Smart Highway Market is Estimated to Witness High Growth Owing to Implementation of Connected and Autonomous Vehicles
Smart Highway Market is Estimated to Witness High Growth Owing to Implementation of Connected and Autonomous Vehicles
Smart highways involve the implementation of connected and autonomous vehicles that rely on vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) connectivity to ensure road safety and efficiency. Smart highways feature technologies such as adaptive cruise control, collision warning, automatic braking systems, and lane centering. This helps reduce traffic congestion and accidents.
The smart highway market is estimated to be valued at US$ 58.43 Bn in 2024 and is expected to reach US$ 152.03 Bn by 2031, growing at a compound annual growth rate (CAGR) of 14.6% from 2024 to 2031.
Key Takeaways
Key players operating in the smart highway market are Nestle SA, Unilever PLC, Amway Corp., Aker BioMarine, Blackmores Group, Herbalife Nutrition Ltd, Glanbia PLC, Reckitt Benckiser Group PLC, Natrol LLC, Nordic Naturals Inc., Now Foods, and Pharmacare Laboratories Pty Ltd.
The key opportunities in the smart highway market include the adoption of intelligent transportation systems (ITS) to improve road safety and efficiency. Technologies such as smart signage, electronic toll collection, emergency response systems are being increasingly utilized.
The implementation of 5G infrastructure is expected to facilitate communication between connected vehicles and the transport infrastructure. 5G will offer low latency and high bandwidth critical for real-time V2X communications. Development of vehicle-to-everything (V2X) communications standards and ecosystems is also expanding the potential of smart mobility solutions.
Market Drivers
The growing concerns over road safety are a key driver for the Smart Highway Market Size . According to the WHO, around 1.35 million people die each year as a result of road traffic crashes. Integration of technologies like adaptive cruise control, automatic emergency braking can significantly reduce accidents. Also, rising urbanization and traffic congestion is increasing the need for smarter transportation infrastructure to optimize traffic flow and minimize delays. This is expected to further fuel the demand for smart highway systems over the forecast period.
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