The changing technology landscape has led to an increase in advancements across various sectors. The transportation sector is no exception. Smart transportation includes the use of numerous technologies from car navigation to container management systems. Smart transportation and traffic management are revolutionizing how cities approach mobility. The emergence of smart cities across numerous countries around the world will set the stage for the growth of the smart transportation market.
By blending connected technologies like 5G and the Internet of Things (IoT), autonomous transportation systems are making transportation much easier and better. These transportation mechanisms reduce human intervention and decrease errors. This aspect brings considerable growth opportunities for the smart transportation market.
Transparency Market Research has performed an extensive analysis on various aspects related to the growth of the smart transportation market. The analysts at TMR have conducted extensive research on numerous factors associated with the smart transportation market. The TMR analysts project the global market for smart transportation to expand at a CAGR of 18.5% during the forecast period of 2015-2021. The global smart transportation market stood at US$ 45.10 Bn in 2014 and is prognosticated to reach US$ 176.5 Bn by 2021.
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The need for decreasing traffic congestion across varied metropolitan cities has led to an increase in the growth prospects of the smart transportation market. The growing traffic hassles across many countries have urged many government bodies to adopt the smart city approach, which includes smart transportation as a main aspect. Thus, these factors bode well for the growth of the smart transportation market.
Smart transportation has emerged one of the key mechanisms for promoting sustainable and safe transport. The advantages associated with smart transportation will prove to be growth boosters for the global market. Here are some vital benefits that will have a profound impact on the smart transportation market growth trajectory.
The smart transportation mechanism introduces varied forms of transportation. The flexibility of choosing the desired mode of transport leads to an increase in the growth of the smart transportation market. Furthermore, the efficiency of smart transportation systems adds new parameters of growth.
Smart transportation mechanisms make better use of resources and can cut down costs extensively due to frequent preventative maintenance and less energy consumption. In addition, public smart transportation is more affordable than private transport. These factors will have a positive impact on the growth of the smart transportation market.
Smart transportation solutions are designed in such a way that they are clean and efficient. Decreased traffic congestion results in reduced energy consumption and cleaner environment. Many initiatives such as electric vehicle charging stations are being worked upon to assure clean and efficient transportation services, which will not harm the environment. Thus, these factors will invite substantial growth opportunities.
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The government bodies of numerous countries are introducing smart transportation solutions to decrease traffic congestion and provide efficient public transport to its citizens. The Singapore Mass Rapid Transit (MRT) is a classic instance. It is a driverless mass rapid transit system to enhance the travel of the commuters. 2 companies, SMRT Trains and Alstom, recently signed services partnership for driverless train control system for the Circle Line in Singapore. Such developments assure considerable growth opportunities for the smart transportation market.
The smart transportation market has a plethora of opportunities for growth. In the next 5-10 years, more regions are expected to be equipped with smart transportation technologies. The rising disposable income and the growing urbanization around the world will assure profitable growth for the smart transportation market. Emerging economies such as India and China are expected to attract extensive growth for the smart transportation market.