Smart Highway Global Market Report 2024

Smart highways are advanced road systems that incorporate sophisticated technologies and sensors to enhance management and promote sustainable traffic flow. These technologically integrated roads aim to address issues such as traffic fatalities and congestion, ultimately leading to more efficient fuel usage and reduced construction needs.

Key products within the realm of smart highways include intelligent transportation management systems, intelligent management systems, communication systems, monitoring systems, and other related solutions. Intelligent transportation management systems encompass a range of cutting-edge information and communication technologies deployed in traffic and transportation systems. These technologies are designed to improve driving experiences and enhance the safety, efficiency, and sustainability of transportation networks. The components of smart highways, including hardware, software, and services, can be deployed either over the cloud or on-premise.

The smart highway market research report is one of a series of new reports that provides smart highway market statistics, including smart highway industry, global smart highway market size, regional shares, competitors with a smart highway market share, detailed smart highway market segments, market trends and opportunities, and any further data you may need to thrive in the smart highway industry. This smart highway market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart highway market size has grown rapidly in recent years. It will grow from $37.18 billion in 2023 to $43.24 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth observed in the historical period can be ascribed to various factors, including the increasing urban population, a surge in traffic congestion, escalating environmental concerns, initiatives focused on safety improvements, and government investments in infrastructure development.

The smart highway market size is expected to see rapid growth in the next few years. It will grow to $76.57 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The anticipated growth in the forecast period can be attributed to several factors, including the integration of connected and autonomous vehicles (CAVs), the incorporation of renewable energy, a focus on sustainability, the integration of emergency response systems, and ongoing technological advancements. Key trends expected in the forecast period encompass the adoption of connected vehicle technology, the implementation of solar roadways, the use of dynamic road markings, the utilization of eco-friendly materials, and the electrification of roadways.

The growth of the smart highway market is being driven by the development of smart cities. These urban areas excel in critical areas such as economy, mobility, environment, people, lifestyle, and government, leading to sustainable economic growth and an enhanced quality of life. Governments worldwide are investing in the creation of smart cities to optimize economic development and improve the well-being of their citizens. Initiatives include the development of smart urban roads, upgraded water supply, and water disposal facilities. Notably, the U.S. federal government launched the Strengthening Mobility and Revolutionizing Transportation (SMART) grant program in April 2022, allocating $500 million to support smart city initiatives, fostering the development of sustainable and intelligent transportation solutions.

The increasing adoption of electric vehicles is set to drive the growth of the smart highway market. Electric vehicles (EVs) powered by electricity, with electric motors and batteries for propulsion, have unique requirements that smart highway systems are designed to address. These systems offer features such as dynamic charging infrastructure, real-time traffic management, and vehicle-to-infrastructure (V2I) communication. Notably, the International Energy Agency reported a significant increase in electric vehicle sales, reaching 6.6 million in 2021, bringing the total number of electric vehicles on the road to 16.5 million. This surge in electric vehicle adoption is a key driver for the smart highway market.

Leading companies in the smart highway market are prioritizing cloud-based solutions to boost revenues. Cloud-based smart highway solutions leverage cloud computing to manage and optimize traffic, infrastructure, and services on highways, enhancing safety, efficiency, and sustainability. For instance, INRIX, Inc., a UK-based company, launched INRIX Smart Alerts in March 2021 - a cloud-based smart alert system designed to help drivers avoid dangerous situations and improve overall road safety. The platform quickly identifies traffic abnormalities, congestion, unsafe slowdowns, and road closures.

Innovative solutions, such as intelligent transport management solutions (ITMS), are also a focus for major companies in the smart highway market. ITMS is a comprehensive system or software platform designed to enhance the management, operation, and efficiency of transportation networks, particularly in urban areas. For example, in September 2023, 3SC Solutions, an India-based company, introduced its iTMS platform - a high-performance solution for end-to-end transportation planning, settlement, and execution, utilizing advanced analytics to maximize financial efficiency and logistics excellence.

In May 2021, Siemens Mobility, a Germany-based provider of transport solutions, acquired Padam Mobility for an undisclosed amount. This acquisition expands Siemens Mobility's portfolio, focusing on intelligent infrastructure for multimodal transportation. Padam Mobility, a France-based Software as a Service (SaaS) provider, contributes to Siemens Mobility's goal of coordinating and integrating various transportation modes for seamless travel experiences.

Major companies operating in the smart highway market include Cisco System Inc., International Business Machines Corporation (IBM), Huawei Technologies Co. Ltd., LG Electronics Inc., Schneider Electric SE, Alcatel-Lucent Enterprise, Indra Sistemas SA, Infineon Technologies AG, HAAS Alert, Miovision, RoadBotics Inc., Tevva Motors, Urban DK, WiTricity Corporation, Upstream Security, Prisma Photonics, Siemens AG, Xerox Corporation, Kapsch AG, Intelligent Highway Solutions Inc., Vodafone Group PLC, Indra Philippines, Kapsch TrafficCom AG, Panasonic Corporation, Samsung Electronics Co. Ltd., Cubic Corporation, Swarco AG, Traffic Tech Gulf LLC, TransCore LP, Iteris Inc., Clearview Intelligence Ltd., Sensys Gatso Group AB, Vaisala Oyj

North America was the largest region in the smart highway market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart highway market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the smart highway market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The smart highway market consists of the sale of sensors, monitoring systems and smart traffic lights. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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