by Smart highways incorporate intelligent transportation systems to provide information and communications capabilities for vehicles, drivers and transportation managers. It allows for real-time traffic management solutions, variable speed limits using digital signs, vehicle collision avoidance systems, toll collection, parking information and electronic payment services. Smart highways networks help improve transportation efficiency, optimize traffic flow, enhance road safety and reduce carbon emissions. Integrating vehicle-to-infrastructure and vehicle-to-vehicle communication, smart highways enable autonomous and connected driving experienace through advanced sensors, mapping and localization technologies. The global smart highway market is estimated to be valued at US$ 52.5 Mn in 2023 and is expected to exhibit a CAGR of 10.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing government initiatives towards the development of smarter and more sustainable infrastructure is a key driver spurring the growth of smart highway markets. Many countries are investing heavily in upgrading existing highways and road networks with advanced ITS technologies. For instance, India’s flagship Bharatmala Pariyojana program aims to construct 34,800 km of highways including developing 10,000 km of economic corridors with smart capabilities by 2024. Additionally, growing focus on deployment of intelligent mobility solutions to address challenges of traffic congestion, road safety and emissions is further fueling adoption of smart technologies in highway sectors across major economies. However, high initial capital investments and integration challenges of diverse systems continue to hamper faster commercialization of smart highways globally.
SWOT Analysis
Strength: Smart highways use intelligent transportation systems like smart cameras and sensors to monitor traffic flow and conditions. This reduces congestion and improves safety. Smart management systems also enable timely road repairs and infrastructure maintenance. Automatic toll collection reduces delay at toll plazas.
Weakness: Initially, the high costs associated with installing smart infrastructure can be a constraint. Not all road users may have smartphones or connected devices for certain smart applications. There are also privacy and data security concerns related to collection and use of user information.
Opportunity: The growing demand for efficient transportation and management of increasing traffic offers scope to expand smart highways. Integrating more advanced technologies like 5G, artificial intelligence and the internet of things can further optimize operations. Governments prioritizing infrastructure spending can boost adoption.
Threats: Technological issues or cyberattacks on smart systems pose risks. Delays in implementation projects and budget overruns threaten timely upgrades. Changing government policies and economic slowdowns may reduce investments. Rising material costs can impact expansion plans.
Key Takeaways
The global Smart Highway Market Share is expected to witness high growth. Regional analysis The North America region dominates the global market currently due to extensive government investments. Asia Pacific is expected to register the fastest growth owing to infrastructure development programs in major economies like China and India.
Key players operating in the smart highway market are Xerox Corporation, Alcatel-Lucent Enterprise (Nokia Corporation), Siemens AG, Cisco Systems Inc., Schneider Electric SE, IBM Corporation, LG CNS Co. Ltd (LG Electronics Inc.), Indra Sistemas SA, Kapsch AG, Infineon Technologies AG, and Huawei Technologies Co. Ltd. The market players are focusing on partnerships, acquisitions and new product launches to strengthen their market position.
The global smart highway market size was valued at US$ 52.5 Mn in 2023. With demand for efficient transportation rising globally, the market is projected to reach US$ 575.8 Mn by 2030, expanding at a robust CAGR of 10%. Advanced technologies are enabling smarter management of traffic and infrastructure to support sustainable mobility growth.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
