Austin, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The Smart Road Market Share was valued at USD 17.85 billion in 2023. It is estimated to hit USD 145.34 billion by 2032 and grow at a CAGR of 26.24% over the forecast period of 2024-2032.
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Key Players
- Indra Sistemas
- Huawei
- Siemens AG
- Alcatel Lucent
- LG CNS
- Cisco
- Kapsch TrafficCom
- Xerox Corporation
- Schneider Electric SE
- International Business Machines Corporation (IBM)
The Smart Road Market is thriving because there is a critical demand for safer and more effective transportation. Smart roads use sensors and communication networks to gather and analyze live data for improving traffic efficiency and safety. The growth of the electric vehicle sector, going from no sales in 2010 to 13 million in 2023, along with the increasing popularity of on-demand transportation services, is driving this market. In the last five years, the construction industry has seen a boom, with more than 1,000 new road construction companies entering the market. Each of these firms hires an average of 58 employees and secures USD 21.8 million in funding per investment round.
The market is expanding rapidly due to increasing urbanization and concerns over road safety. As cities become congested, the demand for intelligent transportation solutions like smart roads surges. These roads, equipped with real-time traffic data and automated systems, offer a solution. The rise of connected and autonomous vehicles further accelerates market growth. The alarming statistics of road accidents in India, with 4, 61,312 accidents, 1, 68,491 fatalities, and 4, 43,366 injuries in 2022, highlight the urgent need for advanced road infrastructure. Innovations like the system that accurately locates vehicles within 1.3 meters at distances of up to 500 meters offer promising solutions. The U.S. is leading in adopting smart infrastructure, as demonstrated by cities like Chicago, Honolulu, and Austin. These combined efforts are driving the Smart Road Market towards safer, more efficient, and sustainable transportation systems.
Smart Road Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 17.85 billion |
| Market Size in 2032 | USD 145.34 billion |
| CAGR (2024-2032) | 26.24% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Hardware Dominates Smart Road Market in 2023
In 2023, hardware components were the leading category in the Smart Road Market, making up 41% of the market share. Smart roads require reliable physical infrastructure. Sensors, cameras, and signs collect up-to-date information on traffic and road conditions, vital for traffic control and safety. Firms such as Kapsch TrafficCom and Sensys Networks underscore the significance of strong physical infrastructure for successful intelligent transportation systems.
Based on Technology, Intelligent Transportation Management System dominated the Smart Road Market with 28% of share in 2023. Intelligent Traffic Management Systems (ITMS) optimize traffic flow and safety using real-time data and advanced analytics. By intelligently adjusting signal timings, lane configurations, and speed limits, ITMS improve road conditions. Leading companies like Kapsch TrafficCom, Sensys Networks, TransCore, and Siemens Mobility are driving the development of intelligent road infrastructure with their cutting-edge ITMS solutions.
North America Leads Smart Road Market, Asia Pacific Shows Rapid Growth
North America dominated the Smart Road market with 46% of share in 2023. North America leads in the Smart Road Market due to strong infrastructure and a focus on innovation. Effective transportation systems and government initiatives like the U.S. and Canadian Smart City Challenges drive market growth, fueled by increasing traffic congestion and the need for efficient transportation solutions.
Asia Pacific is the fastest growing in Smart Road market with 21 % of share in 2023. The increasing urbanization and population growth in Asia Pacific are fueling the need for smart roads. These systems enhance the management of traffic and ensure safety measures are improved. Major companies such as Kapsch TrafficCom, Siemens Mobility, and TransCore are providing answers to address the increasing transportation demands in the area.
Recent Development
- May 2023, Italy launches a Smart Roads 4.0 system in Taormina, aiming to link vehicles using advanced technology for improved traffic management.
- January 2023, China unveils its first fully smart highway, a 157-kilometer stretch equipped with smart pillars that gather road data and alert drivers to traffic issues.
- May 2024, Siemens Mobility launches Smart Train Lease Concept in Rolling Stock Market
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Key Takeaways
- Evaluate top performers in the market and pinpoint opportunities for standing out.
- Put emphasis on technologies that are in line with current market trends and meet the needs of customers.
- Create products and services that cater to particular market difficulties and potential advantages.
- Collaborate with important individuals to increase market coverage and exchange resources.
- By utilizing the information from this report, your company can prepare for success in the ever-changing Smart Road Market.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Smart Road Market Segmentation, By Component
- Software
- Hardware
- Services
8. Smart Road Market Segmentation, By Technology
- Monitoring System
- Intelligent Management System
- Intelligent Transportation Management System
- Communication System
- Others
9. Smart Road Market Segmentation, By Deployment Mode
- Cloud
- On-Premise
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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