Smart Transportation Market – Size, Outlook, Trends and Forecast (2024 – 2032)

Published : 30 Aug 2024

Report Type : Global

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Description Table of Contents Scope of the Report

Smart Transportation Market - Size

Study Period

2018 - 2030

Base Year For Estimation

2024

Forecast Data Period

2025-2030

Historical Data Period

2018-2023

CAGR

7 %

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

Transportation is a means of conveyance from one place to another. Smart transport or intelligent transport system is a propelled transportation that gives creative services for traffic and transport management systems.

Global Smart Transportation Market Segments Size & Growth:

Global Smart Transportation Market is accounted for $73.01 billion in 2017 and expected to grow at a CAGR of 25.8% to reach $222.12 billion by 2024 during the forecast period 2018-2024. Major factors that are driving the market growth by an increase in urban population, government initiatives, the emergence of green fuels, and smart technologies. Though, Increase in capital expenditure hamper the growth of the global smart transportation market.

Global Smart Transportation Market Segments Share:

Global smart transportation market is categorized into by transportation mode which consists of railways and roadways. Both rail and roadways are expected to grow at a quick pace due to increase in population. On the basis of market type, it is classified by cooperative vehicle systems, advanced transportation pricing system, advanced transportation management system, advanced public transportation system, advanced traveler information system, and

Smart Transportation Market - Growth

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

advanced parking management system. Advanced parking management system is the leading market due to increase in vehicles

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Smart Transportation Market - Porter's Five Force Analysis

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

. On the basis of the solution, it is segmented as parking management solution, smart ticketing management solution, traffic supervision solution, and passenger information solution. Smart ticketing management empowers the vehicle organisations to give better administration to their clients and reduce fund leakage and have a fair charge. Deployment and integration service is projected to have the highest growth due to the demand for upgrading the transportation facilities. Traffic management and automotive telematics are expected to have high growth owing to the rise in some automobiles and advancements in technology, especially in automotive industry.

By Geography, Europe is dominating the growth of the global smart transportation market and the growth in Europe is mainly attributed because of the technological advancements in the automotive and rapid usage of smart devices. Furthermore, Asia-Pacific is witnessing the fastest growth during the forecast period, due to the rise in adoption of smart devices,

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