FORMAX
Know your route. Know your traffic.
January 13, 2022
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Did you know that traffic congestion comes with a ‘cost’? The longer the time spent on the road, the more stress on the driver increases, as well as personal economic loss and, by extension, national economic activity.
Solving traffic congestion requires governmental and systematic measures, and it is impossible to reduce traffic congestion over a short period of time on a personal level. However, there is a way to reduce and prevent the “personal” traffic congestion cost – by knowing traffic. Real-time traffic on the starting/current location and prediction of traffic in remote areas on the way to the destination enables to get the best route possible. That is to say, road traffic information is the key to a complete smart navigation which is at the heart of In-Vehicle-Infotainment.
* Using the B-2 method of the two new methods effective since 2016
According to the Ministry of Land, Infrastructure and Transportation (MOLIT) of Korea, the term ‘traffic congestion cost’ refers to the social cost due to increase in traffic demand, consisting of the sum of vehicle operation cost and time value cost. In 2019, traffic congestion cost was $88 billion in the United States and £6.9 billion in the United Kingdom according to INRIX 2019 Global Traffic Scorecard. Statistics from MOLIT also showed that traffic congestion cost in Korea has been increasing every year as well, reaching 67.8 trillion* won in 2018, which equals to 57 billion in USD approximately.
Solving traffic congestion requires governmental and systematic measures, and it is impossible to reduce traffic congestion over a short period of time on a personal level. However, there is a way to reduce and prevent the “personal” traffic congestion cost – by knowing traffic. Real-time traffic on the starting/current location and prediction of traffic in remote areas on the way to the destination enables to get the best route possible. That is to say, road traffic information is the key to a complete smart navigation which is at the heart of In-Vehicle-Infotainment.
Knowing traffic opens up new roads and possibilities. Formax Network has been at the forefront of innovating road experience with our traffic information solutions “FX-Traffic.” Meet FX-Traffic as your partner to provide drivers quality experiences!
* Using the B-2 method of the two new methods effective since 2016
