2012-09-26 17:19:36 -
Intelligent transportation systems market growing due to the increase in vehicular traffic
The global intelligent transportation systems (ITS) market has been forecast to increase at a compound annual growth rate (CAGR) of 22.2% over the five year period through 2010 - 2015, increasing from a value of $24 billion in 2010, to hit a market value of $65 billion.Key factors driving growth within the market include the as increase in vehicular traffic across the globe, the socio-environmental and economic implications of traffic congestion and rising emphasis on enhancing road safety.The term "Intelligent Transportation System" refers to the integration of the information and communication technology to improve the transportation network related to the railways, roadways, airways, and marine transport. The major focus of the government is towards the improvement of road transportation due
to the increasing number of road accidents and congestion in almost all countries. Increasing mobilisation from rural to urban areas is one of the major reasons behind the increasing number of vehicles on the roads, which causes traffic problems as well as pollution.The Asia-Pacific region, endowed with a favourable manufacturing climate and above-average innovation skills, will consolidate its position as the powerhouse of the ITS market. This region was valued at nearly $9.5 billion in 2010 and is expected to increase at a 24% CAGR, to reach nearly $28 billion in 2015.In China, the ITS market has become an important means to improve the efficiency of road use and reduce the imbalance between traffic supply and demand.China looks set to make more effort in urban ITS construction. It will promote the construction of traffic information service platforms in around 50 major cities to provide traffic information enquiries and traffic guidance service, develop intelligent signal control systems in more than 200 cities to shape intelligent traffic command systems, and carry forward regional scheduling of public transport and construction of related systems in over 100 large cities to strengthen the construction and application of electronic ticket services.For more information on the intelligent transportation systems market, see the latest research: Intelligent Transportation Systems MarketFollow us on Twitter @CandMResearch
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