According to our latest market study on “Smart Highway Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology and Component,” the Market is expected to grow from US$ 24,885.5 million in 2021 to US$ 81,335.6 million by 2028; it is estimated to grow at a CAGR of 18.4% from 2021 to 2028.
Technologies such as ad-hoc mesh Wi-Fi and cellular vehicle-to-everything (C-V2X) keep the drivers informed about 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 world are significantly investing in connected vehicles technologies. 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 due to their broad coverage.
In the coming years digital reality is expected to play a greater role in the interaction of smart cars with infrastructures around them. The automotive industry has made huge strides on the Internet of Vehicles (IoV). Machine learning enables automakers to monitor their vehicles in real-world scenarios, such as changes in driving conditions. Solar-powered roadways are gaining rapid traction among highway professionals worldwide.
Based on technology, the smart highway market is segmented into smart transport management system, smart traffic management system, communication system, monitoring system, and others. The market for smart transport management system was valued at US$ 9,851.83 million in 2020. Further, based on component, the smart highway market is segmented into software and hardware.
With relaxations in lockdowns and enactment of vaccination drives, the road and highway construction activities have started again, resulting in increased need of intelligent transportation systems to ensure seamless and safe mobility of vehicles on highways. Cities and municipalities in different countries are focusing on adopting sustainable, future-oriented solutions to address increasing mobility demand and growing environmental pollution. Therefore, after a short period of slowdown in transportation and infrastructural activities, the smart highway market is gaining traction due to the shift in mobility management trends and rising focus on adequate eco-friendly transportation.
Cisco Systems, Inc; Huawei Technologies Co., Ltd; Kapsch TrafficCom AG; Nokia Corporation; Siemens AG; Telegra; Conduent, Inc.; Toshiba Corporation; Nippon Koei Co., Ltd.; and IBI Group are a few major companies operating in the smart highway market.
Report : Smart Highway Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Smart Transport Management System, Smart Traffic Management System, Communication System, Monitoring System, and Others) and Component (Hardware and Software)