Smart Transportation Market Size, Share, Growth, Trends, and Forecast 2030

Smart Transportation Market

Smart Transportation Market - By Technology (IoT, Wireless Technology, GPS, and Sensing Technology), By Services (Cloud Services, Business Services, and Professional Services) And By Solutions (Parking Management Systems, Traffic Management Systems, Ticketing Management Systems, and Integrated Supervisory Systems): Global Industry Perspective, Comprehensive Analysis And Forecast, 2021 – 2028

Category: Technology & Media Report Format : PDF Pages: 215 Report Code: ZMR-1303 Published Date: Dec-2021 Status : Published
Market Size in 2019 Market Forecast in 2028 CAGR (in %) Base Year
USD 65.1 Billion USD 285.18 Billion 23.01% 2019

Smart Transportation Market Size

The global Smart Transportation Market accrued earnings worth approximately 65.1 (USD Billion) in 2020 and is predicted to gain revenue of about 285.18 (USD Billion) by 2028, is set to record a CAGR of nearly 23.01% over the period from 2021 to 2028. The report offers assessment and analysis of the Smart Transportation Market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2020 along with a forecast from 2021 to 2028 based on revenue (USD Billion).

Smart Transportation Market: Overview

Smart transportation is key for creating smart cities and ridesharing, use of electric vehicles, & on-demand mobility have contributed massively towards growth of smart transportation activities  along with creation of smart cities. Furthermore, emergence as well as ubiquity of car sharing services and latter being a niche transportation alternative for particular demographic population is predicted to create new growth avenues for smart transportation business.

Moreover, modernization of technologies utilized in ridesharing transportation with a view of filling empty passenger seats will pave a way for humungous demand for smart transportation modes in coming years. Innovations witnessed in transportation sector and high traffic congestion has restricted mobility in urban areas across globe, thereby resulting in expansion of mobility ecosystems through high investments in transport. This, in turn, is predicted to drive growth of smart transportation market.    

Global Smart Transportation MarketRequest Free Sample

Smart Transportation Market: Growth Factors

Increase in preference for car sharing and inception of industry 4.0 revolution is predicted to create huge demand for proficient transportation services, thereby steering growth of smart transportation market. Additionally, end-user inclination towards ride sharing and less vehicle ownership is projected to result in low fuel emissions & traffic jams as well as road collisions, thereby boosting market trends. Reportedly, connected vehicles are becoming more popular in developed countries with vehicle manufacturers focusing more on embed in-built software components in vehicles. This is predicted to help cars function like smartphones and offer air connectivity, upgradability, and enhancing productivity for commuters. These moves are anticipated to not only boost use of connected automotive but will also facilitate expansion of smart transportation market size.

Furthermore, autonomous cars are projected to witness surge in sales over next few years and help in reducing parking problems and pollution issues, thereby enlarging scope of business growth. Additionally, shared mobility is slated to account for nearly 16% of urban travels by 2035. With large investments made by government and private firms in setting up of electric charging stations, electric vehicles are today considered to be most viable alternative for curbing fuel emission along with reducing greenhouse effects. Apart from this, government is focusing on reducing electric battery costs along with providing incentives on EV purchase. All these aspects will create strong growth foundations for smart transportation market.

Smart Transportation Market: Regional Landscape

North America To Dominate Smart Transportation Market Size By 2028

High growth of smart transportation market in North America over anticipated timespan is subject to growing funding by government for erecting strong transport infrastructure in countries such as the U.S. In addition to this, incorporation of sensing technology by vehicle manufacturers for avoiding road collisions and use of collision warning systems by traffic authorities in region will boost smart transportation market growth in North America.

Apparently, use of smart cards and electronic license plates have assisted transport authorities in effectively collecting  toll charges in countries such as the U.S. and Canada, thereby steering growth of smart transportation industry in North America. Increase in use of hybrid and electric vehicles in Canada and the U.S. will enhance regional market size in span of next few years. Rise in smart mobility activities in the U.S. will promulgate market expansion in sub-continent.

Report Scope:

 

Smart Transportation Market: Competitive Landscape

Key players leveraging growth of smart transportation industry space and profiled in report are GE Company, Cisco Systems, Inc., Indra Sistema S.A., LG CNS Co. Ltd., Alstom AG, Thales Group, Kapsch Group, Siemens AG, WS Atkins, Cubic Corporation, IBM Corporation, and Accenture Plc.

The global Smart Transportation Market is segmented as follows:

By Technology

  • IoT
  • Wireless Technology
  • GPS
  • Sensing Technology

By Disease Type

  • Parking Management Systems
  • Traffic Management Systems
  • Ticketing Management Systems
  • Integrated Supervisory Systems

By Services

  • Cloud Services
  • Professional Services
  • Business Services

By Region

 

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

Free Analysis

FrequentlyAsked Questions

Increase in preference for car sharing and inception of industry 4.0 revolution is predicted to create huge demand for proficient transportation services, thereby steering growth of smart transportation market. Additionally, end-user inclination towards ride sharing and less vehicle ownership is projected to result in low fuel emissions & traffic jams as well as road collisions, thereby boosting market trends. Reportedly, connected vehicles are becoming more popular in developed countries with vehicle manufacturers focusing more on embed in-built software components in vehicles. This is predicted to help cars function like smartphones and offer air connectivity, upgradability, and enhancing productivity for commuters. These moves are anticipated to not only boost use of connected automotive but will also facilitate expansion of smart transportation market size. Furthermore, autonomous cars are projected to witness surge in sales over next few years and help in reducing parking problems and pollution issues, thereby enlarging scope of business growth.   

According to Zion market research report, the global Smart Transportation Market accrued earnings worth approximately 65.1 (USD Billion) in 2020 and is predicted to gain revenue of about 285.18 (USD Billion) by 2028, is set to record a CAGR of nearly 23.01% over the period from 2021 to 2028.

North America will contribute lucratively towards the global market earnings over the projected timeline. The regional market surge is subject to growing funding by government for erecting strong transport infrastructure in countries such as the U.S. In addition to this, incorporation of sensing technology by vehicle manufacturers for avoiding road collisions and use of collision warning systems by traffic authorities in region will boost smart transportation market growth in North America. Apparently, use of smart cards and electronic license plates have assisted transport authorities in effectively collecting  toll charges in countries such as the U.S. and Canada, thereby steering growth of smart transportation industry in North America. Increase in use of hybrid and electric vehicles in Canada and the U.S. will enhance regional market size in span of next few years. Rise in smart mobility activities in the U.S. will promulgate market expansion in sub-continent.

  

The key market participants include GE Company, Cisco Systems, Inc., Indra Sistema S.A., LG CNS Co. Ltd., Alstom AG, Thales Group, Kapsch Group, Siemens AG, WS Atkins, Cubic Corporation, IBM Corporation, and Accenture Plc.

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