North America Smart Transportation Market Paving The Way For Smarter And Greener Transportation System

By Goldstein Market Intelligence || 2018-03-12 2:52:43 AM

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According to Goldstein Research, “Rising need for automobiles, ships and planes to communicate with roads, rail, and ports to improve safety, mobility and to move people and goods more efficiently is the major factor driving the growth of North America smart transportation market.” Growing traffic congestions owing to rising number of vehicles further gives the rise to the demand for smart transportation. Moreover, emerging concept of smart cities is another major factor driving the growth of smart transportation system in North America.

North America Smart Transportation Market Outlook 2024

The North America smart transportation market is segmented based on offering and by applications. Application segment is further bifurcated into vehicle management, mobility management, traffic management, parking management, safety assistance and driver assistance & infotainment. In 2016, safety assistance accounted for the highest revenue share in North America smart transportation market and the growth is projected to expand at a CAGR of 12.4% over the forecast period.

The United States is the dominating region for North America smart transportation market and accounted for approximately 70% of market share in 2016. U.S. federal government is immensely investing in smart cities projects. Road transportation is a major necessity of Canada. In 2016, over 32 million vehicles were registered in Canada which is likely to impel the demand for smart cities and smart transportation in Canada. As per the study performed in 2015 by AT&T Drive Studio and Ericsson, around 80% of US and Canadian population are aware of connected cars.

Connected cars: Major Boost

The global connected cars market is expected to reach USD 150.0 billion by 2022 which is majorly driven by the technological enhancement in infotainment, telematics and automated functions which are providing huge growth opportunities for the smart transportation market growth. Connected cars also enhanced the smart parking services by eliminating the searching for parking spots which causes CO2 emission, traffic congestion and wastes time. Connected cars have provided the better safety solution and also increased the productivity and efficiency of the transportation system, which is significantly boosting the growth of smart transportation market.

North America Smart Transportation Market Outlook 2024

The report contains a detailed overview of the North America smart transportation market in terms of market segmentation by offering type and by applications. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

North America smart transportation market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as Orange Business Services, Swarco Ag, Q-Free Asa, Amano Corporation, Alstom SA, T2 Systems Inc. etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents comprehensive synopsis on the North America smart transportation market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.

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