The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The increase in vehicle numbers is projected to promote innovation in highways manufacturing, propelling the market during the forecast period.

The global highways market is expected to grow from $407.97 billion in 2022 to $435.75 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The global highways market size is expected to reach $540.62 billion in 2027 at a CAGR of 5.5%.

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Global Highways Market Segments Include:

• By Type: Road Construction And Maintenance, Highway Construction And Maintenance
• By Component: Hardware, Software, Service
• By Product Technology: Smart Traffic Management Systems, Smart Transport Management Systems, Monitoring Systems, Communication System
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global highways market in 2021.

Major Market Players in the highways market include Granite Construction Inc., Fujian Expressway Development Co. Ltd., Hunan Communication & Water Conservancy Group Ltd., Sichuan Railway Investment Guangrun Logistics Co. Ltd.

Technological developments are a major trend that is gaining traction in the highway business. Companies in the highway market are embracing new technology in order to maintain their market position. For example, the Vienna government of Austria and Kapsch TrafficCom, an Austria-based provider of transport solutions for sustainable mobility, will launch Traffic Management 2.0 in November 2021 for smart transport management and traffic management. It is specially developed to enhance traffic conditions, consequently reducing CO2 (carbon dioxide) emissions by up to 15% and increasing air quality.

The Highways Global Market Report 2023  provides a highways market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The highways market forecast analyzes highways market size, highways market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A highway is a major road that connects towns and cities. They reduce travel time since they are wide and have high-speed limits.

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