Global Smart Transportation Market is estimated to reach a market size of USD 285.12 billion by 2024, according to a new study by Grand View Research, Inc. The growing number of on-road vehicles and the ineffective existing transport infrastructure will drive the need for an efficient management system. Favourable government initiatives toward building a better infrastructure and running the transport system smoothly are expected to boost the industry growth.
Increasing investments in the smart city product is anticipated to open new avenues for growth in the coming years as smart transportation is an integral part of the smart city. The growing government focus to reduce greenhouse gas emission and rising traffic congestion is anticipated to drive the industry growth over next eight years. The growing number of government mandates by the European Union (EU) and Directive on Intelligent Transport System is also anticipated to favour the industry growth over the forecast period.
The requirement of a huge capital for replacing the existing infrastructure with the smart technological advanced system is expected to hinder the industry growth. The long downtime for replacing the existing system may also pose a challenge to its growth and will affect the daily commutation activities.
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Further key findings from the study suggest:
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Grand View Research has segmented the global smart transportation market on the basis of solution, service and region:
Solution Outlook (Revenue, USD Million; 2014 – 2024)
Services Outlook (Revenue, USD Million; 2015 - 2024)
Regional Outlook (Revenue, USD Million; 2014 – 2024)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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