Intelligent Road System Market Share

Intelligent Road System Market Overview

The Intelligent Road System market size is projected to grow from USD 50.813982 billion in 2024 to USD 99.85 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.81% during the forecast period (2024 - 2032). Additionally, the market size for Intelligent Road System was valued at USD 46.14 billion in 2023.

Smart cars, licence plate recognition (LPR), current cameras' enhanced safety and surveillance capabilities, the rising need for traffic control systems, and other factors are the key market drivers enhancing the market growth.

Figure 1: Intelligent Road System Market Overview, 2022 & 2032 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Intelligent Road System Market Trends

Growing connected and autonomous vehicles is driving the market growth

Market CAGR for Intelligent Road System supplements is being driven by the rising number of autonomous cars. The transportation infrastructure is future-ready thanks to the rise of autonomous and connected vehicles on the roadways. Additionally, transportation organizations must be ready for the future. Numerous ITS service providers offer their knowledge in design, planning, implementation, and activities to enhance the performance of solutions and systems. A well-connected transportation system, enhanced infrastructure, and increased road safety are now demands made by many transportation service providers as a result of rising disposable incomes, growing urbanization, and the need for modern automobiles to improve driving experiences. Future smart city efforts, cutting-edge communication networks, and government programs for smart development in China, India, Singapore, Dubai, and other developing nations will also open up new prospects for market expansion.

The development of virtual reality and artificial intelligence can improve transportation systems worldwide. These technologies involve the development of visualization and a head-up display for motorized transportation. Both drivers and other users of the transportation system benefit from them. AI can alter how the system is vendors of traffic management technologies embracing modeled AI. For instance, Lilin, a Taiwanese maker of IP video-based systems, presented the Aida ALPR series, an AI-based traffic control system, with various surveillance cameras and other cutting-edge municipal tools, in March 2020.

This full system offers accurate object identification for plate recognition, parking place detection, vehicle speed detection, and truck, motorcycle, and pedestrian offenses. Other elements expected to contribute to the expansion of the ITS industry include the increasing number of cars on the road, deteriorating infrastructure, and a need for more traffic data management. There is an increasing demand for modern traffic management systems to control traffic flow on roads and in urban areas. Both public and commercial organizations have made several initiatives to deploy smart technologies, showing how technology will influence the development of the intelligent transportation system market. Thus, driving the Intelligent Road System market revenue.

Intelligent Road System Market Segment Insights

Intelligent Road System Type Insights

The Intelligent Road System market segmentation, based on type, includes wireless communication, computational technologies, and floating car data/ floating cellular data. The wireless communication segment dominated the market, accounting for 39% of market revenue. For intelligent transportation systems, several wireless communication solutions have been suggested. Within ITS, short- and long-range radio modem communication is frequently employed on UHF and VHF frequencies. Infrastructure networks like 5G are used for longer-range communications. These techniques are well-established for long-distance communications, but unlike short-range protocols, they call for establishing a large and costly infrastructure.

Intelligent Road System Application Insights

Based on application, the Intelligent Road System market segmentation includes emergency vehicle notification systems, variable speed limits, and collision avoidance systems. The emergency vehicle notification system category generated the most income (36%). These technologies, which include ramp metering systems, bridge traffic management systems, and vehicle detection systems, among others, improve the operational effectiveness and dependability of the road network. Regular traffic jams can result in considerable financial losses because of the lengthened travel times and increased fuel usage. Around the world, traffic congestion is a persistent issue that consumes a lot of fuel and lowers people's quality of life. Therefore, government bodies worldwide are crucial to introducing new technologies into the nation and implementing intelligent transportation systems, which will increase market demand and lessen the financial strain on governments. 

Figure 2: Intelligent Road System Market, by Application, 2022 & 2032 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Intelligent Road System Regional Insights

The analysis offers market insights by region for North America, Europe, Asia-Pacific, and the rest of the world. The North American Intelligent Road System market area will dominate this market; the ITS market in North America is the most developed. The area has many ITS systems to handle the expanding traffic and public transit system. Commercial drone sales are soaring throughout the area, and nations like the United States enforce strict regulations on drone operators and registration. As a result, during the projection period, there is anticipated to be a tremendous demand for ITS systems in the airline industry.

Furthermore, the major countries studied in the market report are Canada, The U.S., German, France, the UK, Japan, Italy, Spain, China, India, Australia, South Korea, and Brazil.

