Global Roads And Highways Market Size, Drivers, Trends, Opportunities And Strategies – Includes Roads And Highways Market Share
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
Vehicle production is predicted to drive innovation in road and highway construction, propelling the market throughout the forecast period.
The global roads and highways market 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 global roads and highways market size is expected to reach $871.36 billion in 2027 at a CAGR of 5.0%.
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Global Roads And Highways Market Segments Include:
- By Product Types: Road construction and maintenance, Highway construction and maintenance
- By Technology: Intelligent transport management system, Intelligent traffic management system, Communication system, Monitoring System, Other Technologies
- By End Use: First-class roads, Substandard roads, Highways, Second-class roads, Third-class roads
- 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 roads and highways market in 2021.
Major Market Players in the roads and highways market include Afcons Infrastructure Limited, Dilip Buildcon Limited, Tata Projects, China Communications Construction Company Ltd., Granite Construction Inc., Hunan Road and Bridge Construction Group Co. Ltd.
Technological developments have emerged as a prominent trend gaining traction in the market for roads and highways. Major road and highway firms are focusing on implementing innovative technologies in order to increase their market position. For example, in February 2023, the Ministry of Road Transport and Highways, a Central Government of India organisation, launched Skye UTM, an unmanned traffic management system that helps speed up highway construction, monitor deadly traffic accidents, and supervise real-time traffic monitoring. Skye UTM is a cloud-based air traffic management system that connects manned and unmanned flights. Skye UTM is the most sophisticated and indigenous aerial traffic management platform, providing situational awareness, autonomous navigation, risk assessment, and traffic management to all drone and other aerial mobility operators throughout the airspace.
The Roads And Highways Global Market Report 2023 provides a roads and highways market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The roads and highways market forecast analyzes roads and highways market size, roads and 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 road is a long, narrow stretch of land with a levelled or paved surface built for vehicle and pedestrian traffic, whereas a highway is a busy route with numerous lanes. Roads and roads have historically been the primary means through which entire economies and towns have emerged and flourished. It entails the planning and construction of roads and highways.
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