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Saturday, October 5, 2024
Smart Highway Market Size, Share And Growth Analysis For 2024-2033
Smart Highway Market Size, Trends, And Forecast 2024-2033
— The Business Research Company
LONDON, GREATER LONDON, UK, September 12, 2024 /EINPresswire.com/ — The smart highway market has experienced robust growth in recent years, expanding from $37.18 billion in 2023 to $43.24 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to increasing urban population, the rise in traffic congestion, growing environmental concerns, safety improvements, government investments and initiatives for infrastructure development.
Strong Future Growth Anticipated
The smart highway market is projected to continue its strong growth, reaching 76.57 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to connected and autonomous vehicles (CAVs), renewable energy integration, sustainability, emergency response integration, technological advancements.
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Growth Driver Of The Smart Highway Market
The increasing adoption of electric vehicles is expected to propel the growth of the smart highway market going forward. Electric vehicles (EVs) are a type of vehicle that are powered by electricity, which uses electric motors and batteries for propulsion. The smart highway systems are designed to accommodate the unique needs of EVs, offering features such as dynamic charging infrastructure, real-time traffic management, and vehicle-to-infrastructure (V2I) communication.
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Major Players And Market Trends
Key players in the smart highway market include Cisco System Inc., International Business Machines Corporation (IBM), Huawei Technologies Co. Ltd., LG Electronics Inc.
Major companies operating in the smart highway market are focusing on innovative solutions such as intelligent transport management solution to drive revenues in their market. An intelligent transport management solution (ITMS) is a comprehensive system or software platform designed to enhance the management, operation, and efficiency of transportation networks, particularly in urban or metropolitan areas.
Segments:
1) By Technology: Intelligent Transportation Management System, Intelligent Management System, Communication System, Monitoring System, Other Technologies
2) By Component: Hardware, Software, Services
3) By Deployment Mode: On-Premise, Cloud
Geographical Insights: North AmericaLeading The Market
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 report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Smart Highway Market Definition
Smart highway refers to technologically advanced roads integrated with advanced technologies and sensors for improved management and sustainable traffic flow. Smart highways can help reduce the alarming number of traffic fatalities and the hours wasted in backups. Smooth traffic flow results in more efficient fuel use and even fewer roads when they are constructed.
Smart Highway Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Smart Highway Global Market Report 2024by The Business Research Company is the most comprehensive report that provides insights on smart highway market size, smart highway market driversand trends, smart highway market major players, smart highway competitors’ revenues, smart highway market positioning, and smart highway market growth across geographies. The smart highway market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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