Europe Smart Highway Market
Market Introduction
With increasing investments from government and developments of enhanced public transport, the Europe smart highway market is anticipated to witness a significant growth during the forecast period. Technological advancements, such as photovoltaic panels, solar panels, the Internet of Things (IoT), and sustainable landscaping have further boosted the demand of the smart highway market. Europe is one of the leading regions in the development of electric vehicles. Thus, smart highways with the facility of charging electric car batteries on the go are anticipated to provide huge potential for the market’s growth in the region. There are currently various developments and facilities being tested, such as the European Union’s FABRIC program, which is expected to pave the way for future e-mobility. The growing implementation of the smart city concept and technology-driven logistics to better manage traffic flow on Europe’s busiest roads are leading the region’s smart highway market. Automakers are working with infrastructure providers to establish the necessary telematics equipment and communication protocols. The European Commission has set an objective of reducing road fatalities by increasing the use of technology on Europe’s motorways.
In Europe, the timing and the degree of response by different countries to the COVID-19 pandemic and then gradually restarting economies resulted in a variety of impacts to the road network. Across the region. The significant European mobility and transportation industry players are expected to suffer an economic hit due to the lack of raw materials from the global supply chain. Moreover, the smart highway solutions use a combination of several electronic components and devices, such as transponders, cameras, RFID chips, controllers, and processors, along with systems such as smart signboards, smart streetlights, and electrified roadways. Since the borders are sealed and strict lockdowns are enforced as preventive measures, the pandemic directly impacts the supply chain of electronic components and devices. However, with the uplifting of lockdowns and implementation of the vaccination process, the road and highway construction activities have started again, increasing the need for intelligent transportation systems to ensure seamless and safe mobility of vehicles on highways. The impact of the COVID-19 pandemic has resulted in cities and municipalities adopting sustainable, future-oriented solutions to address increasing mobility demand and growing environmental pollution. Various prominent companies in the European region, such as Siemens, are rigorously implementing eco-friendly traffic management and digital solutions for building an efficient and safer highway transport system across the region. Therefore, after a slowdown in transportation and infrastructural activities in Europe, the smart highway market is attracting positive avenues due to the accelerating shift in mobility management trends and rising focus on adequate eco-friendly transportation.
Market Overview and Dynamics
The smart highway market in Europe is expected to grow US$ 7,549.47 million in 2021 to US$ 24,952.35 million by 2028; it is estimated to grow at a CAGR of 18.6% from 2021 to 2028. Various technologies, such as ad-hoc mesh Wi-Fi and Cellular Vehicle-to-Everything (C-V2X), keep the drivers informed of the changes in traffic lights and communicate with other vehicles to avoid collisions. Innovations in digital technologies are anticipated to provide lucrative growth opportunities for the smart highway market players during the forecast period. Governments across the region are significantly investing in connected vehicles technologies to boost the smart highway market growth. In the coming years digital Reality is expected to play a greater role in the smart car interactions with infrastructures around them. The automotive industry has made huge strides on the Internet of Vehicles (IoV). Machine learning can enable automakers to monitor their vehicles in real-world environment handling scenarios, such as changes in driving conditions. Glow in dark roads and road lights activated by motion sensors to illuminate a particular section are also growing rapidly. Solar-powered roadways are gaining rapid traction among highway professionals. Many countries have been investing in creating parts of smart highways, with specific efforts focusing on solar roads and smart traffic infrastructures. The Netherlands established the Solar Road pilot project, creating a 70-meter stretch of a bike path and producing nearly 10,000 kWh in October 2014. More projects moving to more heavy traffic areas are in progress for testing. Therefore digital reality and mobility innovation are the factors expected to drive the demand for smart highway market during the forecast period.
Key Market Segments
In terms of technology, the smart transport management system segment accounted for the largest share of the Europe smart highway market in 2020. In term of component, hardware segment held a larger market share of the smart highway market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the smart highway market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Cisco Systems, Inc.; Huawei Technologies Co., Ltd.; Kapsch TrafficCom AG; Nokia Coropration; Siemens AG; Conduent, Inc.; Toshiba Corporation; Nippon Koei, Co., Ltd.; Telegra; and IBI Group among others.
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Europe Smart Highway Market Segmentation
Europe Smart Highway Market – By Technology
Europe Smart Highway Market – By
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Europe Smart Highway Market – By
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Europe Smart Highway Market – Companies Mentioned
Strategic insights for the Europe Smart Highway provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 7,549.47 Million |
| Market Size by 2028 | US$ 24,952.35 Million |
| Global CAGR (2021 - 2028) | 18.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technology
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| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe Smart Highway refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Europe Smart Highway Market is valued at US$ 7,549.47 Million in 2021, it is projected to reach US$ 24,952.35 Million by 2028.
As per our report Europe Smart Highway Market, the market size is valued at US$ 7,549.47 Million in 2021, projecting it to reach US$ 24,952.35 Million by 2028. This translates to a CAGR of approximately 18.6% during the forecast period.
The Europe Smart Highway Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Smart Highway Market report:
The Europe Smart Highway Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Smart Highway Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Smart Highway Market value chain can benefit from the information contained in a comprehensive market report.
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