Press release
The Impact Of Increasing Vehicle Numbers On Smart Highway Construction Market Growth: Strengthening the Growth Trajectory of the Smart Highway Construction Market
Smart Highway Construction Market
What Is the Expected CAGR for the Smart Highway Construction Market Through 2025?
The market size for the construction of smart highways has experienced swift expansion in the past few years. The market is predicted to escalate from $30.26 billion in 2024 to $35.09 billion in 2025, with a compound annual growth rate (CAGR) of 16.0%. Factors contributing to the growth in the historic period include escalating government initiatives, expanding urbanization, increasing traffic jams, growing environmental considerations, and rising investment in infrastructure.
What's the Projected Size of the Global Smart Highway Construction Market by 2029?
Expectations are high that the smart highway construction market will experience swift expansion over the coming years, with projections indicating a growth to $62.98 billion by 2029. This equates to a compound annual growth rate (CAGR) of 15.7%. Factors driving this growth during the projected period include the implementation of advanced technologies, the escalating need for efficiency, financial support from governments, an upsurge in traffic, and advancements in city infrastructure. The forthcoming trends within this period comprise an amplified use of AI, a rise in the adoption of eco-friendly technologies, an increasing necessity for intelligent infrastructure, the extension of IoT applications, and a growing emphasis on sustainability.
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Top Growth Drivers in the Smart Highway Construction Industry: What's Accelerating the Market?
The smart highway construction market is set to expand, thanks to an anticipated rise in the number of vehicles. This surge in vehicle ownership can be attributed to factors such as an increase in urbanization, a surge in disposable income, and advancements in automotive technology. Smart highway construction benefits vehicles by amplifying connectivity and data sharing, thus facilitating real-time traffic management and improved navigation. For example, a report from the European Automobile Manufacturers Association, a Belgium-based organization revealed that in 2022, the global production of motor vehicles had hit 85.4 million units. Hence, the proliferating number of vehicles is stimulating the expansion of the smart highway construction market.
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What Trends Will Shape the Smart Highway Construction Market Through 2029 and Beyond?
The significant players in the smart highway construction industry are concentrating on strategic collaborations to fuel innovation and improve infrastructure efficiency. Strategic collaborations involve alliances between organizations to utilize their collective resources and expertise to achieve shared objectives and encourage innovation. One such example is when Huawei Technologies Co. Ltd., a Chinese firm specializing in ICT infrastructure and smart devices, introduced the APAC Smart Road, Waterway, and Port Alliance in May 2023 at its Asia-Pacific Partners event. The primary goal of this alliance is to bolster cooperation among partners in the Asia-Pacific region to design and operationalize intelligent transportation solutions (ITS), supporting smart highway initiatives. This involves harnessing digital technologies for traffic management, real-time monitoring, and congestion control - fundamental elements of smart highway systems. The alliance is vested in the creation of competitive infrastructure that not only propels national development but also stimulates economic growth and augments the functionality of transportation networks.
What Are the Main Segments in the Smart Highway Construction Market?
The smart highway constructionmarket covered in this report is segmented -
1) By Type: Photovoltaic Pavement, Wireless Vehicle Charging, Frost Protection And Melting Snow Ice, Road Markings, Other Types
2) By Source Of Energy: Solar, Wind, Vibration
3) By Application: Government Funding, Other Fundings
Subsegments:
1) Photovoltaic Pavement: Solar Road Panels, Integrated Solar Systems, Energy Harvesting Pavements
2) Wireless Vehicle Charging: Inductive Charging Systems, Dynamic Wireless Charging, Stationary Wireless Charging
3) Frost Protection And Melting Snow Ice: Heating Systems, De-icing Solutions, Embedded Heating Cables
4) Road Markings: Smart Traffic Lines, Thermoplastic Markings, Reflective Markings
5) Other Types: Intelligent Traffic Management Systems, Smart Roadside Infrastructure, Connected Vehicle Technologies
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Which Top Companies are Driving Growth in the Smart Highway Construction Market?
Major companies operating in the smart highway construction market are Huawei Technologies Co. Ltd., International Business Machines Corporation, Panasonic Corporation, Cisco Systems Inc., Continental Engineering AG, Honeywell International Inc, SAP SE, ABB Ltd, Colas Inc, Indra Incorporation, Heijmans, Costain Group plc, Alcatel-Lucent Inc, Swarco AG, Nippon Koei Group, VINCI Construction, Miovision Inc, RoadBotics Inc, WiTricity Inc, HAAS Alert Inc., Prisma Photonics, Robotiz3d Inc, Urban SDK
Which Regions Will Dominate the Smart Highway Construction Market Through 2029?
North America was the largest region in the smart highway construction market in 2024. The regions covered in the smart highway construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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