USD 37.56 Billion
Smart Highway Market Size, Share, Growth Analysis, By Technology Type(Intelligent Transportation Management System (ITMS), Intelligent Transport Systems (ITS) and Communication Systems.), By Application(Traffic Management, Intelligent Transportation Systems (ITS), Smart Lighting, Emergency Management), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG60H2001 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
65
|Figures:
75
Smart Highway Market Insights
Smart Highway Market size was valued at USD 37.56 Billion in 2021 and is poised to grow from USD 43.23 Billion in 2022 to USD 106.21 Billion by 2030, at a CAGR of 16.7% during the forecast period (2024-2031).
The global smart highway market is driven by the increasing adoption of intelligent transportation systems and the growing need for efficient and safe road infrastructure. One of the major drivers of the smart highway market is the rising demand for effective traffic management solutions. With the rapid urbanisation and increasing vehicle population in many regions, traffic congestion has become a significant challenge. Smart highways offer advanced traffic monitoring and control systems, including real-time traffic information, intelligent signalling, and adaptive traffic management, which help reduce congestion and improve traffic flow efficiency. Governments and transportation authorities worldwide are investing in smart highway projects to alleviate traffic-related issues, thereby fueling the market growth.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Intelligent Transport Systems (ITS)
Fastest Growth
Intelligent Transport Systems (ITS)
Growth Rate
16.7% CAGR
Global Smart Highway By Country ($ Bn)
Country Share for North America Region (%)
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Smart Highway Market Segmental Analysis
The global smart highway market is segmented based on type, application, and region. Based on type, the market can be segmented into Intelligent Transportation Management System (ITMS), Intelligent Transport Systems (ITS) and Communication Systems. Based on application, the market is segmented into Traffic Management, Intelligent Transportation Systems (ITS), Smart Lighting, Emergency Management, Environment Monitoring, Parking Management, and Road User Charging. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Smart Highway By Type
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Smart Highway Market Regional Insights
North America emerged as the dominant region in the global smart highway market in 2022. The region's dominance can be attributed to several factors. Firstly, North America has a well-established transportation infrastructure and a high level of technological advancements, making it conducive for the implementation of smart highway systems. Additionally, governments in the region are actively investing in upgrading road infrastructure and adopting intelligent transportation systems, further driving the growth of the smart highway market. The presence of key market players, research and development activities, and favourable government initiatives contribute to North America's dominance in the market.
Asia Pacific is experiencing rapid growth and is considered the fastest-growing region in the global smart highway market. This is because this region offers significant growth opportunities due to several factors. Firstly, the region has a large population and is witnessing rapid urbanisation, leading to increased traffic congestion and the need for efficient transportation solutions. Additionally, governments in countries like China, India, Japan, and South Korea are investing heavily in smart city initiatives, including the development of intelligent road systems. These factors, coupled with the growing emphasis on sustainability and the adoption of smart technologies, are driving the growth of the smart highway market in the Asia Pacific region.
Global Smart Highway By Geography
- Largest
- Fastest
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Smart Highway Market Dynamics
Smart Highway Market Drivers
Growing Focus on Sustainable Transportation
- The rising environmental consciousness and the demand for sustainable transportation solutions are propelling the uptake of smart highway systems. These innovative roadways integrate features such as intelligent lighting systems, infrastructure for electric vehicle charging, and the utilisation of renewable energy sources. By incorporating such elements, smart highways contribute to promoting environmentally friendly transportation practices.
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Smart Highway Market Competitive Landscape
The global smart highway market is highly competitive and characterised by the presence of several major players. These players compete based on factors such as technological advancements, product innovation, strategic partnerships, and geographical presence. The market is driven by the increasing need for advanced transportation infrastructure that provides enhanced safety, efficiency, and sustainability. Another aspect driving competition in the smart highway market is the adoption of sustainable solutions. Companies are increasingly investing in technologies that promote energy efficiency and reduce environmental impact. This includes the development of smart lighting systems that utilise energy-efficient LEDs and can be adjusted based on traffic conditions, as well as the integration of renewable energy sources such as solar panels along the highway infrastructure.
Smart Highway Market Top Player’s Company Profiles
- Siemens AG (Germany)
- Cisco Systems, Inc. (US)
- IBM Corporation (US)
- Schneider Electric SE (France)
- Huawei Technologies Co., Ltd. (China)
- Indra Sistemas S.A. (Spain)
- LG CNS Co., Ltd. (South Korea)
- Kapsch TrafficCom AG (Austria)
- TransCore LP (US)
- Alcatel-Lucent Enterprise (France)
- Atkins Global (UK)
- Swarco AG (Austria)
- International Road Dynamics Inc. (Canada)
- Xerox Corporation (US)
- WSP Global Inc. (Canada)
- VITRONIC (Germany)
- Cubic Corporation (US)
- Q-Free ASA (Norway)
- Dynniq (Netherlands)
- Road Zipper System (US)
Smart Highway Key Market Trends
- Increase in Adoption of Connected Vehicles: Connected vehicles are able to communicate with each other and with infrastructure, which can help to improve traffic flow and reduce accidents.The increasing adoption of connected vehicles is being driven by the growing availability of these vehicles, as well as the increasing demand for them from consumers. Connected vehicles are becoming more affordable, and they offer a number of benefits to consumers, such as improved safety, convenience, and entertainment.
Smart Highway Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global smart highway market analysis, advancements in transportation infrastructure and the increasing demand for intelligent transportation systems are the key growth drivers. A comprehensive report on the market provides valuable insights into various aspects, including market size, market trends, growth drivers, restraints, and key players. This analysis aims to summarise the key findings of the report, highlighting the current state and future prospects of the global smart highway market.
The global smart highway market is projected to experience substantial growth during the forecast period. The market size is expected to expand as governments and transportation authorities worldwide prioritise the development of smart and efficient roadways. The integration of advanced technologies, such as sensors, communication systems, and data analytics, into highway infrastructure plays a vital role in optimising traffic flow, improving safety, and enhancing overall transportation efficiency. The report identifies several market trends shaping the growth of the global smart highway market.
One prominent trend is the increasing adoption of connected and autonomous vehicles (CAVs). The rise of CAVs requires intelligent highway systems to accommodate their communication needs and ensure seamless connectivity. Smart highways equipped with real-time traffic management systems and vehicle-to-infrastructure communication capabilities are crucial for supporting CAVs and facilitating their safe and efficient operation.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 37.56 Billion |
| Market size value in 2030 | USD 106.21 Billion |
| Growth Rate | 16.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Highway Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Highway Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Highway Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Highway Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Highway Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Highway Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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