Newark, NJ, May 06, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global e-highway technology market is expected to grow from USD 29.96 billion in 2020 to USD 99.58 billion by 2028, at a CAGR of 16.2% during the forecast period 2021-2028.
By 2020, the population and number of cars on the road are estimated to double, but the amount of land available for highways is constrained. As a result, many countries are concerned about the lack of accessible, secure, pollution, and congestion-free transportation facilities. To address these issues, companies are developing new technology to solve them in the present and future years. Numerous smart-city ventures are being developed in various areas, which is one of the major driving forces behind the highway industry. The government is now investing in highway technology companies and manufacturers in order to assist them in introducing new technologies and innovative solutions. Innovative Intelligent Transport Systems (ITS) are being deployed by industries to help reduce traffic congestion and increase safety and security.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the e-highway technology market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Some other growth restricting factors for the e-highway technology market are inaccurate driver information, lack of technical knowledge, and poor highway communication infrastructure.
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Key players operating in the global e-highway technology market include ALE International, Cisco System Inc., Huawei Technologies Co. Ltd., Honeywell International Inc., Siemens AG, ABB Ltd, AT&T Inc., IBM Corporation, LG CSN, and Schneider Electric SE, among others. To gain a significant market share in the global e-highway technology market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. ALE International and Huawei Technologies Co. Ltd are some of the biggest players in the e-highway technology in the global market. This report covers manufacturer data such as price, gross profit, business distribution, import-export, shipment, revenue, interview record, etc. This data will help the client to get to know better about their competitors. The global e-highway technology market report analyzes all the countries and regions across the planet; this includes regional development status, including volume, value, price data, as well as market size.
Hardware segment dominated the market and held the largest market share of 45.25% in the year 2020
The component segment consists of software, hardware, and services. The hardware segment dominated the market and held the largest market share of 45.25% in the year 2020. Smart road technologies are being integrated into roads in order to improve the operation of automated vehicles, traffic signals, and street lighting, as well as to track road conditions, traffic volumes, and vehicle speeds.
The on-premise segment dominated the market and held the largest market share of 63.7% in the year 2020
Based on deployment mode the global market has been segmented into on-premise, and cloud. The on-premise segment dominated the market and held the largest market share of 63.7% in the year 2020. Photo-luminescent paint for road markers was used in the smart highway concept developed by the infrastructure management firm Heijmans and Studio Roosegaarde in the Netherlands. Photo-luminescent paint absorbs light during the daytime and glows for up to 10-12 hours.
Intelligent transportation management system segment dominated the market and held the largest market share of 31.1% in the year 2020
On the basis of technology, the e-highway technology market has been divided into intelligent management system, intelligent transportation management system, monitoring system, communication system, and others. Intelligent transportation management system segment dominated the market and held the largest market share of 31.1% in the year 2020. This can be attributed to the various advantages offered by this technology, including improved road safety, reduced infrastructure damage, traffic management, and traffic data collection.
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Regional Segment Analysis of the E-Highway Technology Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global e-highway technology market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 30.8% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as large infrastructure projects for repairing & modernizing purposes and facilitating more efficient logistics and supply chain operations. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period from 2021-2028. Emerging APAC economies like India, Indonesia, Vietnam & China, and developed economies like Japan & South Korea are especially lucrative, considering their growth potential.
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About the report:
The global e-highway technology market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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