China Intelligent Traffic Management System Market Size & Outlook
China intelligent traffic management system market, 2018-2030 (US$M)
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China intelligent traffic management system market highlights
- The China intelligent traffic management system market generated a revenue of USD 530.8 million in 2023 and is expected to reach USD 1,486.1 million by 2030.
- The China market is expected to grow at a CAGR of 15.8% from 2024 to 2030.
- In terms of segment, solution was the largest revenue generating component in 2023.
- Services is the most lucrative component segment registering the fastest growth during the forecast period.
Intelligent traffic management system market data book summary
| Market revenue in 2023 | USD 530.8 million |
| Market revenue in 2030 | USD 1,486.1 million |
| Growth rate | 15.8% (CAGR from 2023 to 2030) |
| Largest segment | Solution |
| Fastest growing segment | Services |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Solution, Services |
| Key market players worldwide | Thales, International Business Machines Corp, Portland General Electric Co, Siemens AG, TomTom NV, Q-Free ASA Ordinary Shares, Transcore, Cubic Corporation, Atkins, Kapsch Group |
Other key industry trends
- In terms of revenue, China accounted for 4.7% of the global intelligent traffic management system market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China intelligent traffic management system market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 995.2 million by 2030.
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Intelligent Traffic Management System Market Scope
Intelligent Traffic Management System Market Companies
| Name | Profile | # Employees | HQ | Website |
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China intelligent traffic management system market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to intelligent traffic management system market will help companies and investors design strategic landscapes.
Solution was the largest segment with a revenue share of 67.97% in 2023. Horizon Databook has segmented the China intelligent traffic management system market based on solution, services covering the revenue growth of each sub-segment from 2018 to 2030.
The growing number of motor vehicles, and subsequently, the rising traffic congestion, the resultant pollution, and the growing number of road accidents are driving the need for smart and efficient traffic management systems across China.
According to a report released by the National Economic and Social Development, Beijing had 7.128 million motor vehicles as of FY 2022, marking a substantial increase over the year. China also happens to be the largest manufacturer of EVs, controlling a 60% global market share.
The increase in the number of vehicles across China is driving the adoption of ITMS. Both local and state governments are actively promoting the adoption of intelligent transportation infrastructure, including traffic monitoring systems, and signal controlling systems, among other similar systems, to help save resources and time and drive transparency in the system.
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Horizon Databook provides a detailed overview of country-level data and insights on the China intelligent traffic management system market , including forecasts for subscribers. This country databook contains high-level insights into China intelligent traffic management system market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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China intelligent traffic management system market size, by component, 2018-2030 (US$M)
China Intelligent Traffic Management System Market Outlook Share, 2023 & 2030 (US$M)
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