Figure 3: Intelligent Road System Market Share By Region 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Intelligent Road System market accounts for the second-largest market share due to increased demand for cutting-edge technologies and ongoing network expansion. Further, the German Intelligent Road System market held the largest market share, and the UK Intelligent Road System market was the fastest-growing market in the European region.

The Asia-Pacific Intelligent Road System Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to decreasing total fuel usage and avoiding crowded routes; these devices help car owners save money and reduce travel time. As a result, several automakers in both emerging and industrialized nations are actively incorporating similar technologies into their next models. Moreover, China’s Intelligent Road System market held the largest market share, and the Indian Intelligent Road System market was the fastest-growing market in the Asia-Pacific region.

Intelligent Road System Key Market Players & Competitive Insights

Leading businesses in the sector are making significant R&D investments to diversify their product offerings, which will drive the market for intelligent road systems even further. Important market developments include new product releases, binding contracts, mergers and acquisitions, greater investments, and collaboration with other businesses. Players in the market are also engaging in several strategic actions to increase their presence. The Intelligent Road System industry must provide reasonable offerings to grow and succeed in a more competitive and challenging market environment.

One of the primary business strategies manufacturers employ in the Intelligent Transportation System industry to assist clients and grow the market sector is to produce locally to reduce expenses related to the operation. In recent years, the Intelligent Road System industry has offered some of the most significant advantages to medicine. Major players in the Intelligent Road System market, including Denso Corporation, L & T, Lanner Electronics, and others, are attempting to increase market demand by investing in research and development operations.

Automotive parts are developed, produced, and sold by DENSO Corporation in Japan, Asia, North America, Europe, and other countries. The business sells heating, ventilation, and air-conditioning units and systems, including heat pump air-conditioning systems, refrigerant products, air-conditioning system heat exchangers, air-conditioning bus systems, automobile freezers, and cooling goods. In January 2020, The next-generation cockpit system is being created in cooperation between Denso Corporation and Qualcomm Technologies. The usability of in-car entertainment systems is anticipated to increase with the implementation of this technology.

A Taiwanese electronics firm, Lanner Electronics, Inc., focuses on network appliances, embedded computers, industrial computers, vehicle PCs, motherboards, and associated accessories. PCB manufacture, chassis production, and computer assembly are all businesses owned and run by Lanner. The company's primary area of concentration is OEM/ODM production for major computer and computer accessory manufacturers worldwide. Network appliance platforms, tough embedded computers, and carrier-grade systems for telecommunications are among Lanner's key product categories.

In February 2020, Creanord, a service assurance specialist, has partnered with Lanner Electronics, Inc. With a wide range of segmented, cutting-edge, and distributed solutions in Metro and access networks for performance assurance, this cooperation will help the service and carriers' providers. By giving network service visibility 24 hours a day, this seamless hardware platform integration will give service providers a full solution for managing and diagnosing SLA performance issues with simplicity.

Key Companies in the Intelligent Road System market include

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  Ricardo PLC

  
  


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  EFKON AG

  
  


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  TOMtom International BV

  
  


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  Iteris Inc.

  
  


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  Lanner Electronics Inc.

  
  


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  Siemens AG

  
  


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  WS Atkins PLC

  
  


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  apsch Trafficcom

  
  


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  Q-Free ASA

  
  


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  Roper Technologies Inc

  
  

Intelligent Road System Industry Developments

November 2022: ERTMS digital signaling will be designed and implemented over 1,885 km of the Italian rail network by Hitachi Rail Limited under a Framework Agreement contract with Ferroviaria Italiana (RFI).

October 2022: A five-year Traffic Scotland Systems Contract (TSSC) was granted to Cubic Transportation Systems, Inc. by Transport Scotland to offer support, maintenance, modernization, and development services to maximize the availability of the systems that supply the Traffic Scotland Service.

May 2022: Conduent Transportation and Montgomery County, Maryland, have extended their 10-year agreement to deliver automated speed and red-light camera systems intended to police traffic regulations and make neighborhoods safer.

Intelligent Road System Market Segmentation

Intelligent Road System Type Outlook

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  Wireless Communication

  
  


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  Computational Technologies

  
  


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  Floating Car Data/ Floating Cellular Data

  
  

Intelligent Road System Application Outlook

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  Emergency Vehicle Notification System

  
  


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  Variable Speed Limits

  
  


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  Collision Avoidance System

  
  

Intelligent Road System Regional Outlook