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 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Smart highway has several advantages over traditional highways. It has real-time traffic management which helps optimize traffic flow and reduce congestions. Integrated sensors on highways can instantly detect any accidents or road infrastructure damage and alert authorities. Intelligent Transportation Systems (ITS) applications also improve safety for drivers.
Weakness: Setting up a smart highway infrastructure requires huge initial investments which might not be feasible for many regions. Integrating different ITS technologies and having them communicate with each other also presents technological challenges. There are privacy and data security concerns related to collection and use of personal data from connected vehicles.
Opportunity: Growing urbanization and increasing motorization rates are leading to worsening traffic conditions in many countries. Smart highways can help tackle these problems efficiently. Governments can leverage new revenue sources like digital toll collection, intelligent parking systems etc. Constructing smart highways also opens opportunities for companies in sectors like automotive, telecom and backend data services.
Threats: Shift towards adoption of self-driving vehicles poses a threat as they may not require physical highway infrastructure upgrades. Strategies of competitors and changing consumer preferences towards alternative modes of transportation are also potential threats. Cybercrimes targeting connected vehicle networks and smart city systems can undermine benefits.
Key Takeaways
The Global Smart Highway Market Size is expected to witness high growth during the forecast period of 2023-2030. Rapid urbanization and increasing adoption of connected vehicles are major drivers for market growth. 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 5.9% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market and is expected to continue its dominance over the forecast period. Countries like China, India, and South Korea are making large investments in upgrading highway infrastructure with smart technologies. Asia Pacific region leads the smart highway market with more than 35% share currently. China has extensive plans under its ‘Digital Silk Road’ initiative to convert over 60,000 miles of highways into smart corridors by 2025. India also has ambitious plans under its ‘Bharatmala Pariyojana’ to establish greenfield smart corridors. Several Southeast Asian countries are also actively working on pilot smart highway projects.
Key players: Key players operating in the smart highway market are General Electric Company, Siemens AG, Andritz AG, Voith GmbH & Co. KGaA, China Yangtze Power Co. Ltd, PJSC RusHydro, Électricité de France SA (EDF), and Iberdrola SA. These players are focusing on developing integrated smart mobility solutions comprising elements like intelligent management systems, connected vehicle technologies, smart lighting etc. Strategic partnerships for pilot projects and providing end-to-end smart infrastructure solutions are core focus areas.
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