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 growing number of cars is likely to stimulate innovation in road construction, propelling the market during the forecast period.

The global roads market is expected to grow from $267.01 billion in 2022 to $280.99 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The global roads market size is expected to reach $330.74 billion in 2027 at a CAGR of 4.2%.

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Global Roads Market Segments Include:

• By Type: Highway, Street, Bridge
• By Component: Hardware, Software, Service
• By Construction Type: New Construction, Reconstruction, Repair
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global roads market in 2021.

Major Market Players in the roads 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 improvement is a crucial trend that is gaining traction in the road sector. To increase their market position, major road construction companies are focusing on the utilisation of new technologies in road construction operations. 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, monitors deadly traffic accidents, and supervises real-time traffic monitoring. Skye UTM is a cloud-based air traffic management system that connects manned and unmanned flights.

The Roads Global Market Report 2023  provides a roads market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The roads market forecast analyzes roads market size, roads 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 paved or smoothed terrain intended for use by motor vehicles. Roads connect numerous cities, towns, and even villages, and they serve as an important means of transporting automobiles and people from one location to another. It entails road design and construction.

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