Report : North America 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)
Smart Transport Management System Segment to dominate North America Smart Highway Market during 2020–2028
According to a new market research study on “North America Smart Highway Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Component,” is expected to reach US$ 28,375.15 million by 2028 from US$ 8,909.89 million in 2021. The market is estimated to grow at a CAGR of 18.0% from 2021 to 2028. The report provides trends prevailing in the North America smart highway market along with the drivers and restraints pertaining to the market growth. Emergence of smart city concepts, broadening demands for sustainable highways to reduce traffic issues, and growing digital reality and mobility innovation are the major factor driving the growth of the North America smart highway market. However, absence of supporting infrastructure, unawareness, and unwillingness to adopt new ways hinder the growth of North America smart highway market.
The enactment of lockdowns and travel restrictions, shutdown of production facilities, and the shortage of employees had adversely affected the performances of major players in the mobility and transportation industry in North America. The US notably witnessed the most severe impact of the COVID-19 outbreak in 2020. The initial data from a national survey of connected vehicles, a 20% drop in the average distances driven and several critical shifts in driving behavior were recorded. Additionally, the survey's key findings reported a 17% rise in speeding, a 10% increase in failures to adhere to road signs, and a 15% increase in harsh-cornering events. The year 2020 has declined growth for the market, however, from the beginning of 2021 market gained the momentum. Various industry players have been developing and implementing solutions to keep motorists informed and safe on the roads, more so to avoid the pandemic's spread and ensure travelers' safety in a scenario of changing driving behavior. For instance, IBI Group collaborated with the Ministry of Transportation of Ontario (MTO) to develop the 511 Ontario mobile application, introducing the Trucker Mode feature, which enables commercial vehicle operators to access helpful information about the essential touch points along their highway routes, including service and rest stations that are open throughout the crisis. Furthermore, as the electrification of vehicles, including trailers, trucks, and transit buses, becomes pervasive and an ongoing trend of electric cars, traversing the route efficiently also requires intelligent electric vehicle charging solutions along the highway. Therefore, the market is gaining momentum in the region, owing to the infrastructural readiness of the region and the rising requirement of intelligent traffic management and mobility solutions for smart highways.
The North America 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 US, Canada, and Mexico. In 2020, the US 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 North America 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, Quanergy announced a Smart City collaboration promoting Cisco’s Connected Roadway efforts. Quanergy’s LiDAR sensors and Qortex perception software is expected to integrate with Cisco's advanced networking capabilities to enable IoT solutions for smart transportation. This creates a larger market for Cisco in the North American region and bolsters its market position
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