According to Oxford Economics research report, Asia Pacific remains by far the largest transport infrastructure market, with investments increasing from $760 billion SGD to nearly $1.229 trillion SGD over the forecast period.
Helping get people where they need to go, transportation is the backbone of the infrastructure industry and the nation's economic activity.
Highways, roads and bridges are the backbone of the transportation system, yet increasing demand, advancing age, and damage caused by natural disasters has brought these crucial links to a state of critical condition. According to PwC Global transport infrastructure market: Outlook to 2025, large-scale development of transport networks will likely continue in many Asia-Pacific economies, given the shift in economic power from the West to the East, the rise in Asian wealth and rapid urbanisation. Significant investment in road infrastructure to accommodate ever more cars, along with investment in public transport infrastructure to relieve congestion in urban areas, is expected. Strong growth in sea port infrastructure is also anticipated to support expansion in international trade.
Autonomous vehicles. Digital platforms. While the US transportation sector addresses the effects of the past, many of its leaders are preoccupied with a vision of the future. Public transport and infrastructure planning, design and management is rapidly transforming through the influence of digitalisation. Data captured from urban mobility platforms and apps are enabling city planners and transit operators insight into how populations navigate their environment and respond to their needs. While intelligent transport systems (ITS) are being trailed around the globe in response to an increasing number of vehicles on the road – In Asia Pacific, car-manufacturers targets to introduce full autonomous cars by 2020. By 2017, 29 million new cars were sold in China and it is expected to reach 37 million by 2025. It is forecasted that approximately 25% of new cars manufactured would be level 2 and level 3 by 2025.
Intelligent transportation systems are an exciting development in the industry – the market size is projected to reach $41.9 billion SGD by 2023, up from $31.9 billion SGD in 2018, at a CAGR of 5.7%. The key factors driving this market include increasing concerns related to public safety and increasing traffic congestion problem. As ageing public transport infrastructures are upgraded to meet the demands of bigger and more complex populations and vehicles, the demand for transport professionals with digital and project management skills will only increase.