Global Smart Highway Market Size is projected to reach USD 100.43 billion by 2031, growing at a CAGR of 10.2%: Straits Research

According to Straits Research, “The global smart highway market was valued at USD 41.9 billion in 2022. It is estimated to reach USD 100.43 billion by 2031, growing at a CAGR of 10.2% during the forecast period (2023–2031).”

New York, United States, March 13, 2024 (GLOBE NEWSWIRE) — A “Smart Highway” is a networked, modernized road infrastructure system that integrates cutting-edge technology to improve transportation security, efficiency, and sustainability. It integrates multiple sensors, communication networks, and intelligent technology to create a road environment that is responsive and well-informed. Numerous sensor technologies, such as cameras, radar, and lidar, are embedded within a road network to form the core of a Smart Highway. These sensors collect real-time data on the weather, road hazards, and traffic flow, allowing for prompt identification and resolution of any issues. These data are transmitted to a centralized control center, where they are analyzed and utilized to improve traffic management strategies.

Smart highways employ communication networks that enable seamless interaction between vehicles, infrastructure, and traffic management systems. This enables accurate route recommendations, real-time traffic updates, and collision avoidance systems.

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Market Dynamics

Rise in the Number of Vehicles Among Emerging Countries Drives the Global Market

Annually, the number of new automobiles purchased by private consumers continues to increase. The substandard quality of the transportation infrastructure in many nations is the single most significant factor contributing to the increase in the number of automobiles purchased worldwide. Moreover, as a direct consequence of urbanization and globalization, individuals now have access to larger sums of money to invest in their initiatives. Due to the increased number of vehicles on the road, traffic is becoming increasingly difficult to navigate, especially in urban areas. Consequently, there has been an increase in the demand for intelligent highways and roads that can monitor the congestion on each road and reroute the traffic flow to make travel more productive and enjoyable.

Rise in Advance Technology Among the Transportation Industry Creates Tremendous Opportunities

Electrification, renewable energy sources, and enhanced user safety have aided advanced technology development. The transportation industry has collaborated to develop a vast array of cutting-edge technologies, including wind-powered streetlights, solar-powered roads, and interactive illumination, all of which have contributed to creating smarter and safer streets. For instance, HP Lubricants and Leo Burnett India collaborated to design a system with “roads that honk.” This was the result of their productive collaboration. The ‘roads that honk’ method involves strategically placing Smart Life poles before abrupt turns. These structures can communicate with and alert drivers of approaching vehicles. Other technologies, such as Electron’s electric charging lanes, self-healing concrete roads, and solar-paved highways, would present many development opportunities for the smart highway industry.

Report Scope

Study Period 2019-2031 CAGR 10.2%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 41.9 Billion
Forecast Year 2031 Forecast Year Market Size USD 100.43 Billion
Largest Market North America Fastest Growing Market Europe

Regional Analysis

Asia-Pacific is the most significant global smart highway market shareholder and is estimated to exhibit a CAGR of 21.3% over the forecast period. Numerous initiatives for smart roads in growing nations like China, Singapore, Korea, and others provide support for the market in the Asia-Pacific region. Increasing urban needs, technology maturity, and government support for smart highways have all contributed to the region’s rise.

Furthermore, governments in rising nations like China and India, which have the greatest second road network, are implementing smart motorways to give drivers a memorable driving experience. The market is also growing due to numerous government initiatives in various Asian nations to develop smart cities and highways. The market is also being driven by several government initiatives that have been initiated in developing nations like Japan and India to reduce air pollution and enhance safety on mountain routes with a high potential for disaster.

North America is anticipated to exhibit a CAGR of 14.7% over the forecast period. The U.S. and Canada’s respective smart highway markets are examined. The rising demand for smart roads would create expansion prospects for market participants in several North American developed economies. Government support for linked and innovative transportation also contributes significantly to market expansion. Due to the presence of key market participants, technical know-how, and rising demand for smart highways for effective, safe, and time-saving transportation, North America is one of the industry’s main regions.

Additionally, the market is also growing due to several government attempts to strengthen roadside enforcement operations through improved screening and automation of vehicle compliance checks. For instance, the U.S. launched the smart roadside program, which offers improved traffic and road conditions data to help commercial vehicle route planning and enhance access to intermodal ports, urban pick-up points, and delivery locations. The market is expected to increase due to numerous investments made by various businesses in developing smart roads in the United States and Canada to enhance the safety, mobility, and effectiveness of vehicle movement and activities on the roadway.

Key Highlights

  • Based on components, the global smart highway market is bifurcated into hardware, software, and service. The hardware segment dominates the global market and is projected to exhibit a CAGR of 16.5% during the forecast period.
  • Based on deployment mode, the global smart highway market is segmented into on-premise and cloud. The on-premise segment dominates the global market and is predicted to exhibit a CAGR of 19.0% over the forecast period.
  • Based on technology, the global smart highway market is segmented into intelligent transportation management systems, intelligent management systems, communication systems, monitoring systems, and others. The Intelligent Transportation Management System segment dominates the global market and is predicted to exhibit a CAGR of 16.6% over the forecast period.
  • Asia-Pacific is the most significant global smart highway market shareholder and is estimated to exhibit a CAGR of 21.3% over the forecast period.

Competitive Players

The key players in the global smart highway market are ABB Ltd, ALE International, AT&T Inc., Cisco System Inc., IBM Corporation, Huawei Technologies Co. Ltd., LG CSN, Honeywell International Inc., Schneider Electric, and SE Siemens AG.

Market News

  • In May 2022, as part of the English government’s effort to simultaneously fill all lanes of the country’s technology-enhanced roads with traffic, England’s smart highways were given new radar technology to detect broken-down vehicles.
  • In April 2022, Lexana, a city in Kansas, approved a 10-year pilot program to deploy smart pavement technology at five intersections in a public-private partnership. The P3 project marks a step forward in deploying the technology, which entails precast concrete road sections embedded with fiber optic connectivity and digital technology for traffic data collection through Wi-Fi, in-roads sensors, 5G, and more through antennas in the expansion ports, edge services, and cloud access and wireless electric vehicle charging.

Global Smart Highway Market: Segmentation

By Component

  • Hardware
  • Software
  • Service

By Deployment Mode 

  • On-Premise
  • Cloud

By Technology

  • Intelligent Transportation Management System
  • Intelligent Management System
  • Communication System
  • Monitoring System
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/smart-highway-market/segmentation

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