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Smart Transportation Market to Reach $251.0 Billion, Globally, by 2030 at 10.2% CAGR: AMR
Smooth flow of traffic and time-efficiency, development and promotion of green fuels, and surge in demand for efficient transportation networks have boosted the growth of the global smart transportation market. However, high capital investment and large database requirements for road networks hinder the market growth. On the contrary, investments in innovative ideas for smart cities and advent of parking management systems are expected to open new opportunities in the future.
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By vehicle type, the airways segment is expected to register the highest CAGR of 11.2% during the forecast period. This is due to rise in development of aviation sector. However, the roadways segment held the lion's share in 2020, accounting for nearly one-third of the global smart transportation market, due to rise in availability of automobile fleets across the globe.
By solution, the traffic management system segment dominated the market in 2020, contributing to nearly one-third of the global smart transportation market. This is due to rapid urbanization and development of smart cities and smart traffic systems. However, the parking management & guidance system segment is expected to register the highest CAGR of 11.7% during the forecast period, owing to innovative technologies that improve access control & payment automation, rise in demand for electronic cashless payment, and improve collaboration between parking and transportation.
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By region, the market across Europe held the largest share in 2020, accounting for around one-third of the market, due to development toward smart cities and smart infrastructure across the region. However, the global smart transportation market across Asia-Pacific is projected to portray the highest CAGR of 11.7% during the forecast period, due to increase in production & sales of vehicles and advanced technologies.
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