Smart Highway Market is Expected to be Flourished by Rapid Adoption of Connected and Autonomous Vehicles

 
Smart Highway Market

Smart highways incorporate innovative technologies such as smart sensors, parking systems, infrastructure monitoring systems, toll collection systems and traffic management systems to provide safer, efficient and seamless travelling experience. Smart highways reduce traffic congestions and accidents through traffic monitoring devices and incident detection system. Real time traffic updates and navigation systems help drivers to choose alternate routes to avoid traffic jams. Vehicle to everything (V2X) communication allows vehicles to communicate with transportation infrastructure, traffic lights, other vehicles as well as personal mobile devices which increases road safety. Self diagnosing sensors monitor the infrastructure and bridge conditions to predict failures and schedule maintenance accordingly. The global smart highway market is estimated to be valued at US$ 52.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Dynamics:
Rapid adoption of connected and autonomous vehicles is one of the major driver of the smart highway market. Connected vehicles communicate with other vehicles as well as transport infrastructure to share real time traffic and road conditions which improves traffic flow and road safety. Autonomous vehicles can sense its surroundings using technologies such as RADAR, LIDAR and cameras and drive itself without human intervention. As autonomous vehicles become more prevalent, transportation infrastructure needs to support seamless movement of these vehicles which is driving investments in smart highway infrastructures. Rising demand for efficient transportation is another key driver as population increases. Smart highways can manage growing traffic needs while reducing carbon footprint through optimized traffic management. However, high upfront cost for upgrading existing infrastructure to smart technologies acts as a hurdle for widespread adoption of smart highways.
Segment Analysis
The global Smart Highway Market Share can be segmented into solution, deployment, and application. Based on solution, the smart highway market has been divided into intelligent transportation management system, communication system, monitoring system, and others. Intelligent transportation management system dominates the market as it provides real-time traffic information to the users and helps manage traffic.

PEST Analysis
Political: Governments across the world are investing heavily in developing smart infrastructure to reduce traffic congestion and enhance road safety. This is expected to drive the adoption of smart highway technologies.
Economic: Rising disposable incomes have increased motor vehicle ownership leading to traffic issues. Smart highways help optimize traffic flow and ensure business continuity, providing economic benefits.
Social: Smart highways enhance driving experience and provide convenience to users through features like navigation assistance, emergency calls etc. This has increased social acceptance of such technologies.
Technological: Advancements in IoT, 5G, AI are enabling the integration of various systems to manage traffic efficiently. Developments like vehicle to infrastructure communication are expanding technological possibilities.

Key Takeaways
The global smart highway market is expected to witness high growth over the forecast period supported by increasing investments in smart infrastructure by governments worldwide. Regionally, North America dominates currently due to extensive focus on smart cities projects. However, Asia Pacific is expected to witness fastest growth due to rapid infrastructure development in major economies like China and India.

Key players operating in the smart highway market are Xerox Corporation, Alcatel-Lucent Enterprise (Nokia Corporation), Siemens AG, Cisco Systems Inc., Schneider Electric SE, IBM Corporation, LG CNS Co. Ltd (LG Electronics Inc.), Indra Sistemas SA, Kapsch AG, Infineon Technologies AG, and Huawei Technologies Co. Ltd. These players focus on developing innovative solutions through R&D and partnerships to strengthen their market position. For instance, Indra has partnered with Delta Electronics to develop vehicle to infrastructure communication solutions.

For more details on the report, Read- https://www.ukwebwire.com/smart-highway-market-demand-share-analysis/

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