How Has the Highways Market Evolved Historically and What is its Current Size?
The highways market has seen considerable growth due to a variety of factors.
• The size of the highways market has seen a consistent rise over the recent past. It is forecasted to increase from $426.26 billion in 2024 to $446.62 billion in 2025, marking a compound annual growth rate (CAGR) of 4.8%. Factors contributing to this growth during the historic phase include population expansion and urbanization, economic progress, trade along with industrialization, government investments in infrastructure, and evolving transport patterns.
What Does Future Hold for The Highways Market Size Evolve over the Forecast Period?
The Highways market is expected to maintain its strong growth trajectory in upcoming years.
• The projected increase in the size of the highways market is quite significant, with expectations of it expanding to $549.44 billion by 2029, displaying a compound annual growth rate (CAGR) of 5.3%.
Numerous factors contribute to this predicted growth within the forecast period, such as the implementation of urban mobility solutions, the establishment of smart cities, resilience planning, the collaboration of public and private enterprises, and the push for sustainable transport. The forecast period is also expected to see specific developments such as high-speed rail connections, the enhancement of intelligent transportation systems (ITS), innovative methods of toll collection, the building of bicycle and pedestrian-friendly infrastructure, and the design of highways that can withstand climate change.
What Are The Primary Growth Drivers In The Highways Market?
The highway market's growth is projected to be boosted by the rising number of vehicles. As vehicles, which transport people or items from one location to another, require well-maintained highways that facilitate connections between large cosmopolitan areas and rural communities nationwide, their increasing numbers are driving the highway market's expansion. These highways enable swift transportation of individuals and goods. For example, the International Energy Agency, a France-based autonomous intergovernmental organization providing analysis and data on the global energy sector, reported in February 2023 that electric car sales worldwide saw a roughly 60% surge in 2022, exceeding 10 million from 6.6 million the previous year. Consequently, the highway market is being propelled by the increasing vehicle population.
What Is The Segmentation Of The Global Highways Market?
The highways market covered in this report is segmented –
1) By Type: Road Construction And Maintenance, Highway Construction And Maintenance
2) By Component: Hardware, Software, Service
3) By Product Technology: Smart Traffic Management Systems, Smart Transport Management Systems, Monitoring Systems, Communication System
Subsegments:
1) By Road Construction And Maintenance: New Road Construction, Road Rehabilitation And Resurfacing, Routine Maintenance, Emergency Repairs, Road Expansion Projects
2) By Highway Construction And Maintenance: New Highway Construction, Highway Widening Projects, Bridge Construction And Maintenance, Interchange Development, Highway Rehabilitation And Repair
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What Emerging Trends Are Shaping The Highways Market Landscape?
Prominent firms in the highways sector are concentrating on creating inventive solutions such as GIS-based highway monitoring software, which assimilates state-of-the-art technologies for real-time traffic regulation, improved safety measures, and minimized effect on the environment. The mentioned software makes use of Geographic Information Systems to gather, study, and represent data concerning highway infrastructure and operations. For example, the National Highways Authority of India, an Indian authority, launched GIS-based software for monitoring 100 toll booths on national highways in September 2024, with an objective to boost the flow of traffic and diminish traffic congestion. The creative system facilitates live tracking of queue lengths, waiting periods, and vehicle velocities, alongside delivering traffic jam warnings and recommendations for lane supervision. The software is designed to share detailed data including weather changes, traffic situations, and local incidents, allowing for pre-emptive management of traffic. Initiated with a focus on 100 toll booths identified via user feedback, the project is being prepared for further expansion.
Who Are the Key Players In The Highways Market?
Major companies operating in the highways market include:
• Granite Construction Inc.
• Fujian Expressway Development Co. Ltd.
• Hunan Communication & Water Conservancy Group Ltd.
• 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 Construction Company Inc.
• Rogers Group Inc.
• R.S. Audley Inc.
• Kiewit Corporation
• The Lane Construction Corporation
• Skanska USA
• Fluor Corporation
• AECOM Inc.
• Jacobs Engineering Group Inc.
• Clark Construction Group LLC
• PCL Construction Enterprises Inc.
• McCarthy Building Companies Inc.
• The Whiting-Turner Contracting Company
• Swinerton Inc.
• Mortenson Constructions
• DPR Construction
• Gilbane Building Company
• JE Dunn Construction
• Hathaway Dinwiddie Construction Company
• Sundt Construction Inc.
• Ryan Companies US Inc.
• The Boldt Company
• Gray Construction Services Inc.
What Are The Regional Insights Into The Highways Market?
North America was the largest region in the highways market in 2024. The regions covered in the highways market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
