The smart roads market is growing rapidly across the globe. This revenue growth majorly attributes to the introduction of autonomous vehicles with the increased risk of on-road accidents. Smart roads guide the drivers of vehicles against any obstacle on the way, which the driver may not be able to see. Moreover, substantial investments by major players and government initiatives to promote the advanced infrastructure escalate market growth.
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According to Market Research Future (MRFR), the global smart roads market is poised to reach approximately USD 39 BN by 2023, growing at 16% CAGR throughout the review period (2017-2023). ‘Electrically connected smart roads’ is a major trend proving significant impetus to the growth of the smart roads market. Also, smart roads and related technologies try to reduce vehicle emissions by identifying the best and shortest route for any vehicle to reach its destination.
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Additionally, the rise in global traffic and traffic congestion concerns creates a vast demand for a better traffic management system and advanced infrastructure for connected vehicles and roadside assistance. The upcoming 5G revolution and other technological advances such as ANPR, lane warning/keeping systems, wireless radio communication, and others propel market growth. Also, financial, logistical, technical, and informational support from governments to develop smart cities boosts the market demand.
Global Smart Roads Market - Segmentation
The report is segmented into four dynamics;
By Technology: Transportation Communication Systems (ANPR- automatic number plate recognition, lane warning/keeping systems, wireless radio communication, others), Traffic Management System (GPS, advanced traffic management system, others), and others.
By Sensor : Anemometers, Strain Gauges, Accelerometers, Temperature Sensors (anemometers, strain gauges, accelerometers, weigh-in-motion devices, temperature sensors, other), and others.
By Deployment: On-Premise and On-Cloud.
By Regions : Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Global Smart Roads Market - Regional Analysis
North America dominates the global smart roads market. The largest market share attributes to the rising governmental focus on road safety and the rising demand for smart roads by the public. Besides, rising concerns about traffic congestion create a substantial market demand for an efficient traffic management system. Moreover, increased RD investments to boost wireless technology to provide related solutions in the urban sectors create significant opportunities for market players.
The US smart roads market dominates the regional market, followed by Canada, due to the presence of many notable smart road equipment manufacturers and the availability of highly advanced technologies. Also, the augmenting demand for road safety and comfort features positively impacts the market growth in these regions.
Europe stands second in the global smart roads market. The market is driven by the rapidly increasing adoption of connected roads and growing numbers of smart city projects. Additionally, the vast advancements in sensor technology and improved technical infrastructure boost the regional market growth. Also, the resurging economy fosters regional market growth, increasing numbers of smart highways in major cities.
Countries such as U.K, Germany, Norway, and France account for leading shares in the regional market due to the presence of many major industry players such as Schneider Electric, Siemens AG (Germany), and others.
The Asia Pacific smart roads market is rapidly emerging as a profitable market. Factors such as the increasing numbers of smart city projects and the wide implementation of smart roads foster regional market growth. Moreover, the rapidly growing economy in the region increases the market's size, increasing consumer purchasing power. Besides, considerable advances in artificial intelligence (AI) and other similar technologies push the market's growth.
High attention to road safety and various ongoing projects working on developing smart roads and smart highways influence the regional market growth. China, Japan, and India are key markets for smart roads in the region.
Smart Roads Market - Competitive Analysis
Highly competitive, the smart roads market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers acquisitions, collaborations, expansion, and product/ technology launch.
Players leading the global smart roads market include Kapsch AG (Austria), Alcatel Lucent (France), Indra Sistemas, SA (Madrid), Siemens AG (Germany), LG CNS (South Korea), Cisco (US), Xerox Corporation (US), Kapsch TrafficCom (Austria), and Huawei (China), among others.
Industry/ Innovation/ Related News
November 27, 2020 ----- Jaguar Land Rover (JLR), a leading automaker, announced the development of a futuristic smart city hub in Ireland to test its self-driving tech. This move would enable the real-world testing of connected technology, including the simulation of various road environments and traffic scenarios where self-driving vehicles can share the streets with cars, pedestrians, and cyclists.
The hub would provide research opportunities for autonomous, connected, electrified, and shared vehicles, spanning over 12km of public roads with smart junctions and connected car parks that can harness the power of valuable sensor data. The smart-city zone provides a first-class facility for global companies to work together and develop world-leading technology, from autonomous vehicles to connected infrastructure.
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