Report : Europe 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)
Hardware Segment to dominate Europe Smart Highway Market during 2020–2028
According to a new market research study on “Europe Smart Highway Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Component,” is expected to reach US$ 24,952.35 million by 2028 from US$ 7,549.47 million in 2021. The market is estimated to grow at a CAGR of 18.6% from 2021 to 2028. The report provides trends prevailing in the Europe smart highway market along with the drivers and restraints pertaining to the market growth. Growing integration of traffic control centers and route guidance systems, rise of smart city concepts, and escalating digital reality and mobility innovation are the major factor driving the growth of the Europe smart highway market. However, inadequacy of supporting infrastructure, unawareness, and unwillingness to adopt new ways hinder the growth of Europe smart highway market.
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.
The Europe 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 the France, Germany, the UK, Italy, Russia, and Rest of Europe. In 2020, Germany held the largest share in the market, and the UK is 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 Europe 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, Conduent Transportation is selected by the UK Department of Transport’s Highways England to implement and manage an automated free-flow charging solution for the Dartford-Thurrock Crossing of the River Thames east of London. This development of the company amplifies its presence in the European region.
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