Technology is now the crucial in electronic vehicles, smart cities, and traffic management. Nowadays, technology is being used in roads and highways to ensure sustainable and easily manageable flow of traffic. Intensive cooperation between builders and developers have resulted in the much talked about concept smart highway across the globe. Moreover, rising concerns related to safety while driving due to growing number of roads accidents have increased largely in the past few years; here smart highway is likely to help in analyzing were accident occurred and will provide required assistant immediately. Introduction of smart highway has also helped in improving the transportation industry that helped the highway traffic to move faster and with limited obstruction. Smart highway has also provided better safety to the drivers, reduced pollution, and reduced travel time with which it has gained greater importance in various regions across the globe.
What are some of the key growth opportunities in the smart highway market?
Increasing global trade and rising intercity travels has grown traffic on highways at a massive rate. Thus, various governments has started using smart highways that will reduce the travel time and burden on highways. For instance, the Republic of Korea use smart highways and development strategies introduced by Intelligent Transportation Systems that helps in reduce greenhouse gas emissions by reducing traffic congestion and decreasing fuel consumption by preventing motor vehicles from idling. Due to similar concerns, the US Department of Energy & Transportation initiated collaborations to increase research and development that can help in developing innovative smart transportation solutions and alternative fuel technologies. In addition, emergence of electronic toll control is further expected to drive the demand in the smart highway market during the forecast period.
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Adding it further, rising demand for smart and automated vehicles, increasing business travel is also augmented the demand in this market. Technological advancements such as automatic number plate recognition, electronic toll collection, and lane departure warning are further driving the demand in this market.
Which region is likely to lead the global smart highway market?
North America is expected to lead the global smart highway market during the forecast period due to increasing investments from government to develop better and enhanced public transport that help in augmenting economic development to a greater extent. Growing spending on construction and road infrastructure in North America are also expected to drive the demand in this market. Moreover, installation of photovoltaic panels rising above a rest stop, solar panels, internet of things, and sustainable landscaping have further boosted the demand in the smart highway market. On the positive note, however, Asia Pacific is also expected to rise at a significant rate due to increasing adoption of latest technology in infrastructural development. Two widely growing economies China and India that require fast and enhanced transportation to massive economic development are also contributing in the growth of this market.
