There is no doubt that the Vehicles & Road Traffic Market will play the pivotal role of a connector, focusing on vehicles and roads as well as traffic control and logistic systems, i.e., movement through and on roads. This market also goes hand in hand with the economic growth, planning, and development of urban areas with preservation purposes. The more cities grow and technology develops, the less the market becomes traditional and self-contained with all the traffic jams and usual cars, except for traffic engineering and traffic control cabinets and signals. It consists of more advanced traffic systems like intelligent transport systems, electric cars, and self-driving vehicles.
The global market for vehicles and road traffic is estimated at around 3.5 trillion USD for the year 2024, and it is expected to expand by around 6.8% per annum for 2024–2030. Main parameters leading to this growth include:
There is an increasing need for hybrid and automatic vehicles.
Increase in road network construction by governments.
Urbanization and thereby increasing usage of vehicles.
Implementation of intelligent traffic control technologies.
There is no doubt that the Vehicles & Road Traffic Market will play the pivotal role of a connector, focusing on vehicles and roads as well as traffic control and logistic systems, i.e., movement through and on roads. This market also goes hand in hand with the economic growth, planning, and development of urban areas with preservation purposes. The more cities grow and technology develops, the less the market becomes traditional and self-contained with all the traffic jams and usual cars, except for traffic engineering and traffic control cabinets and signals. It consists of more advanced traffic systems like intelligent transport systems, electric cars, and self-driving vehicles.
The global market for vehicles and road traffic is estimated at around 3.5 trillion USD for the year 2024, and it is expected to expand by around 6.8% per annum for 2024–2030. Main parameters leading to this growth include:
There is an increasing need for hybrid and automatic vehicles.
Increase in road network construction by governments.
Urbanization and thereby increasing usage of vehicles.
Implementation of intelligent traffic control technologies.
The Vehicles & Road Traffic Industry refers to the ecosystem of industries and services involved in the design, production, regulation, and operation of vehicles, road infrastructure, and traffic management systems. It includes both private and public sector players who work towards ensuring efficient and safe transportation solutions worldwide.
1. Passenger Vehicles – Cars, motorcycles, and SUVs for personal use.
2. Commercial Vehicles – Trucks, buses, and vans for logistics and public transportation.
3. Electric & Hybrid Vehicles – Sustainable alternatives to traditional fuel-based vehicles.
4. Autonomous Vehicles – Self-driving technology-based vehicles for enhanced safety and efficiency.
5. Public Transport – Buses, trains, and shared mobility solutions.
6. Traffic Control Systems – AI-based traffic lights, toll management, and vehicle monitoring systems.
1. Renaissance of Electric Vehicles—EV mobility share around the globe is anticipated to be more than half of the total sales of vehicles by the year 2035.
2. Development in Autonomous Driving—Technology enhancement together with robotics, pattern recognition, and laser lidars has been a driving factor of new trends.
3. Growth in Intelligent Infrastructure and Vehicle Communication—Communication modules and vehicle integration powered by IoT are kaleidoscopic applications on traffic and wayfinding.
4. Investment in Green Infrastructure—There is a growing trend toward environmentally friendly paving and green transportation facilities among nations.
5. Increased Demand for Car Sharing and Mobility As A Service (MaaS) Services—Companies such as Uber and Lyft are largely promoting transportation in the cities.
The Boom in Electric Vehicles: Over the next 30 years, it is expected that approximately 55 million electric vehicles will be circulating on the roads as an effect of green policies.
The Smart Roads III: It is particular to these solutions that the governments are also investing in smart antobidejetuem infrastructures.
Automated Vehicles: Many established automakers understand that Tesla has taken the lead in manufacturing driverless cars ahead of the competition, such as Waymo or Uber.
Increased Price of Fuel: This refers to rising fuel prices leading to more usage of fuel-efficient or alternative fuel vehicles.
When Urbanization Results In Congested Specialization Motivations: Cities are taking steps to improve the situation by improving public transport and implementing measures like carpooling.
Traffic Control Measures: Governments around the world are enforcing more stringent traffic laws to prevent accidents.
Based on automobiles: BMW or Audi; cargo vehicles; bicycles; batteries; and plug-in hybrid electric cars.
Based on infrastructure: expressways, city roads, toll roads, and IT system roads.
Based on Technologies: Fleet and Traffic management, ITS-based solutions, parking facilities, and infrastructure communication.
Based on the following regions: the United States, Puerto Rico, Guadalajara, Chihuahua, Managua, Bahama, and Protocol.
Toyota: The world’s biggest carmaker with the highest unit sales of hybrid vehicles.
Tesla Motors: They emerged as one of the few companies developing electric vehicles and driverless vehicles.
Volkswagen Group: With its wide range of electric vehicles, it is one of the biggest players in the market.
General Motors (GM): Aggressively developing electric and autonomous vehicles.
Ford: Very active in providing both commercial and personal vehicles to the market.