Smart Transportation Market - Forecast(2021 - 2026)
Smart Transportation Market Overview Smart Transportation Market forecast to reach $292.5 billion by 2026, at a CAGR of 16.5% during 2021-2026. Increase in urban population, various government regulations, growing smart city initiatives assist in developing connected vehicle technologies such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Grid infrastructure (V2I). For instance, Indian government provided funding of $7.6 billion for the development of smart infrastructure and management services under the smart city initiative program over a five year period from 2016 to 2021. Such investments and initiatives are likely to improve the smart transportation market. Continuously growing urban population, rising number of road services, incidents and rapid vehicle modernization are some of the key issues that drive the development of the global market for smart transportation solutions. Growing implementation of road safety technologies since the last decade are expected to drive the ma