Highway, Street, and Bridge Construction Market Size & Share 2023 to 2032
Market Size by Type (Highway, Street, Bridge), by Construction Type (New Construction, Reconstruction.
Report ID: GMI6436
|
Published Date: August 2023
|
Report Format: PDF
Download Free PDF
Authors:
Preeti Wadhwani, Anish Pathak
Highway, Street, and Bridge Construction Market Size
Highway, Street, and Bridge Construction Market size was valued at USD 2,111.8 billion in 2022 and will grow at a CAGR of over 6% from 2023 to 2032. Existing road networks require ongoing maintenance, repair, and rehabilitation, creating a constant demand for construction services to ensure road safety and functionality.
Highway, Street, and Bridge Construction Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
As per the American Society of Civil Engineers, 1 in 5 miles of roads in the U.S. are in poor condition. Phys.org estimates suggest that road repairs in the U.S. due to temperature increases could reach a cumulative USD 200 billion to USD 300 billion by 2100. Alarming scenarios associated with poor road infrastructure and the subsequent demand for repair, maintenance, and reconstruction will favor industry growth.
Government investments in infrastructure development, through initiatives such as public-private partnerships (PPPs) and stimulus packages, play a significant role in boosting road construction activities, thus, supporting the expansion of the road construction industry. The UK Roads Investment Strategy published in 2020 sets out plans to invest approximately USD 29.7 billion in roads through 2025. The strategy aims to improve road safety, reduce congestion, and support economic growth.
However, road construction projects often require adherence to complex regulatory frameworks and obtaining various permits at different levels of government. Delays in obtaining necessary approvals and navigating regulatory hurdles can lead to project postponements, increased costs, and uncertainty for investors and contractors, thereby influencing highway, street, and bridge construction market dynamics.
COVID-19 Impact
The road construction market faced substantial disruptions due to the COVID-19 pandemic. Lockdowns and restrictions led to project delays and supply chain interruptions. For instance, in India, the nationwide lockdown halted ongoing road projects, causing delays and cost escalations. Reduced government budgets and economic uncertainties further hampered investment in road infrastructure. Labor shortages and social distancing measures supported construction activities globally. While some regions saw accelerated projects to capitalize on reduced traffic, the overall market was restrained by the pandemic's multifaceted challenges.
Highway, Street, and Bridge Construction Market Trends
Shifts in transportation modes, such as the growth of electric vehicles and shared mobility services, may lead to the development of new road infrastructure or modifications to existing roads. According to the Internation Energy Agency, sales of electric cars depicted exponential growth and exceeded 10 million in 2022. The share of electric cars in total car sales has registered more than three-fold growth, reaching 14% in 2022 from 4% in 2020. The positive outlook of the EV industry, in line with economic development and growth, drives the need for improved transportation networks to facilitate the movement of goods, services, and people, thus impacting the road construction market development.
Highway, Street, and Bridge Construction Market Analysis
The highway segment held approximately 30% share of the highway, street, and bridge construction market in 2022 and expected to grow significantly by 2032. The demand for highway road construction is primarily propelled by increasing urbanization, population growth, and economic development. As cities expand, the need for smart transportation, prompting investments in highway infrastructure. Economic progress fuels trade and commerce, boosting the requirement for well-connected highways to facilitate the movement of goods and people. Government initiatives, technological advancements, and tourism also contribute to the demand, as modern, well-maintained highways become essential for sustainable development and improved connectivity.
The new construction segment captured around 50% share of the highway, street, and bridge construction market in 2022. The new construction segment is projected to dominate market by 2032, owing to a combination of factors, including urbanization, infrastructure modernization, advanced construction equipment, and economic growth. Growing urban populations require expanded transportation networks, prompting cities to invest in new road projects. Furthermore, emerging economies are constructing new roads to support trade and connectivity, such as China's Belt and Road Initiative, driving the global uptick in road construction.
The Asia Pacific region was valued at over USD 782.0 billion in 2022. Asia Pacific road construction industry outlook will undergo significant transformation between 2023 and 2032, due to robust economic development, urbanization, and ambitious infrastructure projects. Countries like China and India are heavily investing in road networks to support their expanding economies and urban populations. Moreover, Southeast Asian nations are enhancing regional connectivity through initiatives like the ASEAN Highway Network.
Highway, Street, and Bridge Construction Market Share
Major players operating in the highway, street, and bridge construction market are :
Highway, Street, and Bridge Construction Industry News
This highway, street, and bridge construction market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:
Click here to Buy Section of this Report
By Type
By Construction Type
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →