Smart Roads Market Size, Share, Growth, And Industry Analysis, By Type (Transportation and Communication System, Traffic Management System, Others), By Application (Urban Traffic, Highway, Others), Regional Forecast to 2028

Report Overview

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The global smart roads market size was USD 1.2919 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with smart roads experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 3.7245 billion in 2028, exhibiting a CAGR of 19.3% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Smart roads utilize Internet of Things gadgets to make travelling safer, more productive, and environmentally friendly in line with governmental goals. Physical infrastructures like solar panels and sensors are combined with software infrastructures like artificial intelligence and big data in smart highways. Embedded in roads, smart road technology can increase visibility, produce energy, communicate with connected and autonomous vehicle, track road conditions.

These roads include smart features, such as sensors that track and report altering road conditions and Wi-Fi antennas that offer broadband services to cars, residences, and businesses. Additionally, electric vehicle charging is possible on the smart roadways.

COVID-19 Impact: Interruption in Supply Chains to Deplete Market Growth

The eruption of COVID-19 has done act as a substantial restraint on some market in 2020, as businesses have been disrupted due to global government lockdowns. COVID-19 is a contagious disease that causes flu-like symptoms such as fever, coughing, and difficulty breathing. National governments' efforts to limit transfer have led to a decrease in business growth and confined trade in goods and services, with nations entering a 'lock down' state. Construction and infrastructure projects all throughout the world came to a standstill in 2020 when the COVID-19 problems began. Workloads in every important location taken into account for this market research experienced a significant decline. The market for was negatively impacted by the slowing of economic growth and the postponement of highway construction.

Latest Trends

"Innovation of Smart Techniques to Intensify Market Magnification "

With the aid of AI-powered traffic monitoring systems, safe riding habits can be enabled by the detection of automobiles, pedestrians, and cyclists on smart roadways. In the event of a collision or criminal activity, smart gadgets put in smart roadways can also promptly warn first responders. Additionally, smart roads make it possible to use secure electric autonomous self-driving automobiles by utilizing innovations including inductive charging. Smart roadways with sensor can read the weather patterns of the roadways in real-time and advise approaching vehicles on how to use the road most effectively. In extreme circumstances, these vehicles might be diverted to avoid issues like slipping off slippery roadways.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into transportation and communication system, traffic management system, others

Transportation and communication system are the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into urban traffic, highway, others

Urban traffic is the leading part of the application segment

Driving Factors

"Expansion in the Number of Vehicles to Boost Market Share "

The smart roads market share is expanding because to the boost in total number of vehicles sold. The main cause of the increase in automobile sales is the inadequate transportation infrastructure in many nations. With urbanization and globalization, people's discretionary income has also increased. Heavy traffic is a result of this rise in vehicle numbers, particularly in urban areas. In order to enjoy a faster and smoother journey, there is an increase in demand for smart motorways and roads that track traffic congestion upon each road and divert the traffic accordingly.

"Rise in Traffic Injuries to Expand Market Forwarding  "

The WHO (World Health Organization) estimates that 1.35 million individuals lose their lives in automobile accidents every year. And between 20 and 50 million people experience non-fatal injuries, many of whom develop disabilities. There is therefore a pressing need to decrease the number of injuries caused by motor vehicle accidents, and smart roadways are thought to be one of the greatest solutions to this issue. To lessen casualties from motor vehicle accidents, smart lighting, speed monitoring, and other features of smart roadways have been developed. Consequently, the smart roads market growth is expanding as a result of the rise in traffic injuries. 

Restraining Factors

"Price Fluctuations to Deplete Market Advancement "

Putting in place smart road solutions on a big scale is expensive, which can cause governments to take their time with deployment. The global market may also be threatened by price fluctuations in the raw materials used in building the roadways.

Regional Insights

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"Improvement in Wireless Technology to Foster Market Growth in North America "

With the highest market share, North America dominates the global market for smart roads. The public's growing requirement for smart roads with advanced technologies and the growing government emphasis on road safety both contribute to the smart roads market expansion. Additionally, growing worries about traffic congestion generate a substantial market need for effective transportation. Significant research and development expenditures to improve wireless technology and supply related urban solutions support the region's smart roads market share. The regional market is dominated by the abundance of producers of devices and equipment and suppliers of smart road technology. The market size is also increased by the growing demand for features that improve road safety and comfort.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Indra Sistemas (Spain)
• IBM (U.S.)
• Swarco Holding (Austria)
• Alcatel Lucent (France)
• Kapsch (Austria)
• LG CNS (South Korea)
• Siemens (Germany)
• Cisco Systems (U.S.)
• Schneider Electric (France)
• Xerox (U.S.)
• Huawei (China)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.