Smart Transportation Market
Smart Transportation Market : Global Demand Analysis & Opportunity Outlook 2024
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Smart Transportation Market : Global Demand Analysis & Opportunity Outlook 2024
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Smart transportation is new method to design and planning of roadways which would provide the finest and safest transport solution. The design would provide support to pedestrians, bicyclists and transit users for regular and safe travel. Hence, lack of safe and quality transportation, poor road conditions are the problems faced by most cities. Therefore, smart transportation would anticipate to overcome the challenges posed by the growing number of megacities in developing and developed region in sustaining the smooth traffic flow and safety. Smart transportation is applicable in parking management and guidance, passenger information and traffic management.
The global smart transportation market is expected to grow at a CAGR of 19.5% over the forecast period i.e.2017-2024. The growing number of on-road vehicles and ineffective existing transport infrastructure will drive the need for the smart transportation system. Initiatives by government towards building a better infrastructure and running the transport system smoothly are expected to grow the smart transportation market globally. In addition, smart transportation systems can provide better safety and security by integrating intelligent communication systems in the infrastructure, thus increasing the market growth.
North America is expected to remain the leader with highest market share by 2024. The increasing government investment in transportation infrastructure is expected to boost the growth of smart transportation.
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Asia-Pacific is expected a robust growth over the forecast period. The growth is anticipated to be specifically higher in India, China, Japan and South Korea. The competition in this region is fragmented and smart transportation solution providers are looking at expanding the base of their operation to the most countries, as a result of business strategic moves, such as improved infrastructure and implementation of various smart city projects.
The European region is expected to expand at moderate pace owing to early adoption of technology. The Middle East is anticipated to witness an upliftment in the next few years in terms of smart transportation.
Our in-depth analysis segmented the smart transportation market in the following segments:
Global smart transportation Market is further classified on the basis of region as follows:
The growth of smart transportation market is driven by the time and fuel saving ability. It also encourages the development and promotion of substitute green fuels such as natural gas and biodiesel. The major factors anticipating the growth of smart transportation are growing population, increasing number of vehicles, concern over rising of greenhouse gas along with increase in adoption of internet of things. Further, smart cities are supporting the growth of smart transportation. The rise in urbanization and megacities are key factors for the adoption of smart transportation. The use of smart transportation is expected to curb the excess use of private vehicles on limited road space and reduce carbon emission.
However, the requirement of a huge capital for replacing the existing infrastructure with the smart transportation advancement and large database requirement of road network is expected to restrain the growth of the smart transportation market globally.
The key players of smart transportation market are as follows:
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