The smart highway 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.
Various developing and developed economies across the world have initiated multiple programs in designing and implementing smart cities. For instance, China has over 300 smart city projects in the pipeline with prominent involvement by crucial industries and government offices. Similarly, India allocates trillions in its budget every year to facilitate the building of over 100 smart cities. According to the Chinese national smart cities working group, smart cities bring a new concept and model, which facilitate planning, construction, management, and smart services of cities, with the help of IoT, cloud computing, Big Data, space-geographical information integration, and other modern technologies.
The latest Smart Highway Market study offers an all-inclusive analysis of the major strategies, corporate models, and market shares of the most noticeable players in this market. The study offers a thorough analysis of the key persuading factors, market figures in terms of revenues, segmental data, regional data, and country-wise data. This study can be described as most wide-ranging documentation that comprises all the aspects of the evolving Smart Highway market.
The research report provides deep insights into the global market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of Smart Highway market during the forecast period, i.e., 2022–2028. Most importantly, the report further identifies the qualitative impact of various market factors on market segments and geographies. The research segments the market on the basis of product type, application, technology, and region. To offer more clarity regarding the industry, the report takes a closer look at the current status of various factors including but not limited to supply chain management, niche markets, distribution channel, trade, supply, and demand and production capability across different countries.
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The research provides answers to the following key questions:
- What is the estimated growth rate of the market for the forecast period 2022–2028? What will be the market size during the estimated period?
- What are the key driving forces responsible for shaping the fate of the Smart Highway market during the forecast period?
- Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Smart Highway market?
- What are the prominent market trends influencing the development of the Smart Highway market across different regions?
- What are the major threats and challenges likely to act as a barrier in the growth of the Smart Highway market?
- What are the major opportunities the market leaders can rely on to gain success and profitability?
The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Smart Highway market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Smart Highway market segments and regions.
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Smart Highway Market – by Component
- Hardware
- Software
Smart Highway Market – by Geography
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North America
- US
- Canada
- Mexico
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Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
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Asia Pacific (APAC)
Impact of COVID-19 Pandemic on Smart Highway Market 2028
The onset of the COVID-19 crisis in 2020 led to a grinding halt in infrastructure and construction activities worldwide. All the major regions considered for this market analysis suffered a significant downturn in workloads during the first half of 2020. The lowering economic growth and delayed highway projects had negative impact on the smart highway market in 2020. However, in 2021, the pandemic highlighted the importance for intelligent mobility and roadways solutions, especially in Europe, the US, and China. The UNDA project on “Transport and Trade Connectivity in the Age of Pandemics: Contactless, Seamless and Collaborative UN Solutions” supports the plan of significant economies to adopt information and communication technologies (ICTs) and intelligent transport systems.
Major global smart highway market players have been implementing intelligent transport systems and traffic management solutions in various countries to create a supporting ecosystem complementing the development of future-ready connected, contactless, and safer mobility. For instance, around the onset of the pandemic at the end of 2019, Siemens Mobility launched the new Plus+ traffic control solution, which were installed under COVID-secure conditions in cities across the UK.
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