Intelligent Transport Systems Market overview growth rate forecast for next 5 years | Mayer Laboratories, Tree of Life Pharma, Innotech International

Description

The market for Intelligent transport systems was estimated at USD 22.88 billion by 2020, and is expected to reach USD 30.65 billion by 2026, at the CAGR of 5.11% over the forecast period (2021 – 2026). intelligent transport systems refer to advanced automotive technologies, and infrastructure, as well as applications, that make cars smarter. As ITS technology is used in various industries beyond transport and transportation, the demand for these systems is growing rapidly. Government policies and programs are at the forefront of the growth and development of an intelligent transport system market. With the growing concern for road safety and car theft, governments around the world, particularly in the United States, Europe, China, and Brazil, among others, have mandated the installation of factory-installed telephone equipment and safety equipment. While such applications increase the demand for ITS worldwide, the high cost of these systems makes it difficult for many manufacturers to keep the prices of the final product low, leading to slower market entry.