Smart Highway Market Set to Witness Explosive Growth by 2030

Description
The global smart highway market size was valued at USD 32,923.9 million in 2020 and is projected to reach USD 92,090.8 million by 2027, growing at a CAGR of 18.7% from 2021 to 2027. Smart highways are the roads built with the installation of sensors and IoT technology to make driving much safer and greener. Many governments across the globe are investing in building smart highways for providing real-time information to the drivers about the road condition and various traffic information. Smart highways are particularly useful in risky and mountainous regions for making driving safer by providing warnings about the incoming traffic and different landslides. Smart roads also generate energy which helps charge electric lights on the side of the road and provides power to the electric vehicles, which are on the move.

An increase in the number of vehicles on the road and a surge in road traffic injuries drive the market's growth. In addition, the rise in international trade among emerging countries across the globe fuels the development of the market. However, high initial and maintenance costs and a lack of appropriate technical knowledge among the end users hamper the market's growth. Furthermore, the rise in advanced technologies in the transportation sector and the emergence of smart vehicles are expected to provide lucrative opportunities for developing the global market.

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In addition, smart roads generally consist of different computing technologies, such as sensors and smart monitoring systems, which are all linked into a monitoring unit. Furthermore, the need for better and sustainable highways form across the globe, and demand for safer roads drive the market's growth. In addition, various government initiatives were taken for reducing the rise in pollution and increase in congestions on the roads fuel the development of the market. However, unwillingness to adopt new ways of transport hampers the growth of the market. Furthermore, the surge in advanced technologies in the transportation sector and the emergence of smart vehicles are expected to provide lucrative opportunities for the growth of the global market.

Global Smart Highway Market Dynamics
Drivers: Rise in the number of vehicles among emerging countries
There is an increase in the number of vehicles being sold every year. The inadequate infrastructure for transportation in many countries is the primary factor for the rise in vehicle sales. Also, there is an increase in disposable income of the people with globalization and urbanization. According to the International Organization of Motor Vehicle Manufacturers, about 90.4 million vehicles were sold in 2019, as 75 million were sold in 2010. However, this increase in the number of vehicles is causing heavy traffic, especially in urban areas. Consequently, there is a rise in demand for smart highways and roads that monitor traffic congestion on every route and divert traffic accordingly to have a faster and smoother journey.

Restraints: High initial and maintenance cost
Various technologies integrated to develop a smart highway require high capital costs. And there is a vast infrastructure gap globally. According to a World Bank report, investments of 4.5% of GDP will enable the developing countries to reach their infrastructure-related sustainable development goals. However, developing countries spend less than required on infrastructure development. For instance, according to the Economic Survey of India 2018-19, India needs to double its annual spending on infrastructure. Hence, high initial and maintenance costs of developing and operating the smart highway for the developing countries are the biggest hurdle in the market growth.

Opportunities: Emergence of smart vehicles
IHS Automotive estimates that there will be nearly 2 billion connected cars on roads by 2025. And, Minority Corporate Counsel Association (MCCA) states that autonomous vehicles are anticipated to generate a USD 7 trillion annual revenue stream by 2050. Many multinational companies are investing in the R&D of autonomous vehicles. However, there have been wake incidents such as the death of a pedestrian during an Uber self-driving program and the end of a driver in a Tesla on autopilot mode. Such incidents could be prevented with smart highways. Smart highways, automated vehicles, and monitoring software increases the capability to identify and stop such incidents. Consequently, the emergence of smart vehicles develops potential growth opportunities for smart highways.

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Scope of the Report
The study categorizes the smart highway market based on components, deployment model, technology, and regions.

By Component Outlook (Sales, 2017-2027, USD Million)
Hardware
Software
Service
By Deployment Model Outlook (Sales, 2017-2027, USD Million)
On-Premise
Cloud
By Technology Outlook (Sales, 2017-2027, USD Million)
Intelligent Transportation Management System
Intelligent Management System
Communication System
Monitoring System
Others
By Region Outlook (Sales, 2017-2027, USD Million)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Services, by Component, is estimated to be the fastest-growing segment during the forecast period
By component, the smart highway market is categorized into hardware, software, and services. In 2020 Hardware is accounted for the largest market revenue share of 59.98%, and Services is the fastest-growing segment with a CAGR of 22.9% in the global smart highway market during the forecast period.

Emerging countries across the globe are inclining toward the adoption of smart roads hardware for harnessing the power of photovoltaic pavements to build roads, which can convert solar energy into electrical and radioactive elements. In addition, smart highway hardware is used to increase road usability and improve the lighting on the road to save energy and money. Furthermore, this hardware is used to develop a safety precaution system and eco-friendly system, which in turn propels the growth of the smart highway hardware market. In addition, smart road hardware is composed of different elements, including road lighting systems, various types of sensors & surveillance cameras, and traffic congestion systems. This system helps inefficient functioning of the roads in risky and hilly regions.

Asia Pacific accounts for the highest CAGR during the forecast period in the smart highway market
Based on region, the global smart highway market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 21.3% during the forecast period. The Asia-Pacific smart highway market is analyzed across countries such as China, Japan, India, Thailand, Indonesia, and others. The market in Asia-Pacific is supported by a large number of smart road projects in developing economies such as China, Singapore, Korea, and others.

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The intelligent transportation management system and intelligent traffic management system segments collectively accounted for around 63.4% share in 2018, with the former constituting about 37.5% share. The monitoring system and communication system segments are expected to witness significant CAGRs of 24.5% and 23.4%, respectively, during the forecast period. The cumulative share of these two segments was 29.6% in 2018 and is anticipated to reach 35.4% by 2026. The growth in the region has been driven by rising urban needs, technological readiness, and government support for smart highways. In addition, governments across emerging countries such as India and China, which have the most significant second road network, are adopting smart highways to provide travelers with a considerable driving experience.

Furthermore, various government initiatives for building smart cities and smart roads across the different Asian countries propel the market's growth. For instance, China started national innovative city development in 2012 to motivate the latest technologies, such as artificial intelligence and IoT. This development has been aimed to improve law enforcement to help traffic flow and make traveling safer and more efficient.

Key Market Players
The key players profiled in the smart highway market analysis are ABB Ltd, ALE International, AT&T Inc., Cisco System Inc., IBM Corporation, Huawei Technologies Co. Ltd., LG CSN, Honeywell International Inc., Schneider Electric SE, and Siemens AG. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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