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

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 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. '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)'

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.

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.

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.