Smart Highways Market Forecast, Trends, Scope by 2031
The smart highways market size is projected to reach US$ 125.78 billion by 2031 from US$ 34.41 billion in 2023. The market is expected to register a CAGR of 17.6% during 2023–2031. The increasing government initiatives for smart city development drive market growth. Increasing adoption of advanced technologies for smart city establishment across the globe is a driving trend in the market.
Smart Highways Market Analysis
Increasing development of smart highways with the integration of advanced technologies, such as artificial intelligence, Internet of Things, and connected devices, in the transportation roadways drives the smart highways market growth. There are various governing bodies that plans to modify their routes, especially highways to support the intelligent transportation systems and road infrastructure across the globe. For instance, in Europe, Cooperative Intelligent Transport Systems built for smart roads that allows the road users and traffic managers to coordinate and share helpful information for about the road activities.
Smart Highways Market Overview
Rising adoption and project development of the “Smart city” in urban areas with integration of extensive sensors network to promote better connectivity drives the market growth. The smart cities around the world are undergoing significant changes to make the lives of citizens better, more efficient, and eco-friendly. Innovations such as smart city construction are anticipated to bolster the market for smart highways significantly in the years to come.
With projects from both the public and private sectors, New York City is currently undergoing digital transformation with cutting-edge technology offered by the Internet of Things and connected devices.
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Smart Highways Market: Strategic Insights
Market Size Value in US$ 24,885.5 million in 2021 Market Size Value by US$ 81,335.6 million by 2028 Growth rate CAGR of 18.4% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Smart Highways Market: Strategic Insights
| Market Size Value in | US$ 24,885.5 million in 2021 |
| Market Size Value by | US$ 81,335.6 million by 2028 |
| Growth rate | CAGR of 18.4% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Smart Highways Market Drivers and Opportunities
Increasing Demand for Sustainable Highways to Reduce Traffic Congestion Drives Market Growth
A sustainable highway enables societal development and economic growth and reduces negative impacts on the environment. According to the Federal Highway Administration (FHWA), sustainable highways are an integral part of sustainable development that should be assessed and considered for implementation throughout its lifecycle, from design through construction, operations, and maintenance. In addition to addressing environmental and natural resource needs, a sustainable highway caters to the demand for accessibility of transportation services and safe and comfortable walking, cycling, and transit routes. Highway authorities in the US are addressing sustainability through a wide range of initiatives, such as intelligent transportation systems (ITS), recycling, planning, environment linkages, and the National Environmental Policy Act (NEPA) requirements.
Increased government spending on construction and road infrastructure will offer more opportunities for North America's Smart Highway market. The public construction spending on the high way and street projects in the US reached US$ 95.5 billion in 2021, according to the US Department of Transportation. Also, as per the US Department of Transportation around US$ 350 million have been invested in the public and private funds for the smart city developments.
Increasing Advanced Technologies Adoption with Mobility Innovations
Various technologies, such as ad-hoc mesh Wi-Fi and Cellular Vehicle-to-Everything (C-V2X), keep the drivers informed of the changes in traffic lights and communicate with other vehicles to avoid collisions. Innovations in digital technologies are anticipated to provide lucrative growth opportunities for the smart highway market players during the forecast period. Governments across the globe are significantly investing in connected vehicle technologies to boost the smart highway market growth. For instance, The Colorado Department of Transportation plans to equip 2,500 government vehicles with C-V2X and Dedicated Short-Range Communications (DSRC) technologies in 10 years. In China, C-V2X is widely adopted by the government as a key enabler of connected vehicles as they provide broad coverage.
Smart Highways Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Smart Highways market analysis are disc technology, components, and geography.
- Based on technology, the market is divided into smart transport management systems, smart traffic management systems, communication systems, monitoring systems, and others. Among these, smart transport management systems had the largest share in 2023. This is owing to increasing investment in smart cities with government initiatives.
- Depending upon the component, the market is divided into hardware and software. Among these, the hardware segment has a larger share in 2023. This is owing to increasing investments in smart cities.
Smart Highways Market Share Analysis by Geography
The geographic scope of the smart highways market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America.
North America is expected to have the largest share in 2023. This is primarily owing to increasing investments in the highway to pay for bridges, toll roads, and tunnels. There are over 300 facilities across the US that transform the region's road transportation and highway scenario. According to Toll Miner Data Visualization tools, there are more than 114 operators that run more than 321 tolled facilities in the US. This uses ETC, covering a whopping 6,235 center-line miles of roadway. Therefore, the large-scale adoption of automated tolling systems, which eliminates cash payments (and toll plazas) from the facilities, encourages the successful implementation of other components and technologies of smart highways in North America.
Smart Highways Market Report Scope
Smart Highways Market News and Recent Developments
The smart highways market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Smart Highways Market are listed below:
- Two roads were developed under the smart city project in India, with the capital opened to the public. The smart highways built from Althara to Chenthitta via Vazhuthacaud and Thycaud will be completed by the end of April 2024. The Killipalam-Attakulangara Road was completed by the second week of May 2024. (Source: Times of India-Newsletter, March 2024)
- Iteris, Inc., the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced that Carson City, Nevada, US, has chosen to upgrade the city’s intersection detection sensors to Iteris’ Vantage Apex hybrid sensors. Vantage Apex is the industry’s first 1080p high-definition (HD) video and four-dimensional (4D) radar sensor with integrated artificial intelligence (AI) algorithms. It delivers state-of-the-art detection, tracking, and classification accuracy of vehicles, pedestrians, and cyclists, as well as HD video display for traffic management center monitoring. (Source: Press Release, April 2024)
Smart Highways Market Report Coverage and Deliverables
The “Smart Highways Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Smart highways market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Smart highways market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Smart highways market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the smart highways market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, and Component
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America is expected to dominate the smart highways market in 2023.
Increasing demand for sustainable highways to reduce traffic congestion drives the market growth.
Increasing adoption of advanced technologies for smart city establishment across the globe is a driving trend in the market.
Conduent, Inc., Huawei Technologies Co., Ltd., IBI Group, Cisco, Kapsch TrafficCom AG, Nippon Koei Co., Ltd., Nokia, Siemens, TelegraToshiba Infrastructure Systems & Solutions Corporation are among the major companies operating in the Smart Highways market.
The smart highways market size is projected to reach US$ 125.78 billion by 2031 from US$ 34.41 billion in 2023.
The market is expected to register a CAGR of 17.6% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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