Global Roads And Highways Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers
5 Jul, 2023
The global roads and highways market size is expected to grow from $674.98 billion in 2022 to $716.74 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. 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 roads and highways market size is expected to reach $871.36 billion in 2027 at a CAGR of 5.0%.
Global Roads And Highways Market Key Driver
Increasing vehicle production is likely to drive the expansion of the roads and highways market in the future. The word vehicle manufacture refers to the mass production of identical models for sale to the general population. Most drivers like to travel on highways because they are long, straight roads that connect places, making it easier to travel on them. Furthermore, highway travel saves petroleum because it reduces the distance between cities.
Get a sample of the global roads and highways market reportGlobal Roads And Highways Market Segments
The global roads and highways market 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
4) By Geography: The regions covered in the roads and 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 roads and highways market.
Major Roads And Highways Industry Players
Afcons Infrastructure Limited, Dilip Buildcon Limited, Tata Projects, China Communications Construction Company Ltd., Granite Construction Inc., Hunan Road and Bridge Construction Group Co. Ltd., Kiewit Corporation, Lane Construction Corporation, Sichuan Railway Investment Group Co. Ltd., Larsen & Toubro Ltd., IRB Infrastructure Developers Limited
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Roads And Highways Market Overview
A road refers to a long, narrow section of land having a leveled or paved surface designed for vehicular and pedestrian traffic while a busy route with multiple lanes is called a highway. Roads and highways have been the main means by which entire economies and communities have arisen and grown over time. It involves the design and construction of roads and highways.
Roads And Highways Global Market Report 2023 provides data on the global roads and highways market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The roads and highways market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.