DUBLIN, July 11, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Intelligent Transport System (ITS) Market 2017-2021" report to their offering.
The global intelligent transport system (its) market to grow at a CAGR of 8.70% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global intelligent transport system market for 2017-2021. To calculate the market size, the report considers the revenue generated by different vendors through the global ITS market. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is impact of standardization in ITS. Standardization of ITS to provide uniform platform is the current issue in the global ITS market. Standardization implies creating a common platform to handle variance in devices.
According to the report, one driver in the market is increasing road traffic congestion in Asian countries. The urban traffic road congestion is increasing across the world because of the increasing disposable income and ineffective public transportation. These factors are stronger in the Asian countries compared with the rest of the world.
The middle-class population in the Asian countries is around 60% of the global middle-class population, and their disposable income will grow at a CAGR of around 15.29% between 2016 and 2020. The increase in disposable income is expected to increase the vehicle sales in the Asian countries by around 9% in 2018.
Further, the report states that one challenge in the market is higher setup cost and operating cost. The ITS equipment requires high capital investment for setting up. This is because the feedstock cost for ITS product manufacturing is high. A software platform is required to build an ITS equipment. Procurement of software, electronics chips and camera, and sensors and transponders is the major cost consumption factor of ITS manufacturing. The marketing and promotion cost for ITS products is minimal as these products have an inbuilt demand from public players and large corporates.
- Kapsch Group
Other prominent vendors
- ADDCO LLC
- DENSO CORPORATION
- International Road Dynamics
- KLD Engineering
- Peek Traffic Corporation
- Traffic Tech (Gulf)
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Research methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by solution type
Part 07: Geographical segmentation
Part 08: Key leading countries
Part 09: Decision framework
Part 10: Drivers and challenges
Part 11: Market trends
Part 12: Vendor landscape
Part 13: Appendix
For more information about this report visit https://www.researchandmarkets.com/research/n48twz/global
Laura Wood, Senior Manager
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SOURCE Research and Markets