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. 2 | Page