Global
Significant advances in computing technology, such as smart traffic technology and smart vehicle systems, have improved the overall quality of transportation around the world, significantly boosting the valuation of the smart road market. One of the most important objectives of smart roads is smart traffic management. Other features include smart parking systems, electronic toll collection (ETC) and automatic traffic control. One of the main drivers of the market is heavy investment by important companies and government actions to promote good infrastructure development. Electrically connected smart roads are a major trend in the smart roads industry and are expected to continue to grow. The use of advanced transportation technology is therefore becoming a major precursor to successful smart city implementations. The aim is to realize digitized means of transportation through information and communication technology, in order to solve current problems such as traffic congestion, accidents, pollution, fuel costs, fuel shortages, and rising insurance premiums. Smart transportation infrastructure includes smart roads, smart streetlights, smart or self-driving cars, and smart traffic signs, in addition to smart highways. Rising global traffic and demand for more effective traffic management systems create opportunities for smart road market demand to build advanced digital road infrastructure. Infrastructure development in developing markets is expected to contribute to the expansion of the smart road market in the coming years.
Rising Demand propelling the Global Smart Highway Market Growth During the Forecast Period
A smart city is a developed urban area that excels in many key areas such as economy, mobility, environment, people, lifestyle, and government. Smart city developments shall drive the smart highway market. This will lead to sustainable economic growth and a superior quality of life. With increasing urbanization and population growth, governments around the world are developing smart cities to optimize economic growth and improve the quality of life of their citizens. The government has taken extensive initiatives to develop smart urban roads, improved water supply, and water sanitation facilities. According to IBEF, the Indian government invested a total of USD28.31 billion in smart city missions, in 2020. Therefore, increasing smart city development is expected to drive smart highways during the forecast period.
Inadequate transport infrastructure in many countries is the main reason for the increase in car sales. Moreover, due to globalization and urbanization, people's disposable income is increasing. Around 85 million cars were to be sold in 2022, according to the International Organization of Motor Vehicle Manufacturers. However, this increase in the number of vehicles will cause an increase in traffic, especially in urban areas. As a result, there is a growing demand for smart highways and roads that monitor traffic congestion on each road and redirect traffic accordingly for faster and smoother travel.
Integrated technology helps with visibility, power generation, communication with connected and self-driving vehicles, and road condition monitoring. This also helps in collecting and analyzing real-time traffic and vehicle data to reduce road traffic and improve e-tolls, payment gateways and parking experiences. Smart highways can help improve traffic and passenger safety, reduce travel times, and reduce pollution. As a result, these various advantages offered by the technology will further drive the overall demand for smart highways, accelerating the growth of the overall market during the forecast period.
Download Free Sample ReportLatest Market Trends fueling the Global Smart Highway Market Growth during the Forecast Period
- In 2021, EIT Digital'sportfolio startup T.net introduced Smart Road 4.0. This is an innovative systemthat can significantly improve mobility and road safety on smart roads whereconnected vehicles receive information and send and receive sensors via smartnetworks.
- In 2021, India launched USD5.21billion smart road project. In this project, 37 km of roads have been under thejurisdiction of Thiruvananthapuram Corporation's Area-Based Development (ABD)and have been upgraded to smart roads by relocating all surface utilitiesunderground.
- In 2021, Central Logic,an orchestration and healthcare access company, acquired Acuity Link, aprovider of transportation communication and logistics management software.Acuity Link technology powers Central Logic's new smart transportationcapabilities.
Market Segmentation
The
Market players
The main market players in the Global Smart Highway Market are
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018– 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million and CAGR for 2017-2021 and 2022-2027 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments Covered | Technology Component |
| Regional scope | North America; Asia-Pacific; Europe; South America; Middle East & Africa |
| Country scope | United States, Canada, Mexico, China, India, Japan, South Korea, Australia, Germany, United Kingdom, France, Italy, Spain, Brazil, Argentina, Colombia, Saudi Arabia, South Africa, UAE |
| Key companies profiled | Alcatel-Lucent Enterprise (Nokia Corporation), Cisco Systems Inc., IBM Corporation, Indra Sistemas SA, Infineon Technologies AG, Huawei Technologies Co. Ltd., Kapsch AG, LG CNS Co. Ltd (LG Electronics Inc.), Schneider Electric SE, Siemens AG |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
