REPORT HIGHLIGHT
Road Maintenance Market size was valued at USD 15,204.9 Million in 2022, expanding at a CAGR of 6.2% from 2023 to 2030.
Road maintenance is essential for road network safety, duration, and functionality. It is work done on various roads. These roads could be highways or minor backroad paths. This work is being done to guarantee that these roadways, whatever type they are, remain robust, safe, and efficient. To ensure that roads are adequately maintained, governments must execute a planned and methodical strategy, checking roads on a regular basis and prioritizing repair requirements. They ought to invest in cutting-edge technologies such as GIS and data analytics to improve maintenance efficiency and efficacy. The quality of the original road's construction is directly related to highway maintenance.
Road Maintenance Market - Market Dynamics:
- The rising number of road accidents, increasing demand to reduce fatalities, and increasing investments in maintenance operations
- A high frequency of vehicle accidents frequently causes controversy and calls for better road conditions. The general populace continues to hold governments accountable for road conditions, creating political pressure for maintenance. The National Safety Council (NSC) estimate of motor-vehicle deaths in the first 6 months of 2023 is 21,130, down 3% from 21,870 in 2022. Mileage in the first half of 2023 increased 2.3% from 2022 and was up 5.1% from 2021. Also, New technologies, such as Internet of Things sensors for monitoring road conditions and improved materials for longer-lasting roads, are becoming more widely available and cheap. This makes road maintenance operations more effective and efficient. However, Environmental concerns about certain road materials or maintenance procedures can result in regulatory problems.
Road Maintenance Market - Key Insights:
- As per the analysis shared by our research analyst, the global Road Maintenance market is estimated to grow annually at a CAGR of around 6.2% over the forecast period (2023-2030)
- Based on product type segmentation, Pavement Management was predicted to show maximum market share in the year 2022
- Based on Application segmentation, Highway was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Road Maintenance Market- Segmentation Analysis:
- The Global Road Maintenance Market is segmented on the basis of Product Type, Application, and Region.
- The market is divided into four categories based on product type: Maintenance of Road Fixtures, Litter Control, Vegetation Management, and Others. The Pavement Management sector dominates the market. Road maintenance and pavement management are vital components of global transportation infrastructure networks. Road maintenance and pavement management are essential for preserving the safety and lifespan of road networks, lowering road life-cycle costs, and increasing regional economic productivity by providing smooth transportation routes.
- The market is divided into three categories based on application: Highway, Road, Street, and Others. The highway segment dominates the market. Highways are essential to the connectivity, trade, and economic prosperity of regions and countries. Their upkeep is critical to ensuring safety, efficient mobility, and the longevity of the infrastructure.
Road Maintenance Market - Geographical Insights:
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Europe is expected to dominate the market growth, due to owing to rapid urbanization, population expansion, and increasing economic activities. Many Eastern European countries experienced rapid urbanization after joining the European Union. This expansion necessitates the expansion and routine maintenance of road networks. In 2022-23, IBISWorld estimates that 84.4% of the total UK population will live in an urban area, an increase of 0.3 percentage points from the previous year. The European Union spends extensively in infrastructure development and maintenance across member states, particularly in less developed regions, through funds such as the Cohesion Fund and the European Regional Development Fund. North and Asia's pacific region expected to drive market growth in upcoming years, due to rapidly growing tourism industry and technology advancement in road construction material.
Road Maintenance Market- Competitive Landscape:
The intense competition in the road maintenance market can be difficult due to its broad reach, which can vary from local roads to major highway networks. Government laws, the presence of multinational and domestic enterprises, technical breakthroughs, and special regional requirements all have an impact on the market. Road maintenance projects often involve several significant infrastructure and construction corporations, especially when it comes to major highways and interstates. Companies that invest in innovative technology and processes, such as upgraded pavement materials, drones for inspection, or data analytics for predictive maintenance, can gain a competitive advantage. for example, In August 2022, Downer is investing USD10 million in the construction of a state-of-the-art asphalt manufacturing facility in northern Tasmania, in a demonstration of its commitment to a long-term future in the state.
Recent Developments:
On 2 AUG, 2023, Arup was appointed by the Department for Transport (DfT) to monitor and evaluate the carbon-busting highways innovations being developed under the £30M Live Labs 2 initiative. Live Labs 2 is a DfT-funded initiative run by the Association of Directors of Environment, Economy, Planning & Transport (Adept) that aims to develop innovative solutions that will support the decarburization of local highway infrastructure and assets.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL ROAD MAINTENANCE MARKET KEY PLAYERS
- Eiffage
- Andrade Gutierrez
- ITINERA
- Anas
- Hochtief
- Skanska
- Louis Berger
- Colas Group
- Downer Group
- Egis Group
- Infrastructure Corporation of America
- Vinci
- Acciona
- Galvao Engenharia
- Granite Construction
- DBi Services
- Egesa Engenharia
- Balfour Beatty
- Kier Group
- Leonhard Weiss
- Simco
- Strabag
- FM Conway
GLOBAL ROAD MAINTENANCE MARKET, BY PRODUCT TYPE
- Pavement Management
- Maintenance of Road Fixtures
- Litter Control
- Vegetation Management
- Others
GLOBAL ROAD MAINTENANCE MARKET, BY APPLICATION
- Highway
- Road
- Street
- Others
GLOBAL ROAD MAINTENANCE MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA