How big is the smart highway construction market today, and what are its future growth expectations?
The smart highway construction market size has grown rapidly in recent years. It will grow from $30.26 $ billion in 2024 to $35.09 $ billion in 2025 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to increasing government initiatives, increasing urbanization, rising traffic congestion, rising environmental concerns, and increasing infrastructure investments.
The smart highway construction market size is expected to see rapid growth in the next few years. It will grow to $62.98 $ billion in 2029 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to smart technology integration, increasing demand for efficiency, government funding, rising traffic volume, and urban infrastructure upgrades. Major trends in the forecast period include increasing use of AI, rising adoption of green technologies, growing demand for smart infrastructure, expanding IoT applications, and increasing focus on sustainability.
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What have been the primary factors driving the smart highway construction market’s growth?
An increasing number of vehicles is expected to propel the growth of the smart highway construction market going forward. The rise in adoption of vehicles is driven by increasing urbanization, higher disposable incomes, and advancements in automotive technology. Smart highway construction is utilized by vehicles through enhanced connectivity and data sharing, enabling real-time traffic management and improved navigation. For instance, in May 2023, according to a report published by the European Automobile Manufacturers Association, a Belgium-based association, in 2022, global production of motor vehicles reached 85.4 million units. Therefore, the increasing number of vehicles is driving the growth of the smart highway construction market.
What are the key segments within the smart highway construction market?
The smart highway constructionmarket covered in this report is segmented –
1) By Type: Photovoltaic Pavement, Wireless Vehicle Charging, Frost Protection And Melting Snow Ice, Road Markings, Other Types
2) By Source Of Energy: Solar, Wind, Vibration
3) By Application: Government Funding, Other Fundings
Subsegments:
1) Photovoltaic Pavement: Solar Road Panels, Integrated Solar Systems, Energy Harvesting Pavements
2) Wireless Vehicle Charging: Inductive Charging Systems, Dynamic Wireless Charging, Stationary Wireless Charging
3) Frost Protection And Melting Snow Ice: Heating Systems, De-icing Solutions, Embedded Heating Cables
4) Road Markings: Smart Traffic Lines, Thermoplastic Markings, Reflective Markings
5) Other Types: Intelligent Traffic Management Systems, Smart Roadside Infrastructure, Connected Vehicle Technologies
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Which key players are shaping the smart highway construction market?
Major companies operating in the smart highway construction market are Huawei Technologies Co. Ltd., International Business Machines Corporation, Panasonic Corporation, Cisco Systems Inc., Continental Engineering AG, Honeywell International Inc, SAP SE, ABB Ltd, Colas Inc, Indra Incorporation, Heijmans, Costain Group plc, Alcatel-Lucent Inc, Swarco AG, Nippon Koei Group, VINCI Construction, Miovision Inc, RoadBotics Inc, WiTricity Inc, HAAS Alert Inc., Prisma Photonics, Robotiz3d Inc, Urban SDK
How will emerging trends drive the smart highway construction market throughout the forecast period?
Major companies operating in the smart highway construction market are focused on strategic collaborations to drive innovation and enhance infrastructure efficiency. Strategic collaborations refer to partnerships between organizations to leverage combined resources and expertise to achieve mutual goals and drive innovation. For instance, in May 2023, Huawei Technologies Co. Ltd., a China-based provider of information and communications technology (ICT) infrastructure and smart devices., launched the APAC Smart Road, Waterway, and Port Alliance during its Asia-Pacific Partners. The alliance aims to enhance collaboration among partners in the Asia-Pacific region to develop and implement intelligent transportation solutions (ITS) that support smart highway initiatives. This includes leveraging digital technologies for traffic management, real-time monitoring, and congestion control, which are essential components of smart highway systems. The focus is on creating competitive infrastructure that not only advances national development but also drives economic growth and enhances the efficiency of transportation networks.
How do regional factors impact the smart highway construction market, and which region is the largest contributor?
North America was the largest region in the smart highway construction market in 2024. The regions covered in the smart highway construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Smart Highway Construction Market Report 2025 Offer?
The smart highway construction market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Smart highway construction refers to the integration of advanced technologies and innovative practices in the design, development, and management of highways to improve safety, efficiency, and sustainability. It leverages digital tools, sensors, and data analytics to enhance various aspects of highway infrastructure.
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