Global Smart Transportation Market to cross $130bn by 2024 Smart Transportation Market | Page 2

How Smart Cities initiative will favorably impact smart transportation market
trends in India
In a recent turn of events, Government of India has declared to construct 599 highway
projects across the country under the ambitious Smart Cities program. With a total
budgetary outlay of INR 108,000 crore, which would be spent over the period of 5
years, the project has already received INR 50,802 crore and an additional sum of INR
48,000 crore would be utilized for developing first 20 Smart cities. One of the foremost
goals of the scheme is to provide efficient urban mobility and public transport system
– a factor that would significantly bolster the growth prospects of industry in the nation.
Concurrently, the Indian Government has framed a National Electric Mobility Mission
Plan 2020 which proposes to incentivize adoption of green vehicles and ramp up
domestic manufacturing capability of automotive sector. This would warrant rapid
adoption of intelligent traffic management and integrated multimodal transport
solutions which would eventually have an optimistic influence on the market share
expansion.
Dubai: Leading the proliferation of smart transportation industry across MEA
region
Building on the legacy of innovative initiatives, Dubai has recently announced to have
joined hands with the US based transportation solutions provider, Hyperloop One Inc.
Reportedly, the objective of this alliance is to harness the prowess of groundbreaking
transport technologies, transform the conventional idea of mobility, and assist Dubai
in reinforcing its reputation as the chief hub of global trade and tourism.
For the record, Hyperloop is a proposed mode of freight and passenger transportation
that would apparently propel a pod-like vehicle through a reduced pressure tube with
a speed more than that of an airliner. With the emergence of such progressive
technologies, the smart transportation market is on the cusp of witnessing a paradigm
shift of sorts in the times to come.
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