SMART TRANSPORTATION MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Smart Transportation Market Analysis:

The Smart Transportation Market is projected to experience significant growth, with an estimated size of USD 31.26 billion in 2023, expected to reach USD 43.41 billion by 2028, growing at a CAGR of 6.79% during the forecast period (2023–2028).

The market growth is driven by various factors, including increasing traffic volume, government initiatives aimed at reducing greenhouse emissions, rising city projects, and the rise of megacities, urbanization, and population.

The trend of increasing urbanization reflects the growing complexities in cities worldwide, with transportation needs being one of them. The transportation market faces the primary challenge of resolving this complexity. The trend of a rising number of IoT and linked devices is projected to continue with smart city projects during the projection period. The increased use of linked products like smart homes, smart meters, smart transportation, and smart lighting, among others that use IoT to communicate with one another, is expected to drive market expansion.

One of the primary objectives of innovative city development is smart mobility, which includes transportation. Creating efficient, flexible, and integrated transportation networks is vital to smart mobility. Smart mobility is a significant development driver in modern urban centers and may improve tourists’ and inhabitants’ everyday lives. By 2040, cities are expected to accommodate 65% of the world’s population. Healthy modes of transportation, such as walking and cycling, are prioritized in urban mobility management. Mobility management also minimizes carbon emissions and provides communities with optimal traffic flow analysis.

Traffic congestion is increasing due to exponential growth in suburban and rural populations relocating to cities and an equivalent increase in population concentration around metropolitan centers. Vehicle congestion in cities has increased as cities have grown in density, assisted by insufficient roadway designs and bad urban planning. For example, in 2022, the average American motorist wasted 51 hours in traffic congestion, or approximately an hour each week. This is 15 hours longer lost to traffic than in 2021, and all that time squandered in traffic jams costs the typical American motorist USD 869 in lost time, according to the mobility analytics firm Inrix’s 2022 Global Traffic Scorecard.

However, the lack of a standardized strategy has resulted in compatibility concerns for smart transportation, which mixes numerous aspects, such as software, hardware, and mobile network components, produced by multiple manufacturers. Furthermore, communication protocols vary significantly among nations, posing challenges for manufacturers in terms of worldwide acceptance of their products.

In the post-COVID-19 scenario, the market will be positively impacted by rising demand for biometric, integrated, contactless, mobile payment adoption, sensor-based technology, and ticketing technologies throughout public transit. Moreover, the development by various companies is also expected to boost the demand for smart transportation.

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