North America in Smart Transportation Market to reach $36bn by 2024

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Global Smart Transportation Market to grow at 20
CAGR from 2018 to 2024 Fractovia.org
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Key Insights of Smart Transportation Market

• According to the new technology research report
  Smart Transportation Market, by Global Market
  Insights, Inc. says Smart Transportation Market
  to exceed USD 130 billion by 2024, driven by
  adoption of connected vehicles for enhancing
  public safety and security.
• Subject to the extensive and swift adoption of
  intelligent mobility solutions across major
  cities around the globe, smart transportation
  market has been treading along a lucrative growth
  path in the recent years. In addition to the
  advent of these smart technologies, a remarkable
  increase in governmental patronage and financial
  support toward revamping transportation industry
  can be accredited to the rapid progression of
  this business space. Indeed, it is being
  projected that smart transportation industry,
  which surpassed a total remuneration portfolio of
  about USD 41 billion in 2017, would establish
  itself as one of most profitable business
  verticals in the times to come.
• Elaborating further, the robust penetration of
  smart technologies in the transit space coupled
  with the efforts being deployed by the overall
  automotive industry to manufacture innovative
  vehicles has consequentially propelled the market
  share. Moreover, it would be prudent to mention
  that numerous governments, particularly across
  the emerging economies, appear keen to invest
  massive amount of resources in developing smart
  cities.

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Continued

• How Smart Cities initiative will favorably impact
  smart transportation market trends in India
• In a recent turn of events, Government of India
  has declared to construct 599 highway projects
  across the country under the ambitious Smart
  Cities program. With a total budgetary outlay of
  INR 108,000 crore, which would be spent over the
  period of 5 years, the project has already
  received INR 50,802 crore and an additional sum
  of INR 48,000 crore would be utilized for
  developing first 20 Smart cities. One of the
  foremost goals of the scheme is to provide
  efficient urban mobility and public transport
  system a factor that would significantly
  bolster the growth prospects of industry in the
  nation.
• Concurrently, the Indian Government has framed a
  National Electric Mobility Mission Plan 2020
  which proposes to incentivize adoption of green
  vehicles and ramp up domestic manufacturing
  capability of automotive sector. This would
  warrant rapid adoption of intelligent traffic
  management and integrated multimodal transport
  solutions which would eventually have an
  optimistic influence on the market share
  expansion.

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Smart Transportation Market

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Smart Transportation Market Size, By Mode of
Transportation, 2017 2024 (USD Million)

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Smart Transportation Industry Background
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Continued.

• Dubai Leading the proliferation of smart
  transportation industry across MEA region
• Building on the legacy of innovative initiatives,
  Dubai has recently announced to have joined hands
  with the US based transportation solutions
  provider, Hyperloop One Inc. Reportedly, the
  objective of this alliance is to harness the
  prowess of groundbreaking transport technologies,
  transform the conventional idea of mobility, and
  assist Dubai in reinforcing its reputation as the
  chief hub of global trade and tourism.
• For the record, Hyperloop is a proposed mode of
  freight and passenger transportation that would
  apparently propel a pod-like vehicle through a
  reduced pressure tube with a speed more than that
  of an airliner. With the emergence of such
  progressive technologies, the smart
  transportation market is on the cusp of
  witnessing a paradigm shift of sorts in the times
  to come.

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Continued.

• China A pivotal contributor toward global smart
  transportation industry share augmentation
• Touted as the largest automobile market across
  the globe, China has made swift headways in
  enhancing the overall growth potential of
  industry in the recent years. For instance, the
  Intelligent Transport System Association of China
  has recently announced to invest about USD 30
  billion in the intelligent transport solutions
  sector by 2020 that would aid in encouraging
  green transport system.
• Speaking on the similar lines, the Chinese
  Government aims to have 10 percent of all cars to
  be self-driving by 2030. Subsequently, the market
  players consider this opportunity as significant
  and intend to release unique solutions that would
  assist in delivering better traffic updates,
  on-the-go recharging of electric-vehicle
  batteries, more accurate mapping, etc.
• Apart from such proactive schemes, China has
  established a national motor vehicle and driver
  information management system and further plans
  to set up a platform for national electronic
  charging systems. There are also various efforts
  in pipeline to promote information-sharing
  activities between civil aviation, rails, buses
  which would achieve seamless integration of data,
  in turn opening plethora of opportunities for
  industry stakeholders.

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