., IBM Corporation, Qualcomm Inc., Intel Corporation, General Motors Company, Ford Smart Mobility, Daimler AG, Bosch Group, Continental AG, Cubic Corporation, Aptiv PLC, Trimble Inc., HERE Technologies, Velodyne Lidar Inc., ChargePoint Inc., NXP Semiconductors, TransCore Holdings Inc., WSP Global Inc., Cryoport Inc.
Table of Contents
- Executive Summary
- Smart Transportation Market Characteristics
- Smart Transportation Market Trends And Strategies
- Smart Transportation Market – Macro Economic Scenario
- Global Smart Transportation Market Size and Growth
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- Key Mergers And Acquisitions In The Smart Transportation Market
- Smart Transportation Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Smart Transportation Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Smart Transportation Market, Segmentation By Transportation Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Smart Transportation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Cisco Systems Inc. Financial Performance
Table 75: Toshiba Corporation Financial Performance
Table 76: Siemens Corporation Financial Performance
Table 77: SAP SE Financial Performance
Table 78: Thales Group Financial Performance
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