Report : Asia Pacific Traffic Management Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component [Hardware (Cameras, Display Boards and Sensors), Software (Cloud and On-Premise), and Services] and Application (Automatic Tolling, Lane Management, Parking Management, Surveillance, Traffic Signal Management, and Others)

At 12.6% CAGR, the Asia Pacific Traffic Management Market is speculated to be worth US$ 20,388.52 million by 2028, says Business Market Insights   

According to Business Market Insights’ research, the Asia Pacific traffic management market was valued at US$ 9,978.94 million in 2022 and is expected to reach US$ 20,388.52 million by 2028, registering an annual growth rate of 12.6% from 2022 to 2028. Burgeoning urbanization leading to congestion and increasing interest in smart cities and roadways.                

In most developing nations, the migration of people from rural to urban areas is increasing at a steady pace. Such a growing urban population put increased stress on the roadways. Several other factors are also directly linked with rising congestion in urban areas, which leads to an increased requirement for better traffic management systems. Firstly, the rising urban population increases the number of vehicles on the road, leading to congestion. To cite an example, the population in Mumbai, India, rose from 18.5 million in 2011 to 20.4 million in 2020, while the number of private vehicles nearly doubled during that period. Secondly, ride-hailing services from cab aggregators, such as Uber, Grab, Ola, and Lyft, have been increasing at a rapid pace. Such services have been substituting mass transit systems, leading to a surge in vehicles on the road. Thirdly, growing urbanization positively impacted the growth of e-commerce and on-demand platforms. Delivery vehicles, including two-wheelers, witnessed rapid demand due to such growth in internet-based purchases since e-commerce deliveries include movement between warehouses, missed deliveries, and returns, among other trips. Lastly, the relatively low effectiveness of certain policies leads to a further buildup of congestion. For example, banning roadside parking without an alternative parking area can confuse traffic buildup. Similarly, investment in creating separate lanes for buses and high occupancy vehicles (HOV) can increase congestion if not planned well. These lanes are often created to smoothen the public transit system and reduce dependence on private vehicles. However, several densely populated cities are quite old and hence not developed in a planned manner. Thus, owing to operational issues and challenges in implementing such projects, congestion gets exacerbated instead of reduced. All the above-mentioned factors are strongly driving the adoption of traffic management systems. With a robust traffic management system comprising software, sensors, cameras, and display boards, congestion can be effectively reduced. These systems can be installed on an existing road without the requirements of infrastructural modification and thus can greatly aid in reducing congestion. Parking management systems can provide information to the driver regarding space availability and reduce confusion and congestion arising from the same. Similarly, a lane management system can effectively manage traffic flow by opening or closing lanes, depending on the traffic rate at each point in time. Considering the advantages of traffic management systems, the fast urbanization rate is expected to boost the traffic management market strongly.  

On the contrary, expensive cost of implementation. 

Based on component, the Asia Pacific traffic management market is segmented into hardware, software, and services. The hardware superconductors segment held 41.1% market share in 2022, amassing US$ 4,096.53 million. It is projected to garner US$ 8,167.32 million by 2028 to expand at 12.2% CAGR during 2022–2028.

Based on hardware, the Asia Pacific traffic management market is segmented into camera, display boards, and sensors. The camera segment held 44.4% market share in 2022, amassing US$ 1,818.76 million. It is projected to garner US$ 3,626.55 million by 2028 to expand at 12.2% CAGR during 2022–2028.

Based on hardware, the Asia Pacific traffic management market is segmented into cloud and on-premise. The on-premise segment held 63.4% market share in 2022, amassing US$ 1,778.02 million. It is projected to garner US$ 3,682.40 million by 2028 to expand at 12.9% CAGR during 2022–2028.

Based on application, the Asia Pacific traffic management market is segmented into automatic tolling, lane management, parking management, surveillance, traffic signal management, and others. The traffic signal management segment held 24.2% market share in 2022, amassing US$ 2,418.33 million. It is projected to garner US$ 4,747.82 million by 2028 to expand at 11.9% CAGR during 2022–2028

Based on country, the Asia Pacific traffic management market has been segmented into Australia, China, India, Japan, South Korea, and Rest of Asia Pacific.  Our regional analysis states that China captured 24.4% market share in 2022. It was assessed at US$ 2,436.36 million in 2022 and is likely to hit US$ 5,225.58 million by 2028, exhibiting a CAGR of 13.6% during the forecast period.  

Key players dominating the Asia Pacific traffic management market are AXIS COMMUNICATIONS AB; Cisco Systems, Inc.; Dahua Technology Co., Ltd.; IBM Corporation; Hangzhou Hikvision Digital Technology Co., Ltd.; SGS SA; Siemens AG; Teledyne FLIR LLC; Cubic Corporation; and SNC-Lavalin Group among others.

  • In December 2021, Dahua Technology has developed a comprehensive Smart Traffic Management Solution that combines video surveillance with AI, ANPR, image fusion, AR, and other cutting-edge technologies to meet the diverse needs of modern traffic enforcement and significantly improve their operation and management.  
  • In July 2021, Yunex, formerly known as Siemens intelligent traffic system, was launched by Siemens (ITS). This has a new brand name and will operate with a clear business emphasis and independence.

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