Asia-Pacific smart transportation market is projected to grow at a significant CAGR of around 14.8% during the forecast period (2020-2026). The market for smart transportation in Asia-Pacific is projected to grow at a high rate during the forecast period, backed by the rising urbanization in the region, which in turn, is increasing the traffic in the emerging economies of Asia-Pacific. Moreover, the huge population base in the Asia-Pacific economies, such as India and China. This, in turn, is rising the traffic and congestion in the cities in the Asia-Pacific economies, such as India. Therefore, several smart city initiatives have been introduced across the emerging economies of the region, such as Smart City Mission.
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Moreover, the presence of world’s largest electronics and automotive hubs in China and Japan is further supporting the growth of the smart transportation infrastructure development in the region. The companies are focussing on rapidly growing economies/cities of the region, such as Hong Kong, Tokyo, and Beijing, which in turn, is supporting the smart city projects of the respective countries, leading to the rise in the growth of the smart transportation market in Asia-Pacific. Moreover, the continuous expansion of industrial sector is further leading to the rise in the population base in the region, offering growth factor for the smart transportation market in the region.
Asia-Pacific Smart Transportation Market – Segmentation
By Transportation Mode
- Railways
- Roadways
- Airways
- Maritime
By Application
- Ticketing Management System
- Parking Management System
- Traffic Management System
- Others (Integrated Supervision System)
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