The road maintenance market has expanded consistently, with growth from $13.68 billion in 2023 to $14.49 billion in 2024, at a CAGR of 5.9%. This is driven by rising traffic, government infrastructure programs, aging roads, urbanization, and a focus on public safety.
The road maintenance market is expected to reach $18.31 billion by 2028, growing at a CAGR of 6.0%. This growth is due to smart city initiatives, electric vehicle adoption, environmental regulations, population growth in urban areas, and increased toll road development. Trends include AI for predictive maintenance, IoT integration for road monitoring, green infrastructure development, robotics for road repairs, and 3D road printing implementation.
Major Driver In The Road Maintenance Market
The increasing number of road accidents is anticipated to drive the growth of the road maintenance market, influenced by factors such as rising vehicle traffic, distracted driving, and deteriorating road conditions. Proper road maintenance plays a crucial role in preventing accidents by addressing issues like potholes, surface repairs, and upgrading safety features, thereby enhancing overall road safety. A report from the Bureau of Infrastructure and Transport Research Economics (BITRE) in May 2023 revealed that road crash deaths in Australia reached 1,194 in 2022, reflecting a 5.8% increase from 2021. This highlights the urgent need for improved road maintenance, which is expected to boost the market.
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Road Maintenance Market Competitive Landscape
Vinci SA, CRH Total, Group ACS, Hochtief AG, Eiffage S.A., Bechtel Corporation, Dawson Road Maintenance, Colas Group, Cemex S.A.B. de C.V., Fluor Corporation, Kiewit Corporation, AECOM, Downer Group, Sika AG, Balfour Beatty plc, Ferrovial S.E., Martin Marietta Materials Inc., Granite Construction, Tarmac, The Miller Group, Heidelberg Materials, Crafco Inc., Midland Asphalt Materials Inc.
Key Road Maintenance Market Trend
Companies in the road maintenance market are developing innovative systematic inspection solutions to improve infrastructure quality and safety. These solutions use advanced technologies like sensors, AI, and drones to monitor road conditions. In May 2024, the National Highways Authority of India (NHAI) launched Highway Maintenance Units (HMUs) to enhance highway upkeep. These units conduct inspections and maintenance activities, aiming to improve road safety and provide a better travel experience while addressing national highway infrastructure issues.
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Global Road Maintenance Market Segmentation
The road maintenance market covered in this report is segmented –
1) By Product: Pavement Management, Maintenance To Road Fixtures, Litter Control, Vegetation Management
2) By Pavement: Asphalt, Concrete
3) By Roadways: Highways, Lower Traffic Volume Roadways, Local streets
4) By Managing Agencies: Federal, State, Municipal
By Geography:The regions covered in the road maintenance market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the road maintenance market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The Road Maintenance Global Market Report 2024 furnishes information about the global road maintenance market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
