Roads And Highways Global Market Report 2024

A road is a long, narrow section of land with a leveled or paved surface designed for vehicular and pedestrian traffic. Roads provide essential infrastructure for transportation, connecting different regions and facilitating the movement of goods and people. Highways are busy routes with multiple lanes, serving as major transportation arteries for large volumes of traffic. The design and construction of roads and highways are vital components of urban and regional planning.

Roads and highways products are categorized into road construction and maintenance, and highway construction and maintenance. Road construction and maintenance involve preservation, repairs, resurfacing, and new road construction, incorporating technologies such as intelligent transport management systems, intelligent traffic management systems, communication systems, monitoring systems, and others. This spans the creation of first-class roads, substandard roads, highways, second-class roads, and third-class roads.

The roads and highways market research report is one of a series of new reports from The Business Research Company that provides roads and highways market statistics, including roads and highways industry global market size, regional shares, competitors with a roads and highways market share, detailed roads and highways market segments, market trends and opportunities, and any further data you may need to thrive in the roads and highways industry. This roads and highways market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The roads and highways market size has grown steadily in recent years. It will grow from $706.07 billion in 2023 to $737.05 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The historical period's expansion can be credited to factors such as urbanization, population growth, economic development, trends in tourism and travel, as well as the expansion of trade, commerce, and population mobility.

The roads and highways market size is expected to see steady growth in the next few years. It will grow to $887.16 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to the adoption of smart transportation solutions, the development of sustainable and green infrastructure, an increased focus on infrastructure resilience, the growing adoption of electric vehicles (EVs), and the integration of autonomous vehicles. Major trends in the forecast period include the promotion of public-private partnerships (PPPs), the integration of smart infrastructure and technology, a heightened emphasis on sustainable and eco-friendly practices, the adoption of advanced materials, and a strong focus on safety measures.

The anticipated growth in vehicle production is poised to drive the expansion of the roads and highways market. Vehicle production involves the mass manufacturing of identical models intended for public sale. Highways, being long and straight roadways connecting different places, are preferred by most drivers due to their simplicity and fuel-saving advantages, shortening the distance between cities. For example, a report from the European Automobile Manufacturers' Association (ACEA) published in March 2022 revealed a 5.5% increase in sales of passenger cars in the U.S., reaching 11.9 million units in 2021. In the same year, over 6.3 million passenger cars were produced in U.S. auto facilities, reflecting a 3.1% increase from 2020. Chinese automakers also experienced a 7.1% increase, producing 20.7 million vehicles in 2021. Globally, the total number of cars produced in 2021 rose by 2.7% to 63.2 million. Consequently, the growing vehicle production is a significant driver for the roads and highways market.

The escalating issue of traffic congestion is anticipated to fuel the growth of the roads and highways market in the coming years. Traffic congestion occurs when the number of vehicles on a road exceeds its capacity, resulting in reduced vehicle speed and extended travel times. To address and leverage the challenges posed by increasing traffic congestion, governments and commercial organizations are undertaking infrastructure projects, modifications, and implementing smart traffic management technologies. For instance, as of July 2023, the Department of Transport, a UK-based government department overseeing the English transport network, reported a higher overall traffic volume in 2022 compared to 2021. During this period, motor vehicle traffic on British roadways increased by 8.8% to 323.8 billion vehicle miles. Thus, the rise in traffic congestion is a driving force for the roads and highways market.

Technological advancements have become a prominent trend in the roads and highways market, with major companies strategically integrating advanced technologies to enhance their market positions. A notable example is the Ministry of Road Transport and Highways under the Central Government of India, which introduced Skye UTM in February 2023. Skye UTM is an unmanned traffic management system designed to expedite highway construction, monitor traffic accidents, and oversee real-time traffic conditions. This cloud-based system connects manned and unmanned flights, providing sophisticated aerial traffic management that includes situational awareness, autonomous navigation, risk assessment, and traffic management for drone and aerial mobility operators in the airspace.

Major companies in the roads and highways market are focusing on introducing novel products such as universal-class pavers to better cater to the needs of their existing clientele. An exemplary instance is VOGELE, a Germany-based road paving equipment manufacturing company, which unveiled the SUPER 1880 L in May 2023. The SUPER 1880 L is a robust tracked paver known for its versatility, designed to handle various road-building and paving activities. With a maximum pave width of 9.5 m, it is well-suited for highway and rural road projects, available at emission levels 3 and below. The Vogele SUPER 1880 L's sturdy structure allows for paving cold, coarse substances and hot asphalt layers, making it versatile for multiple paving applications, including highways, A roads, and B roads.

In September 2021, Bird Construction, a Canada-based institutional building construction company, acquired Dagmar Construction Inc. for $32 million. This strategic acquisition aims to provide Bird Construction with increased opportunities to expand its contacts and capabilities in Canada's largest civil infrastructure market. Additionally, it enables the company to undertake more specialized projects and achieve higher self-perform margins. Dagmar Construction Inc., the acquired entity, is a Canada-based construction company with extensive experience in civil infrastructure, covering areas such as rail, road, bridge, sewer, and commercial and institutional sites.

Major companies operating in the roads and highways market report are China Communications Construction Company Ltd., Vinci SA, Bouygues SA, ACS Group, CRH PLC, Larsen & Toubro Ltd., STRABAG SE, Tata Projects, Bechtel Corporation, Jacobs Engineering Group Inc., Colas SA, Skanska AB, Fluor Corporation, Kiewit Corporation, AECOM, Acciona S.A., Balfour Beatty PLC, Ferrovial S.A., Royal BAM Group, Porr AG, Granite Construction Inc., Lane Construction Corporation, Dilip Buildcon Limited, Walsh Construction LLC, Heidelberg Cement AG, IRB Infrastructure Developers Limited, Eurovia UK Limited, Hunan Road and Bridge Construction Group Co. Ltd., Afcons Infrastructure Limited, Sichuan Railway Investment Group Co. Ltd.

North America was the largest region in the roads and highways market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global roads and highways market report during the forecast period. The regions covered in the roads and highways market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the roads and highways market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The roads and highways market includes of revenues earned by entities by constructing earthen roads, murram roads, bituminous roads, concrete roads, highway roads, gravel roads, and more. The market value includes the value of related goods sold by the service provider or included within the service offering. The roads market also includes sales of motor grader, asphalt plant, asphalt paver, and road roller machine which are used in constructing roads. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Roads And Highways Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on roads and highways market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for roads and highways ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The roads and highways market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product Types: Road construction and maintenance; Highway construction and maintenance
• 2) By Technology: Intelligent transport management system; Intelligent traffic management system; Communication system; Monitoring System; Other Technologies
• 3) By End Use: First-class roads; Substandard roads; Highways; Second-class roads; Third-class roads
• Companies Mentioned: China Communications Construction Company Ltd.; Vinci SA; Bouygues SA; ACS Group; CRH plc
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.