Report : Asia Pacific Smart Highway Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Smart Transport Management System, Smart Traffic Management System, Communication System, Monitoring System, and Others) and Component (Hardware and Software)
Monitoring System is Expected to be the Fastest Growing Segment During the Forecast Period 2020–2028
According to a new market research study on “Asia Pacific Smart Highway Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Component,” is expected to reach US$ 21,943.94 million by 2028 from US$ 6,461.08 million in 2021. The market is estimated to grow at a CAGR of 19.1% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific smart highway market along with the drivers and restraints pertaining to the market growth. Burgeoning demands for sustainable highways to reduce traffic issues, raising digital reality and mobility innovation, and arrival of smart city concepts are the major factor driving the growth of the Asia Pacific smart highway market. However, deprivation of supporting infrastructure, unawareness, and unwillingness to adopt new ways hinder the growth of Asia Pacific smart highway market.
The COVID-19 that emerged in China has affected several neighboring countries such as India, South Korea, and Japan, among others. The impact of COVID-19 has significantly affected the smart highway market in 2020. The imposition of a ban on commercial activities has disrupted the industrial supply chains in Asia Pacific region, leading to raw material shortages. The smart highway solutions include various semiconductor components such as cameras and sophisticated systems comprising multiple components, and most of these components are produced in China and other countries of Asia Pacific which were badly affected by the pandemic. There are also restrictions on international trade as lockdowns are imposed on the borders of countries. All these have limited the transportation and travelling on road which has limited the growth of the market in the region in year 2020.
The Asia Pacific smart highway market is segmented on the basis of technology, component, and country. Based on technology, the market is segmented into smart transport management system, smart traffic management system, communication system, monitoring system, and others. In 2020, smart transport management system segment held the largest share in the market, and monitoring system is expected to be the fastest growing segment during the forecast period. Based on component, the market is bifurcated into hardware and software. In 2020, hardware segment held the largest share in the market, and software is expected to be the fastest growing segment during the forecast period. Similarly Based on country the market is segmented into China, Japan, India, South Korea, Australia, and Rest of APAC. In 2020, China held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.
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. are among the leading companies in the Asia Pacific smart highway market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Nokia and TPG Telecom announced the deployment of the first 5G femtocell in a live network in Asia Pacific region. The solution allows operators to provide their customers with superior indoor 5G coverage using Nokia's unique modular 4G/5G Smart Node. The Smart Node supports traffic management by reducing core network load and optimizing macro resource allocation. This achievement strengthens the company's presence in the Asia Pacific region.
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