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Highway, Street, and Bridge Construction Market Size - By Type (Highway, Street, Bridge), By Construction Type (New Construction, Reconstruction, Repair) & Global Forecast 2023 - 2032

  • Report ID: GMI6436
  • Published Date: Aug 2023
  • Report Format: PDF

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

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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

Highway, Street, and Bridge Construction Market Size, By Type, 2021 – 2032, (USD Billion)

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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.
 

Highway, Srteet, and Bridge Construction Market Share, By Construction Type, 2022

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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.
 

China Highway, Street, and Bridge Construction Market Size, 2021 -2032,(USD Billion)

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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 :

  • Continental Engineering Corporation
  • Kiewit Group
  • China Communication Construction Company Limited
  • ACS Group S.A.
  • Balfour Beatty Plc
  • China Railway Group Ltd.
  • Heijimans N.V.
  • Larsen & Toubro Ltd.
  • AECOM
  • Turner Corporation.
     

Highway, Street, and Bridge Construction Industry News

  • In July 2023, AECOM won a $420 million contract from the California Department of Transportation to design and build a new interchange on Interstate 5. The interstate will be part of a larger project to improve traffic flow in the area.
     

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:

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By Type

  • Highway
  • Street
  • Bridge

By Construction Type

  • New construction
  • Reconstruction
  • Repair

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • South Africa
    • UAE
    • Saudi Arabia

 

Authors: Preeti Wadhwani, Anish Pathak

Frequently Asked Questions (FAQ) :

The market size of highway, street, and bridge construction was reached USD 2,111.8 billion in 2022 and will grow at over 6% CAGR from 2023 to 2032, due to the ongoing maintenance, repair, and rehabilitation in existing road networks.
Highway, street, and bridge construction market size from the new construction segment recorded over 50% revenue share in 2022, driven by urbanization, infrastructure modernization, advanced construction equipment, and economic growth.
Asia Pacific highway, street, and bridge construction market size exceeded USD 782 billion in 2022, owing to robust economic development, urbanization, and ambitious infrastructure projects.
Continental Engineering Corporation, Kiewit Group, China Communication Construction Company Limited, ACS Group S.A., Balfour Beatty Plc, China Railway Group Ltd., and Heijimans N.V., Larsen & Toubro Ltd. are some of the major highway, street, and bridge construction firms.

Highway, Street, and Bridge Construction Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 207
  • Countries covered: 19
  • Pages: 300
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