Berg Insight today released new findings about the market for Intelligent Transport Systems (ITS) for electric buses.
The market value for electric bus ITS deployed in public transport operations in Europe was € 12.7 million in 2019.
Growing at a compound annual growth rate (CAGR) of 37.5 percent, this number is expected to reach € 62.4 million by 2024. The North American market for electric bus ITS is similarly forecasted to grow at a CAGR of 34.2 percent from € 2.7 million in 2019 to reach € 11.8 million in 2024.
Berg Insight is of the opinion that the market for ITS solutions for electric buses is in a growth phase which will last for several years to come. Mega-challenges such as urbanisation, climate change and traffic congestion continue to encourage investments in electric buses and ITS, contributing to a positive outlook for the market.
Some ITS players offer complete turnkey solutions including functionality for most of the ITS applications for electric buses utilised by public transport operators, but many vendors on the market are also specialised ITS players focusing on a few sub-systems.
Major international ITS players such as INIT, IVU, Clever Devices and Trapeze can provide turnkey solutions. INIT and IVU have customers mainly in Europe, while Clever Devices and Trapeze are in an early phase. The latter is expected to have the first deployment in early 2021. ENGIE Solutions has installed the CAD/AVL system Navineo on electric buses in France and can provide charging solutions for buses as part of the Charge&Go-solution. One of the leading telematics providers in Europe and North America for electric buses is ViriCiti, offering hardware and software for the management of buses and charging stations. Other important vendors serving public transport companies with different types of solutions include the Scandinavian companies Consat Telematics, FARA and Sagasystem. The Canadian company GIRO is an important player in the scheduling and planning segment, while PSI Transcom is a prominent provider of depot and charging management software in Europe.
“The market for ITS solutions for electric buses is expected to grow significantly in the coming years”, said Adam Bjorkman, IoT Analyst, Berg Insight.
The integration of electric buses and charging stations increases the need for ITS solutions connecting all the necessary infrastructure including electric buses, charging stations and depots. Many operators and agencies start by investing in a basic monitoring solution, but as the bus fleets go from pilot projects to larger deployments, the actors need to complement with additional subsystems for dispatching, scheduling, charging station management and depot management.
Mr. Bjorkman concluded:
“Many European countries have moved from the pilot stage in the last years, and ITS solutions will have a crucial role when the fleets become larger.”
The post The ITS market for electric buses in Europe and North America to reach € 75 million by 2024 appeared first on IoT Business News.
via https://www.aiupnow.com
by IoT.Business.News, Khareem Sudlow
