Global Smart Highway Market – Industry Trends and Forecast to 2029

Smart Highway Market Analysis and Size

The World Health Organization (WHO) estimates that 1.35 million individuals lose their lives in automobile accidents every year. And between 20 and 50 million people experience non-fatal injuries, many of whom develop disabilities. There is a pressing need to decrease the number of injuries caused by motor vehicle accidents, and smart motorways are thought to be one of the greatest solutions to this issue. To lessen casualties from motor vehicle accidents, smart lighting, speed monitoring, and other components of smart highways have been developed. Consequently, the market for smart highways is expanding as a result of the rise in traffic injuries. The UN's 2030 Agenda for Sustainable Development has the bold goal of cutting the number of traffic injuries worldwide in half by 2020. As a result, the market is projected to have a positive outlook over the forecasted timeline.

Global smart highway market was valued at USD 38910.03 million in 2021 and is expected to reach USD 145268.70 million by 2029, registering a CAGR of 17.90% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Smart Highway Market Scope and Segmentation

Market Definition

Smart highways are infrastructure routes that use cutting-edge technologies for better traffic management and flow. The roadways are equipped with speed and acoustic sensors, solar panels, closed-circuit television (CCTV) cameras, and digital signage that are all powered by artificial intelligence (AI), big data, and the Internet of Things (IoT).

Smart Highway Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Increased Benefits Offered by Smart Highways

The incorporated technologies help with visibility, energy production, communication with connected and autonomous vehicles, and road condition monitoring. In order to lessen traffic on the streets and improve e-tolling, payment gateways, and parking experience, they also gather and analyses traffic and vehicle data in real-time. Smart highways help improve traffic and passenger safety, reduce travel time, and lessen environmental pollution. Consequently, these various benefits offered by the technology will further boost the overall demand for the smart highways and thus accelerate the overall market growth over the forecast period.

• Growth in Vehicles across Emerging Countries

There is an increase in the number of vehicles being sold every year across the emerging countries globally. The main reason for the increase in automobile sales is the inadequate transportation infrastructure found in many nations. With globalization and urbanization, there is also a rise in peoples' disposable income. According to the International Organization of Motor Vehicle Manufacturers, approximately 95 million automobiles were sold in 2018 compared to 75 million in 2010. Heavy traffic, especially in metropolitan areas, is a result of this rise in the number of automobiles. As a result, there is an increase in demand for smart highways and roads that monitor traffic congestion on every road and direct traffic in accordance with the need for a quicker and more efficient journey.

The rise in road traffic injuries and the number of automobiles on the road both contribute to the market's expansion. The expansion of the smart highway market is also fueled by a rise in global trade among emerging nations. Furthermore, the factors such as the extensive improvements in the existing infrastructure will accelerate the overall market expansion during the forecast period. Additionally, the increasing development of smart cities is anticipated to drive the growth rate of the smart highway market. The high awareness associated with the benefits of smart highways, including the decrease in traffic congestion, will further positively impact the market's growth rate during the forecast period.

Opportunities

• Deployment Of Smart Transportation Management Systems (STMS)

The widespread deployment of smart transportation management systems (STMS) is estimated to generate lucrative opportunities for the market, which will further expand the smart highway market's growth rate. The STMS can show forecasts and alarms on light-emitting diode (LED) panels along the roadways and employs digital sensors to capture data about landslides, weather, and traffic jams. As a result, the adoption of the transportation management systems (STMS) will largely accelerate the market growth rate over the forecast period.

• Implementation Of Information And Communication Systems

Additionally, implementing information and communication systems further offers numerous growth opportunities within the market. The deployment of intelligent transportation systems in smart highways, which combine different technologies and services - such as transport management systems, monitoring systems, and automated tolling solutions - to optimize mobility and roadways management, is being accelerated by the rapid adoption of information and communication systems. This will result in a safer, more sustainable, and more effective transportation sector.

Restraints/Challenges

• High Cost

The high initial and maintenance cost will further derail the overall market’s growth. Moreover, the smart highways also further requires high investments. Therefore, the various hindrances due to cost are further expected to obstruct market growth over the forecast period.

• Lack of Technical Expertise

Lack of skilled workers or technological know-how, particularly in developing and underdeveloped economies, will further impede the market's growth rate. Therefore, it is anticipated that a prominent challenge for the market for smart highways throughout the projection period would be the lack of technical skills.

This smart highway market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart highway market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In May 2020, Nokia and China Mobile/CMCC Guangxi formed a strategic agreement to offer landslide monitoring and early warning systems to BGIGC Group, a highway operations management company (Guangxi Beibu Gulf Investment Group Co. Ltd). The Nokia IMPACT IoT platform, created to provide a secure, streamlined platform with device administration, data gathering and analysis, rule engine, alert management, statistical report and analytics capabilities, is used in this project.

Global Smart Highway Market Scope

The smart highway market is segmented on the basis of technology, display, deployment, and service. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Intelligent Transportation Management System
• Lane Departure Warning System (LDW)
• Automatic Number Plate Recognition (ANPR)
• Incident Detection System
• Radio Frequency Identification (RFID)
• Intelligent Traffic Management System
• Electronic Toll Collection System
• Global Navigation Satellite System (GNSS)/Global Positioning System (GPS)
• Real-Time Traffic Management
• Communication System
• Radio Network
• Emergency Network
• Data Network
• Monitoring System
• Traffic Measurement
• Weather Management
• Video Surveillance

 Display

• Variable Message Signs
• Digital Signage
• Others

 Deployment

• Cloud
• On-Premises

Service

• Managed Service
• Maintenance and Operation Service
• Consultancy Service

Smart Highway Market Regional Analysis/Insights

The smart highway market is analyzed and market size insights and trends are provided by country, technology, display, deployment, and service as referenced above.

The countries covered in the smart highway market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the smart highway market because of the presence of developed economies within the region over the forecast period of 2022 to 2029. Moreover, the high investments by government is further estimated to accelerate the expansion over the forecast period.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to rising adoption of latest technology in infrastructural development within the region. The growing number of development activities for the improvement of the infrastructure is also a significant contributor to the regional market expansion.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Smart Highway Market Share Analysis

The smart highway market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart highway market.

Some of the major players operating in the smart highway market are

• TrafficCom (Austria)
• LG CNS Corporation (South Korea)
• Schneider Electric (France)
• Alcatel-Lucent S.A. (France)
• Xerox Corporation (U.S.)
• Siemens (Germany)
• SAP SE (Germany)
• Indra Sistemas S.A.
• Panasonic Corporation (Japan)
• Honeywell International Inc (U.S.)
• Masstrans Technologiies Pvt. Ltd. (India)
• Kapsch AG (Austria)
• Infineon Technologies AG (Germany)
• ALE International (France)
• Kapsch TrafficCom AG (Austria)
• Huawei Technologies Co. Ltd. (China)
• Cisco Systems Inc., (U.S.)
• IBM (U.S.)
• General Electric (U.S.)
• ABB (Switzerland)

 

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