Smart Transportation Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Smart transportation refers to the combined use of management techniques and current technology in the transportation industry. These are technological solutions, which employ a variety of technologies, ranging from basic management systems such as car navigation, traffic signal control systems, container management systems, automatic number plate recognition, speed cameras, and monitoring applications, to more sophisticated applications that include real-time data and input from a range of external sources.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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

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Major Driver Impacting Market Growth
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.

Key Industry Players
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.

The smart transportation market report table of contents includes:

1. Executive Summary
2. Smart TransportationMarket Characteristics
3.Smart Transportation Market Trends And Strategies
4.Smart Transportation Impact Of COVID-19
5.Smart Transportation Market Size And Growth
6.Smart Transportation Segmentation
7.Smart Transportation Regional And Country Analysis
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27.Smart Transportation Competitive Landscape And Company Profiles
28.Smart Transportation Key Mergers And Acquisitions
29.Smart Transportation Future Outlook and Potential Analysis

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