ITS UK, in partnership with the Department for Transport’s Transport Technology Forum, has published the ITS Exports Study, exploring the key overseas markets for UK companies delivering transport technology solutions.
The report builds on a survey of over 100 businesses to examine the export potential of the sector and how industry and government can work together to promote UK transport technology capabilities on the international stage. The report is a significant development for the industry, allowing the sector to prioritise its overseas engagement going forward.
Key findings from the report include:
- 61% said they were currently exporters, with 34% saying they weren’t. 5% said they were a new exporter. A large majority – 55% – said they were looking to export more.
- The respondents gave us a total combined exports revenue of £175 million. On average, each company generated an annual exports revenue of £4,178,000.
- The markets the UK exports ITS solutions to most are (in order) the US, Australia, Ireland, Canada and New Zealand.
- The top priority markets for the sector are the United States, Australia, Germany, France and the Netherlands.
- Businesses are generally optimistic about the future. 69% gave a rating of three or higher (with five being the most optimistic) for their future exporting prospects. In comparison, 60% gave a rating of three or higher when asked about the industry’s international growth prospects.
- Asked if government and industry are providing the right level of support for the UK ITS market in exporting overseas, the majority – 57% said they could be doing more, with the priority support the sector requires listed as “greater promotion of UK industry to overseas partners”, “simpler trade rules” and “reduced tariffs”.