Global Electric Highway Market Size is Expected to Hold a Substantial Share By 2032 | CAGR of 12.9%
The Global Electric Highway Market Size is Expected to Hold a Substantial Share by 2032, According to a research report published by Spherical Insights & Consulting. Companies Covered: ALE International, ABB Ltd., Honeywell International Inc, AT&T Inc, Cisco Systems Inc, Huawei Technologies Co. Ltd, LG CSN, IBM Corporation, Schneider Electric SE, Siemens AG and Other Key Vendors.
New York, United States, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The Global Electric Highway Market Size is Expected to Hold a Substantial Share by 2032, at a Compound Annual Growth Rate (CAGR) of 12.9% during the projected period.
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An electric highway is a road that has been enhanced electrically. It usually refers to a road that uses overhead power lines or power lines placed into specially made road grooves to supply electricity to moving automobiles. Electric highways give cars electric traction in a manner akin to that of railroads. This is based on the widespread usage of technology in several countries, such as Sweden and Norway. The concept of the electric highway, or e-highway, has emerged as a solution to mitigate the effects of the shift and reduce air pollution. It blends contemporary roadway technology with railroad technology. Reformed hybrid cars are powered by overhead connecting wires that are connected and disconnected at up to 90 kilometers per hour utilizing a dynamic pantograph. The current use of fossil fuels in the transportation sector increases carbon emissions. By encouraging the widespread adoption of electric vehicles, electrified roadways help governments and organizations that place a high priority on carbon reduction achieve their objectives. The reduction in carbon emissions aligns with global efforts to address climate change. One of these initiatives is the installation of electric roadways as a sustainable transition. E-highways are expensive as well; building roads, installing electrical lines, and maintaining them all cost a lot of money when it comes to establishing the infrastructure needed to charge them. Furthermore, the updating of infrastructure may result in long-term disruptions to the flow of traffic as it currently exists.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the* "**Global Electric Highway Market** Size, Share, and COVID-19 Impact Analysis, By Technology (Overhead Lines, Rail, and Inductive),* *By Scale (Local Electrified Roads, Long-distance Electrified Roads), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."*
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*The overhead lines segment is anticipated to hold the largest share of the global electric highway market during the course of the forecast. *
The global electric highway market is divided into segments based on technology: overhead lines, rail, and inductive. The overhead lines segment of the global electric highway market is anticipated to grow at the fastest rate. This is due to the fact that overhead technology has been shown for many years to be used in trains to supply power. In some circumstances, alternative electrification approaches may not be as cost-effective as overhead electrified road systems, which typically supply electricity to electric vehicles (EVs) using overhead power lines or catenary systems.
*The long-distance electrified roads segment is expected to grow at the highest pace in the global Electric Highway market during the forecast period. *
The global electric highway market is classified into local electrified roads and long-distance electrified roads. long-distance electrified roads are projected to expand at the fastest rate in the global electric highway market during the forecast period. This is because extensive infrastructure investments would be required before long-distance electric highways could be widely used. Governments, corporations, and other interested parties would need to commit resources in order to build and maintain the necessary infrastructure.
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*North America is anticipated to hold the largest share of the global Electric Highway market over the predicted timeframe.*
North America is expected to hold the greatest share of the global electric highway market in the coming years. Wirelessly powered roads are something that some of the region's nations have already begun experimenting with; this is regarded as an industrial innovation that will highlight the region's market dominance. Encouraging R&D expenditures in the public and private sectors can lead to innovation in electrified road technologies.
Europe is anticipated to expand at the fastest rate in the global electric highway market throughout the forecast period. Numerous green transportation initiatives are also pushing for the usage of electric vehicles. The area's need for electrified road infrastructure and a reliable charging system will only grow as more residents buy electric cars.
*Competitive Analysis:*
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Electric Highway Market include ALE International, ABB Ltd., Honeywell International Inc, AT&T Inc, Cisco Systems Inc, Huawei Technologies Co. Ltd, LG CSN, IBM Corporation, Schneider Electric SE, Siemens AG, and others.
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*Recent Developments*
· *In September 2022*, the Union Minister of India stated that they are working on developing/building electrified or electric roads for heavy duty buses and trucks.
*Key Target Audience*
· Market Players
· Investors
· End-users
· Government Authorities
· Consulting And Research Firm
· Venture capitalists
· Value-Added Resellers (VARs)
*Market Segment*
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Electric Highway Market based on the below-mentioned segments:
*Global Electric Highway Market, By Technology*
· Overhead Lines
· Rail
· Inductive
*Global Electric Highway Market, By Scale*
· Local Electrified Roads
· Long-distance Electrified Roads
*Global Electric Highway Market, Regional Analysis*
· North America
· US
· Canada
· Mexico
· Europe
· Germany
· UK
· France
· Italy
· Spain
· Russia
· Rest of Europe
· Asia Pacific
· China
· Japan
· India
· South Korea
· Australia
· Rest of Asia Pacific
· South America
· Brazil
· Argentina
· Rest of South America
· Middle East & Africa
· UAE
· Saudi Arabia
· Qatar
· South Africa
· Rest of Middle East & Africa
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*About the Spherical Insights & Consulting*
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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