Global Smart Highway Strategic Research Report 2024: Market to Surpass $140 Billion by 2030 – U.S. Market is Estimated at $17.1 Billion, While China is Forecast to Grow at 19.6% CAGR

DUBLIN, Feb. 21, 2024 /PRNewswire/ — The “Smart Highway – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.

Global Smart Highway Market to Reach $140.5 Billion by 2030

The global market for Smart Highway estimated at US$40.6 Billion in the year 2022, is projected to reach a revised size of US$140.5 Billion by 2030, growing at a CAGR of 16.8% over the analysis period 2022-2030. Hardware, one of the segments analyzed in the report, is projected to record a 15.3% CAGR and reach US$76.5 Billion by the end of the analysis period. Growth in the Software segment is estimated at 19.5% CAGR for the next 8-year period.

The report delves into the global economic landscape, providing an update on current conditions and their implications for the smart highways market. It examines the competitive scenario, highlighting the market presence of 110 players worldwide in 2023, categorized by strength and activity levels.

Smart highways are positioned as integral to the broader smart city movement and advancements in smart transit. The report explores the technologies powering smart roads, identifying exciting opportunities and potential roadblocks in their development and adoption.

A comprehensive analysis of the global market prospects and outlook for smart highways is provided, including technology and component breakdowns, regional insights, and recent market activity. Select innovations and influencer market insights offer additional perspectives on the evolving landscape of smart road transportation.

 The U.S. Market is Estimated at $17.1 Billion, While China is Forecast to Grow at 19.6% CAGR

The Smart Highway market in the U.S. is estimated at US$17.1 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$10.7 Billion by the year 2030 trailing a CAGR of 19.6% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.9% and 15.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 16.1% CAGR.

MARKET TRENDS & DRIVERS

Smart Highways Emerge as Path-Breaking Solution for Urban Mobility IssuesSmart Roads are New Land of Opportunities for Road Building IndustryThe Future of Smart Highway and Road TechnologiesGrowing Investments in Road Infrastructure DevelopmentContinuous Development of World’s Highways to Expand Market Opportunities for ITS & ETS MarketsRoad User Charging: Sustainable Way to Fund Road Infrastructure DevelopmentGrowing Investments in Construction of Roads and Highways Augurs Well for Smart Highway MarketArtificial Intelligence Makes Big Inroads into Smart HighwaysPromising Role for AI in Traffic Management on Smart HighwaysETC Systems Assist in Effective Traffic ManagementRoad User Charging/Tolling Emerges as a Dual Edged Sword for Revenue Generation & Congestion ManagementRising Economic Cost of Excess Travel/Transit Delays Strengthens the Business Case for Tolling to Manage Vehicular CongestionAutomated Electronic Toll Collection Makes its Way into the ITS DomainElectronic Toll Collection Systems: Switching On the Play Button for Smart Tolling and Smarter HighwaysGIS and GPS/GNSS Technology, Vital for Successful Smart Highway DeploymentWireless Communication Technologies Crucial to Market GrowthSmart Highway to Benefit from Growing Investments in ITSGrowing Investments in Intelligent Transportation Systems (ITS) to Catalyze the Deployment of ETC Systems for Smart Infrastructure Funding & Intelligent Traffic ControlIncreasing Demand for Telematics and Tracking to Improve Driving ExperienceFocus on Smart Highway to Enhance V2X DeploymentsThe Growing Need to Bridge Infrastructure Gap Which is the Highest for Roadways Promises Robust Opportunity for Smart HighwaysSmart Roads Embedded with Sensors Make Road Infrastructure Monitoring Easy & Cost EffectiveImportance of Wireless Communication in ITS Networks Augurs WellOn-Road Safety Drives Business Case for V2XGrowing Emphasis on Intelligent Transportation Systems Widens Addressable MarketIoT & Cloud Computing Emerge as Linchpin Holding the Smart Highway Concept TogetherCloud Computing, the Workhorse of Data Analysis for Smart Highway ServicesSmart Parking Emerges as a Solution to Traffic WoesSmart Highways to Benefit as Autonomous Vehicles Gain SpotlightConnected Vehicle Data Beneficial for the Development of Smart HighwaysStrong Adoption of ADAS Accelerates the Growth Path of Smart HighwaysFocus on Smart City and Smart Airport Projects to Fuel Growth in Smart Highway MarketDigital Maps Unwind Amazing Future for Smart Cities and Smart HighwaysRapid Urbanization Triggers Growth in the Smart Highway Market

FOCUS ON SELECT PLAYERS (Total 110 Featured) 

IBM CorporationHuawei Technologies Co., Ltd.Advantech Co., Ltd.Indra Sistemas SACubic CorporationInternational Road Dynamics, Inc.Iteris, Inc.Cellint Traffic SolutionsCitilogIntelliVisionGMV Innovating Solutions SLEFKON GmbHCohda Wireless Pty Ltd.ALE InternationalElectronics and Telecommunications Research Institute (ETRI)

For more information about this report visit https://www.researchandmarkets.com/r/adh5nr

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