The global market for intelligent transportation system (ITS) devices is expected to reach $111.8 billion by 2019
Wellesley, Mass. (PRWEB) March 19, 2015
BCC Research (http://www.bccresearch.com) reveals in its new report on intelligent transportation system (ITS) devices, the global market was valued at $41.9 billion and $52.3 billion in 2013 and 2014, respectively. This market should reach $111.8 billion in 2019, with a compound annual growth rate (CAGR) of 16.4% from 2014 to 2019.
ITS is a reflection of the growing prevalence of information and communication technology (ICT) in vehicles. The term does not describe an exact technology, but rather a combination of technologies. It is often confused with advanced driver assistance systems (ADASs). While ADASs are restricted to in-vehicle measures of driver assistance, ITS combines in-vehicle measures with relevant data offered by the transportation infrastructure to create a holistic solution.
The Asia-Pacific region is a strong contender in terms of volume. Rapid improvements in the standards of living in the region will drive ITS solutions. This region has consciously acquired a favorable manufacturing climate and above-average innovation skills. The fastest-growing market, however, will be the Caribbean and Latin American region, while Europe, Middle East, and Africa will be the laggard in terms of value.
“Advances in wireless connectivity have been the key driver in the ITS market,” says BCC Research analyst Shalini R. “The ascendancy of cellular waveforms is not surprising, considering the quantum leap that the industry is witnessing in terms of data capabilities.”
BCC Research forecasts that the market for wireless chipsets will more than triple during the period from 2014 through 2019, with cellular waveforms leading the way.
Technologies for Intelligent Transportation Systems measures and analyzes the global market for the various technologies used in ITS and forecasts the overall market and major market segments through 2019.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven(dot)cumming(at)bccresearch(dot)com.
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