The Indian Intelligent Transportation System Market is projected to grow at a CAGR of XX% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by the rapidly growing demand for privately owned vehicles due to the improving economic conditions. Yet, a high vehicle fleet is also demonstrating a rise in the number of road accidents in India, instigating the governments to procure advanced mechanisms and address the concerns.
As a result, the demand for Intelligent Transportation systems (ITS) is escalating. Besides, rising government focus on spreading awareness about safe driving and procurement of ITS is generating growth opportunities for the leading players to expand their production & distribution capacities to cater to the rising demands.
Moreover, as people are inclining toward making more informed choices about travel & traffic scenarios, individuals and firms are opting for ITS technology and positively influencing the market growth. further states the research report, “Indian Intelligent Transportation System Market Analysis, 2022.”
ATMS Emerging as a Game Changer for the Indian Intelligent Transportation System Market
Based on the Type, Advanced Traffic Management System (ATMS) is anticipated to contribute substantially to the India Intelligent Transportation System Market during the forecast period. The market growth attributes to the capabilities of ATMS to smoothen traffic flow and capture traffic data in real-time using speed sensors & cameras, providing a much more efficient outlook to the user.
Besides, as the country is showing an inclination toward advancements & automation, the procurement of ATMS by the government on expressways & highways is also boosting the market growth. It, in turn, is also generating growth opportunities for the leading players to increase their production & distribution capacities to cater to the rising installation demands throughout the country through 2027. Hence, the market is set to witness significant growth on the back of rising demand for ATMs across India.
The leading players in the India Intelligent Transportation System Market are Schneider Electric India Pvt. Ltd., Tata Group, Siemens India, Urban Mass Transit Company Limited, Mobisoft Infotech LLC, EFKON India Pvt Ltd, Kent Intelligent Transportation Systems India Pvt Ltd, NEC Corporation India Pvt. Ltd., AUM Infotech Pvt Ltd., and ATT India.
Key Questions Answered in the Research Report