The rising concerns about passenger safety and increased demand for ease in commuting, have to lead the mass transit operators to adopt advanced technologies. Growing urbanization, especially in countries such as China and India, has meant that the respective governments have had to implement smart transportation solutions for public transit.
The Smart Transportation Market is estimated to grow at a CAGR of 8.90% during the forecast period, to reach USD 44.78 billion by 2021.
A wide array of upcoming rail projects increased urbanization, and the rising demand for public transport has led to an increase in demand for transportation solutions and its related components, services, and software. The investment in smart cities projects across the globe has led to a substantial increase in transit solutions to meet the rising demand for efficient public transport.
1 A requirement of Public-Private Partnership (PPPS)
2 New Prospects for Data-Driven Services and Electric Mobility Solutions (E-Mobility and Mobility on Demand)
3 Future Potential for Telecommunication Service Providers (TSP)
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With increasing environmental concerns, various governments are taking initiatives to improve air quality by imposing emission regulations. For instance in Europe, as of 2015, Euro III-B emissions standards are followed. As per these standards, diesel engines are required to reduce PM (Particulate Matter) exhaust emissions by 90% and NOx exhaust emissions by 45%. Such norms have propelled investments and replacement of old and aging public transport infrastructure with the advanced transportation solutions, thereby driving the global smart transportation market for mass transit.
Asia-Oceania and Europe are estimated to dominate the market for roadways and railways. The growth in Asia-Oceania is owing to increasing industrialization, urbanization, and government spending on transportation and the European market’s growth can be credited to the improved socio-economic conditions in economies such as Germany, France, and the U.K. A sizeable population in these countries has resulted in increased requirement of public transport, which in turn resulted in more government projects for transportation infrastructure development. For instance, according to the 2014 World Urbanization Prospects report, approximately 54% of the global population at present resides in urban areas and this number is anticipated to reach 66% by 2050.
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Owing to the growing requirement of surveillance and vehicle tracking activities, there has been substantial growth in the use of Wi-Fi devices in mass transit vehicles which in turn fuels the demand for components. The deployment of Wi-Fi devices in public transit and railways is projected to grow at higher CAGR during the forecast period. The increase in the demand for Wi-Fi devices can be attributed to the benefits offered such as internet connectivity, real-time information, and trip schedule, that helps the commuter to continue their work without disturbance and simultaneously also helps the transportation authorities to monitor the information on a real-time basis.
The market for smart ticketing systems is expected to rise for both roadways and railways, where it accounts for the highest CAGR. The growth is observed owing to the advantages offered in terms of efficiency, and reliability. This service makes the travel experience better as well as reduces losses which leads to better performance. The component manufacturer can leverage the rising opportunity in the smart transportation system market as the components, software and its services are an integral part of the system. This will allow the OEMs and subsequent companies to diversify their products and increase their geographical presence.
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- Smart public transportation solution providers
- Manufacturers of smart public transportation components
- Raw material suppliers for smart public transportation components
- Transportation authorities
- Legal and regulatory authorities
- Fleet operators