India as a developing economy and being second most populous with third largest purchasing power makes it a centre for marketing all sorts of global electrical, electronic and white goods. This leads to generation of e-waste in tremendous amounts that poses a number of issues to human, environmental components and imparts a threat to the natural resources on exploitation. The generated e-waste is of non-point source in nature that challenges the collection or buyback of e-waste to aid recycling or recovery of resources. As well as, the collection, treatment and disposal are not done at the place of origin of waste itself, which mandates the transit of e-waste from one location to another. The transit of such e-waste in the case of a city or town is handled by the informal sector as of now using the road as the mode of transportation. Transportation via road is a most challenging task due to the exploding traffic congestion that exists at important junctures. In developing countries like India, road transport is still controlled using manual or other automated signals. Hence, an Intelligent Transportation System is the need of the hour. In this study, we propose a hybrid optimization algorithm that incorporates Support Vector Machine and Ant Colony Optimization with Internet of Vehicles to arrive at an effective traffic management solution. The results of the study are promising over other existing optimization techniques such as Particle Swarm Optimization, Artificial Bee Colony Optimization and Support Vector Machine.