Smart Transportation Market Is Estimated To Witness High Growth Owing To Rising Focus On Connected Vehicles
Smart Transportation Market
The Smart Transportation Market is estimated to be valued at Us$ 1,027.5 Mn in 2022 and is expected
to exhibit a CAGR Of 4.5% over the
forecast period 2023-2030, as
highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart transportation involves the integration of advanced technologies and
management systems into public transportation networks, roadways, and vehicles.
This allows users to make informed decisions regarding travel modes, route
options, and trip timings. It offers benefits like reduced traffic congestion,
enhanced passenger safety and experience, optimized resource utilization, and
lower transportation costs.
Market key trends:
The rising focus on connected vehicles is expected to promote growth of the
smart transportation market. Connected vehicles utilize wireless technologies
like Wi-Fi, Bluetooth, GPS, and cellular networks to communicate with other
vehicles and infrastructure on the road. This allows real-time transmission of
traffic, road, and vehicle condition data, enabling advanced applications
focused on safety, mobility, and environmental benefits. Government initiatives
to develop smart cities along with growing demand for autonomous vehicles will
further boost the adoption of connected transportation systems during the
forecast period.
Global Smart Transportation Market Is Estimated To Witness High Growth Owing To
Increasing Investments And Stringent Regulatory Guidelines
The smart transportation market is estimated to be valued at US$ 1,027.5 Mn in
2022 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030,
as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart transportation includes Integrated systems that enable efficient movement
of people and goods while reducing traffic congestion and pollution. It
utilizes various technologies like smart ticketing, traffic management, parking
management, passenger information system and vehicle telematics. These
technologies aid in better transportation management and distribution of goods
and services.
Market Dynamics:
Increasing investments from both public and private sectors are expected to
fuel the growth of global smart transportation market over the forecast period.
Governments across the globe are investing heavily in developing smart
transportation infrastructure. For instance, the US department of
transportation allocated $66 billion under 2021 Infrastructure Investment and
Jobs Act to modernize public transit and enhance safety. Stringent regulatory
guidelines regarding vehicular emissions are also propelling the adoption of
smart technologies. Smart transportation solutions help in reducing congestion
and emissions by optimizing traffic flow and providing alternate commuting
options. Additionally, growing demand for real-time traffic updates, electric
vehicles and smart parking solutions from end users is further augmenting the
market growth.
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