The roads and highways market has seen steady growth, expected to rise from $706.07 billion in 2023 to $737.05 billion in 2024, at a CAGR of 4.4%. Factors such as urbanization and economic development have contributed to this growth. By 2028, the market is projected to reach $887.16 billion, with a CAGR of 4.7%, driven by smart transportation solutions and sustainable infrastructure practices.
Major Driver In The Roads And Highways Market
The growth of the roads and highways market is anticipated to be driven by the increasing production of vehicles. Vehicle production involves mass manufacturing of identical models offered for sale to the public. Highways, being long and straight roadways connecting different locations, are preferred by most drivers, promoting fuel efficiency due to shorter distances between cities. According to a report by the European Automobile Manufacturers' Association (ACEA) in March 2022, the sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Moreover, global vehicle production reached 63.2 million in 2021, reflecting a 2.7% increase. Therefore, the rising production of vehicles continues to propel the growth of the roads and highways market, with market size values in 2023 and 2024 underscoring this upward trend.
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Roads And Highways Market Competitive Landscape
China Communications Construction Company Ltd., Vinci SA, Bouygues SA, ACS Group, CRH plc, Larsen & Toubro Ltd., STRABAG SE, Tata Projects, Bechtel Corporation, Jacobs Engineering Group Inc., Colas SA, Skanska AB, Fluor Corporation, Kiewit Corporation, AECOM, Acciona S.A., Balfour Beatty plc, Ferrovial S.A., Royal BAM Group, Porr AG, Granite Construction Inc., Lane Construction Corporation, Dilip Buildcon Limited, Walsh Construction LLC, Heidelberg Cement AG, IRB Infrastructure Developers Limited, Eurovia UK Limited, Hunan Road and Bridge Construction Group Co Ltd., Afcons Infrastructure Limited, Sichuan Railway Investment Group Co Ltd.
Key Roads And Highways Market Trend
Technological advancements have emerged as a key trend gaining popularity in the roads and highways market. Major companies operating in the roads and highways market are focused on incorporating advanced technologies to strengthen their position in the market. For instance, in February 2023, the Ministry of Road Transport and Highways, an organization under the Central Government of India, launched Skye UTM, an unmanned traffic management system that helps speed up highway construction, monitor deadly traffic accidents, and supervise real-time traffic monitoring. Skye UTM is a cloud-based system for managing air traffic that links manned and unmanned flights together. In order to provide situational awareness, autonomous navigation, risk assessment, and traffic management to all drone and other aerial mobility operators throughout the airspace, Skye UTM is the most sophisticated and indigenous aerial traffic management platform.
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Roads And Highways Market Segmentation
The roads and highways market covered in this report is segmented –
1) By Product Types: Road construction and maintenance, Highway construction and maintenance
2) By Technology: Intelligent transport management system, Intelligent traffic management system, Communication system, Monitoring System, Other Technologies
3) By End Use: First-class roads, Substandard roads, Highways, Second-class roads, Third-class roads
By Geography:The regions covered in the roads and highways market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the roads and highways market in 2023.
The Roads And Highways Global Market Report 2024 furnishes information about the global roads and highways 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.
