Overview and Scope
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.
Sizing and Forecast
The roads and highways market size has grown steadily in recent years. It will grow from $706.07 billion in 2023 to $737.05 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to urbanization and population growth, economic development, tourism and travel trends, trade and commerce expansion, population mobility.
The roads and highways market size is expected to see steady growth in the next few years. It will grow to $887.16 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to smart transportation solutions, sustainable and green infrastructure, infrastructure resilience, adoption of electric vehicles (EVs), integration of autonomous vehicles. Major trends in the forecast period include public-private partnerships (PPPs), smart infrastructure and technology integration, focus on sustainable and eco-friendly practices, adoption of advanced materials, emphasis on safety measures.
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Segmentation & Regional Insights
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
North America was the largest region in the roads and highways market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global roads and highways market report during the forecast period. The regions covered in the roads and highways market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing production of vehicles is expected to propel the growth of the roads and highways market going forward. The term vehicle production refers to the mass manufacturing of identical models that are offered for sale to the public. Most of the drivers prefer traveling on highways, as they are the long, straight roadways that connect places with one another, making it simpler to travel on them. Moreover, highway travel allows for fuel savings because it shortens the distance between cities. For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), a Belgium-based main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the increasing production of vehicles is driving the growth of the roads and highways market.
Key Industry Players
Major companies operating in the roads and highways market report are 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.
The roads and highways market report table of contents includes:
1. Executive Summary
2. Roads And Highways Market Report Structure
3. Roads And Highways Market Trends And Strategies
4. Roads And Highways Market – Macro Economic Scenario
5. Roads And Highways Market Size And Growth
…..
32. Global Roads And Highways Market Competitive Benchmarking
33. Global Roads And Highways Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Roads And Highways Market
35. Roads And Highways Market Future Outlook and Potential Analysis
36. Appendix
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