Market Research Report
Published: May 1, 2021
Global Industry Analysts, Inc.
Content info: 396 Pages
Delivery time: 1-2 business days
Global Smart Highway Market to Reach US$51.3 Billion by the Year 2027
Amid the COVID-19 crisis, the global market for Smart Highway estimated at US$17 Billion in the year 2020, is projected to reach a revised size of US$51.3 Billion by 2027, growing at a CAGR of 17.1% over the analysis period 2020-2027.Intelligent Transportation Management, one of the segments analyzed in the report, is projected to grow at a 18.6% CAGR to reach US$27.5 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Intelligent Traffic Management segment is readjusted to a revised 17% CAGR for the next 7-year period. This segment currently accounts for a 21.9% share of the global Smart Highway market.
The U.S. Accounts for Over 29.6% of Global Market Size in 2020, While China is Forecast to Grow at a 16.4% CAGR for the Period of 2020-2027
The Smart Highway market in the U.S. is estimated at US$5 Billion in the year 2020. The country currently accounts for a 29.63% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$8.8 Billion in the year 2027 trailing a CAGR of 16.4% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.4% and 14.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 12.4% CAGR while Rest of European market (as defined in the study) will reach US$8.8 Billion by the year 2027.
Communication Segment Corners a 14.1% Share in 2020
In the global Communication segment, USA, Canada, Japan, China and Europe will drive the 15.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.9 Billion in the year 2020 will reach a projected size of US$5.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$6.1 Billion by the year 2027.
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