Smart Transportation Global Market Report 2024

Smart transportation involves the integration of management techniques and contemporary technology within the transportation industry. This entails the utilization of various technological solutions, ranging from fundamental management systems like car navigation, traffic signal control systems, and container management systems, to more advanced applications that incorporate real-time data and inputs from diverse external sources.

Key products in the realm of smart transportation encompass advanced traveler information systems, advanced transportation management systems, advanced transportation pricing systems, advanced public transportation systems, and cooperative vehicle systems. Advanced traveler information systems utilize cutting-edge computer, communication, and information technologies to provide crucial information to users regarding traffic laws, route guidance, location guidance, hazardous situations, safety advisories, and warning messages. These systems find applications in various transportation modes, including roadways, railways, airways, and maritime. The applications of smart transportation span across traffic management, road safety and security, parking management, public transport, automotive telematics, and freight management.

The smart transportation market research report is one of a series of new reports that provides smart transportation market statistics, including smart transportation industry global market size, regional shares, competitors with a smart transportation market share, detailed smart transportation market segments, market trends and opportunities, and any further data you may need to thrive in the smart transportation industry. This smart transportation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart transportation market size has grown rapidly in recent years. It will grow from $139.76 billion in 2023 to $161.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth observed in the historical period can be attributed to several factors, including increased urbanization and congestion in cities, the adoption of intelligent transportation systems for effective traffic management, a rise in the demand for real-time tracking and monitoring in transportation, advancements in sensor technologies, and improved connectivity in vehicles. Additionally, government initiatives promoting smart city and transportation solutions have played a significant role in fostering this growth.

The smart transportation market size is expected to see rapid growth in the next few years. It will grow to $286.93 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The anticipated growth in the forecast period can be attributed to various factors, including the increased adoption of electric and autonomous vehicles, the integration of 5G technology to enable faster and more reliable communication, a growing focus on sustainability and eco-friendly transportation solutions, the expansion of the shared mobility and ride-sharing industry, and the development of smart transportation infrastructure in emerging economies. Key trends expected in the forecast period include the creation of integrated Mobility-as-a-Service (MaaS) platforms, an emphasis on predictive maintenance for transportation fleets, the use of artificial intelligence for traffic prediction and optimization, the integration of blockchain technology for secure and transparent transactions, and increased collaboration between automotive manufacturers and technology companies to develop connected vehicle solutions.

The smart transportation market is experiencing growth driven by increasing government initiatives and regulations. Governments in emerging and developing economies are directing investments towards innovative transportation technologies to alleviate road congestion, uphold safe transportation practices, and reduce road accidents. Presently, the Indian government is overseeing the construction of approximately 599 highway projects with a total budget of INR 1,000 billion ($14.67 billion). Within this budget, INR 480 billion ($7.03 billion) is allocated for the development of smart cities along these new highways. Consequently, the surge in government initiatives and regulatory measures is anticipated to foster demand for smart transportation solutions throughout the forecast period.

The smart transportation market is poised for growth due to the increasing urban population. The rising urban population, representing the proportion of a country's or region's residents in cities, towns, and densely populated areas, necessitates smart transportation solutions for efficient management and optimization of transportation systems. According to The World Economic Forum (WEF), in 2022, over 4.3 billion people, or 55% of the global population, reside in urban settings, with expectations of reaching 80% by 2050. This demographic shift is set to contribute to the expansion of the smart transport market.

Leading companies in the smart transportation market are introducing innovative platforms like the road synergy platform to enhance their competitive position. The road synergy platform is a technology or system designed to establish a synergistic and integrated environment for various elements related to road infrastructure and transportation. For instance, SenseTime, a China-based artificial intelligence company, unveiled its SenseAuto V2X Vehicle-Road Synergy Platform in September 2022. This platform aims to facilitate safer and more efficient urban mobility by integrating 'smart cars, intelligent roads, and collaborative clouds. ' The SenseAuto V2X platform offers a comprehensive analysis and decision-making solution through the fusion processing and analysis of vehicle and roadside information.

A noteworthy trend in the smart transportation market is the increasing adoption of the Internet of Things (IoT). IoT sensors and devices play a pivotal role in collecting information such as trip time and weather conditions, connecting with other devices and systems in intelligent transportation systems. This data can assist drivers and enhance overall traffic management. For example, China's first smart transportation IoT platform, launched in November 2022, incorporates a variety of IoT hardware facilities and smart transportation IoT software platforms. These facilitate the work of road traffic practitioners, including traffic police, road maintenance workers, and road builders, enabling safer and more efficient operations.

In May 2021, Siemens Mobility, a Germany-based provider of sustainable and efficient transport solutions, acquired Padam Mobility for an undisclosed amount. This acquisition strengthens Siemens Mobility's portfolio in multimodal transportation, offering intelligent infrastructure solutions. Padam Mobility, a France-based Software as a Service (SaaS) provider, specializes in on-demand and paratransit software solutions.

Major companies operating in the in the smart transportation market report are Cisco Systems Inc., Toshiba Corporation, Siemens Corporation, SAP SE, Thales Group, Alphabet Inc., Tesla Inc., Uber Technologies Inc., Mobileye, NVIDIA Corporation, Siemens Mobility, TomTom N. V., IBM Corporation, Qualcomm Inc., Intel Corporation, General Motors Company, Ford Smart Mobility, Daimler AG, Bosch Group, Continental AG, Cubic Corporation, Aptiv PLC, Trimble Inc., HERE Technologies, Velodyne Lidar Inc., ChargePoint Inc., NXP Semiconductors, TransCore Holdings Inc., WSP Global Inc., Cryoport Inc.

North America was the largest region in the smart transportation market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the smart transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the smart transportation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The smart transportation market includes revenues earned by entities by managing transportation and ensuring safe movement of vehicles, pedestrians, traffic, parking, and others. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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