The public transport intelligent transport systems (ITS) market in Europe and North America is forecast to reach €4.3bn by 2027.
According to IoT market research provider Berg, the estimated market value for ITS deployed in public transport operations in Europe was €2.15bn in 2022.
Growing at a compound annual growth rate (CAGR) of 6.3 per cent, this number is expected to reach €2.92bn by 2027. The North American market for public transport ITS is similarly forecasted to grow at a CAGR of 8.8 per cent from € 0.88bn in 2022 to reach €1.34bn in 2027.
Public transport ITS
Berg Insight reports the market for ITS in public transport is in a growth phase which will continue throughout the forecast period. Considerable investment is going toward electrification of the public transport fleet, which will require more sophisticated ITS solutions to operate smoothly.
In addition, the increasing demands from travellers for convenience and accessible real-time information contribute to a positive market situation. Governments in both Europe and North America view public transport as a prioritised area for investment. The Canadian government has for example announced a $2.75bn (€2bn) investment toward electric buses, school buses and related charging infrastructure between 2021-2026.
Berg notes that a group of international aftermarket solution providers has emerged as leaders on the market for public transport ITS. Major providers across Europe and North America include Canada-based Trapeze Group and Germany-based INIT, which have significant installed bases in both regions.
Read more: smartcitiesworld.net
Image: AI
Source: IOT NETWORK NEWS
