PUBLISHER: The Business Research Company | PRODUCT CODE: 1664375
PUBLISHER: The Business Research Company | PRODUCT CODE: 1664375
A highway is a primary road that links towns or cities, known for its width and higher speed limits, contributing to reduced travel time.
The primary types of highways are road construction and maintenance, as well as highway construction and maintenance. Road construction and maintenance encompass activities involved in the building of roads, railroads, bridges, culverts, and other infrastructure related to road construction and upkeep, which may include grading or excavation. The various components encompass hardware, software, and services, with product technologies including smart traffic management systems, smart transport management systems, monitoring systems, and communication systems.
The highways market research report is one of a series of new reports from The Business Research Company that provides highways market statistics, including highways industry global market size, regional shares, competitors with a highways market share, detailed highways market segments, market trends, and opportunities, and any further data you may need to thrive in the highways industry. This 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 highways market size has grown steadily in recent years. It will grow from $426.26 billion in 2024 to $446.62 billion in 2025 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to population growth and urbanization, economic development, industrialization and trade, government infrastructure investments, changing mobility patterns.
The highways market size is expected to see strong growth in the next few years. It will grow to $549.44 billion in 2029 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to urban mobility solutions, smart city initiatives, resilience planning, public-private partnerships, and sustainable transportation. Major trends in the forecast period include high-speed rail connectivity, intelligent transportation systems (its), innovative toll collection methods, bicycle and pedestrian infrastructure, climate-resilient highway design.
The growth of the highway market is anticipated to be propelled by the increasing number of vehicles. Vehicles serve as means of transportation, facilitating the movement of people and goods between different locations. Well-maintained highways play a crucial role in connecting urban centers and rural communities, enabling efficient transportation. Notably, the International Energy Agency reported a significant rise in global electric car sales, exceeding 10 million in 2022, marking a 60% increase from 6.6 million in 2021. This surge in vehicle numbers contributes to the growth of the highway market.
The highway market is expected to witness growth due to increasing urbanization. Urbanization, driven by economic development and industrialization, transforms rural areas into urban centers. The development of highways is essential for connecting these urban areas, fostering economic growth, and improving overall accessibility. According to the World Bank Group, over half of the global population currently resides in urban regions, and by 2045, the urban population is projected to reach 6 billion, marking a 1.5 times increase. The ongoing trend of urbanization is a significant driver for the highways market.
Major companies in the highways market are concentrating on creating innovative solutions, such as GIS-based highway monitoring software, to incorporate advanced technologies for real-time traffic management, enhanced safety, and minimized environmental impact. GIS-based highway monitoring software is specialized software that utilizes Geographic Information Systems (GIS) to gather, analyze, and visualize data pertaining to highway infrastructure and operations. For example, in September 2024, the National Highways Authority of India (NHAI) introduced GIS-based software to oversee 100 toll plazas on national highways, with the objective of improving traffic flow and alleviating congestion. This advanced system allows for real-time monitoring of queue lengths, waiting times, and vehicle speeds, while also issuing congestion alerts and recommendations for lane management. The software facilitates extensive data sharing, which includes traffic conditions, weather updates, and local events, enabling proactive traffic management. Initially aimed at 100 toll plazas identified through user feedback, the initiative plans to expand further.
Key players in the highways market are dedicated to developing groundbreaking systems that leverage technology, such as traffic sign relevancy technology, to comply with new regulation (GSR) standards. Traffic sign relevancy technology enables the system to determine whether a specific speed sign is applicable to a given lane or road segment. For instance, in July 2023, Mobileye, an Israel-based software company, launched the world's first vision-only Intelligent Speed Assist (ISA) system, which meets EU standards without depending on third-party maps and GPS. This system, designed for Mobileye's EyeQ platform, uses only cameras to detect traffic signs and visual signals, offering a cost-effective and reliable solution.
In June 2024, VINCI Construction, a construction engineering company based in France, acquired Newport Construction for an undisclosed amount. This acquisition aims to enhance VINCI's public works and road construction capabilities in North America, particularly in the northeastern U.S. and Quebec, thereby increasing its footprint in the expanding mobility infrastructure market. Newport Construction operates as a heavy highway civil construction company in the U.S., focusing on serving federal, state, and local public clients.
Major companies operating in the highways market include Granite Construction Inc., Fujian Expressway Development Co. Ltd., Hunan Communication & Water Conservancy Group Ltd., Construction Partners Inc., Tutor Perini Corporation, Stanley Road Construction, Muscat Road Construction & Civil Works LLC, PNC Infratech Limited, New Road Construction Management, Kokosing Construction Company, Sanders Brothers Construction Company Inc., Rogers Group Inc., R.S. Audley Inc., Kiewit Corporation, The Lane Construction Corporation, Skanska USA, Fluor Corporation, AECOM Inc., Jacobs Engineering Group Inc., Clark Construction Group LLC, PCL Construction Enterprises Inc., McCarthy Building Companies Inc., The Whiting-Turner Contracting Company, Swinerton Inc., Mortenson Constructions, DPR Construction, Gilbane Building Company, JE Dunn Construction, Hathaway Dinwiddie Construction Company, Sundt Construction Inc., Ryan Companies US Inc., The Boldt Company, Gray Construction Services Inc.
North America was the largest region in the highways market in 2024. The regions covered in the highways market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the highways market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The highways market includes revenues earned by entities by constructing and maintaining highways. The market value includes the value of related goods sold by the service provider or included within the service offering. The highways market also includes sales of pothole patchers, hydro excavators, street sweepers, leaf vacuums, and highway monitoring devices and equipment used in providing highway construction services and maintenance. 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.
Highways Global Market Report 2025 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 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.
Where is the largest and fastest growing market for highways ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The 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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.