Smart highway technologies aim to improve the safety, mobility, reliability and efficiency of surface transportation through the implementation of technologies like vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication. Smart highways enable connected and autonomous vehicles to communicate with roadside infrastructure through wireless technologies to share real-time traffic, road conditions and safety information. This allows vehicles to automatically adjust their speed, change lanes or take necessary precautions in hazardous situations like accidents or bottlenecks. The advantages of smart highway technologies include reduced traffic congestion, optimized road usage, lower emissions and fuel consumption, improved incident detection and response times as well as enhanced driver and passenger safety.

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 10.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the smart highway market is the growing focus on implementing vehicle-to-everything (V2X) communication technologies which allow vehicles to communicate with other vehicles as well as roadside infrastructure utilizing cellular networks. This will enable applications like autonomous driving, advanced driver assistance systems, traffic management, emergency vehicle notification and multimedia access. V2X is expected to facilitate cooperative driving and provide enhanced situational awareness to drivers. Government agencies across countries are funding V2X demonstration projects and field tests to assess performance and reliability. For instance, China has included V2X in its national standards for connected vehicles. The adoption of 5G networks will further accelerate the large-scale deployment of V2X technologies and augment the growth of the smart highway market over the forecast period.
Porter's Analysis

Threat of new entrants: The threat of new entrants is moderate due to the requirement of high initial capital investment and infrastructure.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are several players offering similar smart highway solutions.

Bargaining power of suppliers: The bargaining power of suppliers is high due to the limited number of technology providers for solutions like ITS and traffic management systems.

Threat of new substitutes: The threat of substitutes is low as there are limited alternatives to smart highways for improving transportation infrastructure.

Competitive rivalry: The competitive rivalry is high among existing players due to their large market shares and investments in R&D.

Key Takeaways

The global Smart Highway Market Share is expected to witness high growth. The market in North America is expected to dominate the global market due to increasing investments by governments in smart infrastructure projects. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period supported by the growing economies in countries 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 are focusing on partnerships and product launches to strengthen their positions in the market. For instance, in 2023, Cisco Systems partnered with the state government of Rajasthan to develop smart roads equipped with IoT technology.

The global smart highway market is expected to witness high growth. Regional analysis related content comprises The United States and Canada are the largest markets for smart highways in North America. Governments in these countries are increasingly investing in smart transportation infrastructure to reduce congestion and environmental impact of vehicular traffic. The Asia Pacific region, led by China and India, is projected to grow at the fastest rate during the forecast period. Counties in this region are focusing on developing smart cities equipped with advanced technologies like connected vehicles. India's flagship Smart Cities Mission and China's plans to deploy intelligent connected vehicle technologies are driving investments in this segment.

For more details on the report, Read- https://www.pressreleasebulletin.com/smart-highway-market-trends-size-and-share-analysis/