Highways Market Trends, Insights, Share, Demand, and Size Report 2024

The Highways by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Highways, The highways market size has grown steadily in recent years. It will grow from $428.56 billion in 2023 to $449.59 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to population growth and urbanization, economic development, industrialization and trade, government infrastructure investments, changing mobility patterns..

The highways market size is expected to see strong growth in the next few years. It will grow to $551.14 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to urban mobility solutions, smart city initiatives, resilience planning, public-private partnerships, sustainable transportation.. Major trends in the forecast period include high-speed rail connectivity, intelligent transportation systems (its), innovative toll collection methods, bicycle and pedestrian infrastructure, climate-resilient highway design..

The rise in the number of vehicles is expected to propel the growth of the highway market going forward. A vehicle is a means used to carry or transport a person or something from one place to another. Vehicles require highways in good condition as they connect large metropolises and rural communities across the country, which helps in the quick transportation of people and products. Therefore, the rise in the number of vehicles is driving the growth of the highway market. For instance, in February 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization that provides analysis and data on the entire global energy sector, the sales of electric cars worldwide increased by around 60% in 2022, surpassing 10 million, up from sales of 6.6 million in 2021. Therefore, the rise in the number of vehicles is driving the highway market.

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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 Technolgy: Smart Traffic Management Systems, Smart Transport Management Systems, Monitoring Systems, Communication System

Technological advancements are a key trend gaining popularity in the highway market. Companies operating in the highway market are adopting new technologies to sustain their position in the market. For instance, in November 2021, the Vienna government of Austria and Kapsch TrafficCom, an Austria-based provider of transportation solutions for sustainable mobility, launched Traffic Management 2.0. for smart transportation management and traffic management. It is uniquely designed to improve the traffic conditions that help in the CO2 (carbon dioxide) balance saving up to 15% of emissions thereby improving air quality.

The highways market report table of contents includes: