Smart Roads Market Highlights:
Market Research Future (MRFR), in its new research report, states that the global smart roads market is booming and expected to grow significantly, at a striking CAGR over the forecast period. MRFR also predicts that the smart roads market might reach approximately USD 39 billion, registering around 16% CAGR through the period.
With technology, the world is increasingly becoming smarter. However, the introduction of automated vehicles has augmented the risk of on-road accidents by such vehicles. Smart Roads Market guide the drivers of cars against any object that is in front of them, which the driver is not able to see. The sensors used to give signals to the car about any potential incident that could happen and the damage that may occur to the vehicle and to the driver. Substantial investment by major players and government initiatives towards the promotion of proper infrastructure is one of the primary drivers of the market. A significant trend in the smart roads market is electrically connected to smart roads.
These roads along with connected technologies, try to reduce vehicle emissions by detecting the best and shortest route for any vehicle to reach its set destination. moreover, the rise in the global traffic marks and need for an improved traffic management system establishing an opportunity for the smart roads market to introduce an advanced infrastructure for the connected vehicles and roadside assistance.
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Smart Roads Market Competitive Analysis:
The major market players operating in the global market as identified by Kapsch AG (Austria), Alcatel Lucent (France), Indra Sistemas, S.A. (Madrid), LG CNS (South Korea), Cisco (U.S.), Siemens AG (Germany), Kapsch TrafficCom (Austria), Huawei (China), Xerox Corporation (U.S.), among others.
The competitive dynamics of the smart roads market includes the major market players from various industries integrating their services and products. These key players continuously keep innovating and heavily investing in research and development for a cost-effective portfolio. Apart from the key players, there are certain start-ups and new entrants stepping into the smart roads market as the market is one of the most significant sub-sectors of the global smart cities market.
Smart Roads Market Segmental Analysis:
- On the basis of technology, the smart roads market has been segmented into Traffic Management System (Advanced Traffic Management System and GPS) and transportation and communication system (Lane warning/keeping systems, ANPR- Automatic Number Plate Recognition, Wireless Radio Communication).
- On the basis of the sensor, the market for smart roads has been segmented into strain gauges, anemometers, accelerometers, temperature sensors, weigh-in-motion devices, among others.
- On the basis of deployment, the global smart roads market is segmented into on-premise and on-cloud.
Smart Roads Market Regional Analysis:
North America is the leading region in the global smart roads market. The growing Industrialization and increasing investments by the local and central government authorities in the North American region and the higher presence of technologically advanced nations such as the U.S. and Canada are offering enterprises with a competitive advantage over other Substantial. Europe, on the other hand, holds the second-largest share of the global smart roads market over the review period. This stronghold over the market is owing to the presence of several developed countries such as France, Germany, Italy, the U.K., and the Netherlands in the region.
On the other hand, the Asia Pacific region is expected to emerge as the primary market among all the regions during the review period. The market is also driven by the various initiatives by the government of Asian countries such as China, Japan, and India. Additionally, China, Japan, and India are one of the largest potential markets where the enterprises are willing to make investments leading to significant demand for smart road components over the forecast period. In the last decade, the government of these developing countries has announced various , with multinational companies for modernizing their current infrastructure, which includes roads as well. The major companies are working closely with the local bodies of the government for the advancement and up-gradation of the instructor.
Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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List of Tables
Table 1 World Population by Major Regions (2017 To 2030)
Table 2 Global Smart Roads Market: By Region, 2017-2023
Table 3 North America Smart Roads Market: By Country, 2017-2023
Table 4 Europe Smart Roads Market: By Country, 2017-2023
Table 5 Asia-Pacific Smart Roads Market: By Country, 2017-2023
List of Figures
Figure 1 Global Smart Roads Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Five Forces Analysis of Global Smart Roads Market
Figure 4 Value Chain of Global Smart Roads Market
Figure 5 Share of Global Smart Roads Market In 2017, By Country (In %)
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