Highways Market Growth Trajectory – Insights On Key Drivers, Major Trends, And Top Opportunities
10 Jul, 2023
The global highways market size is expected to grow from $407.97 billion in 2022 to $435.75 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global highways market size is expected to reach $540.62 billion in 2027 at a CAGR of 5.5%.
Global Highways Market Key Driver
The increasing number of cars is likely to propel the expansion of the highway market in the future. A vehicle is a way of transporting a person or object from one location to another. Highways must be in good condition since they connect huge metropolises and rural areas across the country, allowing for speedy transportation of people and goods. As a result, the increase in the number of vehicles is propelling the growth of the highway market.
Get a sample of the global highways market reportGlobal Highways Market Segments
The global highways market is segmented:
1) By Type: Road Construction And Maintenance, Highway Construction And Maintenance
2) By Component: Hardware, Software, Service
3) By Product Technolgy: Smart Traffic Management Systems, Smart Transport Management Systems, Monitoring Systems, Communication System
4) By Geography: The regions covered in the highways market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global highways market.
Major Highways Industry Players
Granite Construction Inc., Fujian Expressway Development Co. Ltd., Hunan Communication & Water Conservancy Group Ltd., Sichuan Railway Investment Guangrun Logistics Co. Ltd., IBI Group, Construction Partners Inc., Tutor Perini Corporation, Stanley Road Construction, Muscat Road Construction & Civil Works LLC, PNC Infratech Limited, New Road Construction Management, Kokosing Construction Company, Sanders Brothers, Rogers Group Inc., R.S. Audley Inc.
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Highways Market Overview
A highway refers to a main road that connects towns or cities. Because they are wide and have high-speed limits, they decrease travel time.
Highways Global Market Report 2023 provides data on the global highways market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The highways market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.