What Has Been the Growth Trajectory for the Roads Market in Recent Years?
The roads market has seen considerable growth due to a variety of factors.
• The steady expansion of the roads market has been observed over the past few years. It is predicted to increase from $271.53 billion in 2024 to $280.82 billion in 2025, with a compound annual growth rate (CAGR) of 3.4%. This growth has been influenced by factors such as increasing population and urbanization, economic progression, industrialization and commerce, government investments in infrastructure, along with evolving patterns in mobility.
What Is The Expected Growth In The Roads Market Size In The Coming Years?
The Roads market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for roads is projected to experience consistent expansion in the near future, reaching a value of $329.77 billion in 2029 with an annual growth rate (CAGR) of 4.1%.
This progression in the forecast period is credited to the incorporation of renewable energy, solutions for urban mobility, initiatives for smart cities, resilience planning, and sustainable transportation. The significant trends during this prediction period encompass the adoption of sophisticated materials, the integration of self-driving vehicles, public and private sector collaborations, the incorporation of varying modes of transportation, as well as climate change adaptation and resilience.
What Main Forces Are Fueling Expansion In The Roads Market?
The surge in vehicle numbers is poised to stimulate expansion in the roads market. Vehicles, land-based machines often furnished with wheels and an engine like motor vehicles, primarily use roads as transportation networks and characteristically depend on roads for the transportation of people and goods. This reliance is poised to create a demand for road construction. For example, figures from the US-based non-profit, the National Association of Insurance Commissioners, in December 2022 predicted that by 2025, US roads will host 3.5 million autonomous vehicles, a figure expected to rise to 4.5 million by 2030. Consequently, the swelling vehicle count is fueling the progression of the roads market.
What Are The Primary Segments In The Global Roads Market?
The roads market covered in this report is segmented –
1) By Component: Hardware, Software, Service
2) By Type: Highway, Street, Bridge
3) By Construction Type: New Construction, Reconstruction, Repair
Subsegments:
1) By Hardware: Road Signs, Traffic Signals, Barriers And Bollards, Road Marking Materials, Sensors And Cameras
2) By Software: Traffic Management Systems, Navigation And Mapping Software, Road Design Software, Fleet Management Software, Incident Management Software
3) By Service: Maintenance And Repair Services, Consulting Services, Installation Services, Data Analysis And Reporting Services, Traffic Monitoring Services
Pre-Book The Roads Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Key Trends Are Driving Changes In The Roads Market?
Embracing technological advancements is a crucial and emerging trend in the roads market. Companies involved in the roads market are employing cutting-edge technologies in their road-building activities to consolidate their market position. An example occurred in February 2023 when the Ministry of Road Transport and Highways, a department under the Indian Central Government, introduced Skye UTM. This is an unmanned traffic management system designed to expedite highway construction, oversee lethal traffic incidents and conduct real-time traffic monitoring. Skye UTM is an advanced cloud-based air traffic management system that consolidates manned and unmanned flights. The system delivers situational awareness, autonomous navigation, risk evaluation, and traffic management to all drone and other aerial mobility operators in the airspace, proving Skye UTM to be the most innovative and native aerial traffic management platform.
Who Are the Key Players In The Roads Market?
Major companies operating in the roads market include:
• Afcons Infrastructure Limited
• Dilip Buildcon Limited
• Tata Projects Limited
• 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 Limited
• IRB Infrastructure Developers Limited
• H.G. Infra Engineering Limited
• NCC Infrastructure Holdings Limited
• Muscat Road Construction & Civil Works LLC
• PNC Infratech Limited
• Caterpillar Inc.
• Komatsu Ltd.
• Volvo Construction Equipment
• Wirtgen GmbH
• Dynapac Road Construction Equipment India Pvt. Ltd.
• The Lane Construction Corporation
• JMC Projects Ltd.
• Gayatri Projects Limited
• Hindustan Construction Company Limited
• Nagarjuna Construction Company Limited
• Bhartia Infra Projects Ltd.
• Sany Heavy Industry Co. Ltd.
• Palfinger AG
• Terex Corporation
• Liebherr-International AG
• Deere & Company
• Zoomlion Heavy Industry Science and Technology Co. Ltd.
• Fayat Group
• Wacker Construction Equipment AG
• Ammann Group Holding AG
• CNH Industrial
• Hitachi Sumitomo Heavy Industries Construction Cranes Co. Ltd.
What Is The Most Dominant Region In The Roads Market?
Asia-Pacific was the largest region in the roads market in 2024. The regions covered in the roads market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
