Press release
Electric Highway (e-Highway) Market on Track for Strong Growth, Estimated to Grow at 14.7% CAGR Through 2029
Electric Highway e Highway Market
What Is the Expected CAGR for the Electric Highway (e-Highway) Market Through 2025?
The e-Highway market has seen a quick expansion in recent times. The market, valued at $25.43 billion in 2024, is projected to grow to $29.25 billion by 2025 with a Compound Annual Growth Rate (CAGR) of 15.0%. This growth during the historic period is owing to various factors such as the intensifying efforts to standardize interchangeable charging technologies, the increasing trend of retrofitting existing highways with electrification infrastructure, and the rise in international collaborations for cross-border electric freight corridors. Other factors include the growth in urbanization which has spurred the demand for electrified freight routes, and heightened emphasis on minimizing lifecycle costs and maximizing the total cost of ownership benefits.
What's the Projected Size of the Global Electric Highway (e-Highway) Market by 2029?
The e-Highway market is projected to undergo fast-paced expansion in the forthcoming years, swelling to a valuation of $50.58 billion by 2029. This represents a compound annual growth rate (CAGR) of 14.7%. This projected growth during the forecast period can be ascribed to factors such as the increased governmental funding towards sustainable transportation infrastructure, a surge in the need to limit carbon emissions in freight and logistics, a rise in usage of electric heavy-duty vehicles for long-distance transportation, growing harnessing of renewable energy sources in highway electrification, and an escalating need to cut down reliance on fuel and transportation operational costs. The forecast period is likely to witness trends such as dynamic wireless charging technologies' advancement, sophisticated integration of smart grids with highway electrification, innovation in energy storage systems supporting highway infrastructure, use of artificial intelligence for preventive maintenance and traffic management, and advanced creation of modular and scalable electrification components.
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Top Growth Drivers in the Electric Highway (e-Highway) Industry: What's Accelerating the Market?
The burgeoning demand for effective charging solutions is poised to fuel the expansion of the electric highway (e-Highway) market. This demand is driven by the escalating need for dependable, vast infrastructure that can support the rapidly growing collection of electric vehicles. Given the swift uptake of electric vehicles, there is mounting pressure to develop robust and efficient charging infrastructure to maintain seamless mobility. By offering a consistent, large-scale, and efficient power source to electric vehicles, the electric highway (e-Highway) addresses this need, facilitating uninterrupted long-distance journeys devoid of frequent stationary charging halts. For instance, as reported by the International Energy Agency (IEA), a France-based independent intergovernmental body, by the end of 2022, the count of fast charging networks in Europe had surpassed 70,000 stations, signifying approximately 55% year-on-year growth as compared to 2021. Consequently, the rising demand for charging solutions is propelling the growth of the electric highway (e-highway) market.
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What Trends Will Shape the Electric Highway (e-Highway) Market Through 2029 and Beyond?
Key players in the electric highway (e-Highway) market are prioritizing innovative development in electrified road systems like inductive charging technology. This technology boosts efficiency and bolsters the prospect of long-distance sustainable transportation as it enables electric vehicles to top up their power while being in motion. Inductive charging technology involves a wireless energy transfer system where power is relayed from coils installed within the road to a receiver within an electric vehicle. This approach permits vehicles to recharge while on the move, which reduces the need for stationary charging stations and supports continuous long-distance journeys. As an illustration, Detroit, a city based in the US, in February 2024 introduced the country's initial wireless EV charging road - a quarter-mile section on 14th Street within the Michigan Central innovation district. This innovative solution involves inductive coils embedded in the road that wirelessly recharge electric vehicles when they pass over them by directing power to receivers installed in the vehicles. This represents a meaningful advance towards the nationwide embrace of zero-emission mobility and the improvement of EV infrastructure.
What Are the Main Segments in the Electric Highway (e-Highway) Market?
The electric highway (e-highway) market covered in this report is segmented as
1) By Component: Hardware, Software Or Platform, Services
2) By Technology: Overhead Lines, Rail, Inductive
3) By Scale: Long-Distance Electrified Roads, Local Electrified Roads
4) By End User: Government And Public Sector, Logistics And Transportation Companies, Automotive Original Equipment Manufacturers (OEMs) And Mobility Providers, Infrastructure Developers And Contractors
Subsegment:
1) By Component: Charging Stations, Electric Cables And Connectors, Inductive Charging Pads, Power Electronics And Converters, Energy Storage Systems, Sensors And Monitoring Devices
2) By Software Or Platform: Charging Management Software, Fleet Management Platforms, Energy Management And Optimization Software, Payment And Billing Platforms, Navigation And Route Planning Software, Data Analytics And Reporting Platforms
3) By Services: Installation And Commissioning Services, Maintenance And Repair Services, Consulting And Advisory Services, Financing And Leasing Services, Operation And Management Services, Customer Support And Training Services
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Which Top Companies are Driving Growth in the Electric Highway (e-Highway) Market?
Major companies operating in the electric highway (e-highway) market are Volkswagen Group, Huawei Technologies Co. Ltd, Siemens AG, IBM Corporation, Cisco Systems Inc, Tata Motors, Scania, Volvo, Schneider Electric SE, Qualcomm, ABB Ltd., ChargePoint Holdings, Inc., Webasto Group, Evgo, IVU Traffic Technologies, Electreon, Elonroad, WiPowerOne, InductEV, LG CSN
Which Regions Will Dominate the Electric Highway (e-Highway) Market Through 2029?
North America was the largest region in the electric highway (e-highway) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in electric highway (e-highway) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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