Meticulous Research® has published a report titled “Smart Transportation Market by Mode, Offering, and Application,” highlighting significant trends and forecasts for the industry.
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Projected market growth to $52.1 billion by 2031.
The smart transportation market is expected to reach $52.1 billion by 2031, with a CAGR of 18.3% from 2024 to 2031. This growth is primarily fueled by initiatives aimed at reducing greenhouse gas emissions, urbanization, and technological advancements that enhance user experiences.
Emerging technologies and challenges ahead.
While the emergence of autonomous vehicles and smart city investments present growth opportunities, the lack of standardized technologies and the high initial costs of deployment pose challenges to market expansion.
Segments include various modes of transportation.
The market is divided by transportation modes, with roadways expected to account for the largest share in 2024. This dominance is driven by the increasing need for efficient roadways and government initiatives focused on smart infrastructure.
Railways will see the highest growth rate.
The railways segment is projected to grow at the highest CAGR, influenced by globalization and the need for enhanced safety measures in railway transport.
Solutions are key market drivers.
In terms of offerings, the solutions segment is set to lead with over 63.8% of the market share in 2024, reflecting the growing public safety concerns and investments in smart solutions. The services segment is also expected to experience significant growth, driven by the need for troubleshooting and technical support.
Connected cars will lead applications.
The connected cars application is forecasted to hold over 29.2% of the market share, driven by increasing consumer demand for connectivity and technological integration in vehicles.
Geographical distribution shows Europe in the lead.
Geographically, Europe is projected to hold a significant share, owing to its established transportation infrastructure and government spending. However, the Asia-Pacific region is anticipated to grow the fastest, with investments in transportation modernization.
Key players in the industry are global leaders.
Key players include Thales Group, Huawei Technologies, Siemens AG, and others, all contributing to the growth and innovation within the smart transportation market.
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