May 22, 2024
Smart Transportation Market

Smart Transportation Market Growth Is Driven By Growing Urbanization And Mass Migration

The smart transportation market comprises transport infrastructure and solutions that provide integrated services for public, private, freight and emergency transportation through various smart technologies. Smart transportation systems include smart ticketing, traffic management system, parking management system, integrated supervisory control and data acquisition (SCADA) system etc. which aim to provide innovative services to different categories of end users and help manage growing transportation needs.

The Global Smart Transportation Market is estimated to be valued at US$ 141.01 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Smart Transportation market are AR Packaging Group AB, HUHTAMAKI GROUP, Mayr-Melnhof Karton Gesellschaft M.b.h., International Paper, DS Smith PLC, Amcor Limited, Rengo Co., Ltd., Pactiv Asia. Key players are focusing on developing innovative and sustainable packaging solutions for smart transportation applications.

The growing demand for smart mobility solutions from major cities across the globe owing to increasing concerns around pollution, traffic management and the need for better transportation infrastructure is driving the growth of the smart transportation market. Furthermore, increasing investments by government organizations to promote the development of smart cities is also fueling market growth.

The global smart transportation market has high growth prospects attributed to rapid urbanization leading to mass migration towards city centers. Most cities worldwide are focusing on deploying connected infrastructure to manage traffic and transit systems efficiently. This is positively impacting the expansion of smart transport systems at a global level.

Market key trends

Integration of Internet of Things (IoT) technology in transport infrastructure is one of the key trends seen in the Smart Transportation Market Size . IoT enables collection and analysis of large amounts of data from connected vehicles and devices deployed across transport networks. This helps transport authorities gain meaningful insights to enhance operational efficiency. Moreover, growing adoption of electric and autonomous vehicles is also a major trend as these new mobility solutions can communicate with smart transport platforms to enable greener and smarter transportation systems. However, high initial implementation and operating costs pose a challenge to widespread adoption of smart transportation globally.

Porter’s Analysis

Threat of new entrants: High capital investments and strict regulations create barriers for new players.

Bargaining power of buyers: Buyers can exert influence due to the presence of various transportation options.

Bargaining power of suppliers: Dominated by few big players, suppliers have moderate bargaining power.

Threat of new substitutes: Alternatives like private vehicles pose moderate threat, but shared transportation is the future.

Competitive rivalry: Fierce competition exists among major players to invest in new technologies for sustainable transportation solutions.

Geographical Regions

North America accounts for the largest share in smart transportation market in terms of value owing to well-developed infrastructure and technological advancements.

Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising demands from emerging economies like India and China. These countries are investing heavily in smart cities and transportation development projects

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it