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Road & Highway Infrastructure Market Size - By Component (Road, Bridges/Overpass, Tunnels, Signages, Management Systems), By Type (National, State, Local), By Construction Type (New, Reconstruction, Repair, Maintenance), Forecast 2023 - 2032

  • Report ID: GMI7074
  • Published Date: Oct 2023
  • Report Format: PDF

Road & Highway Infrastructure Market Size

Road & Highway Infrastructure Market was valued at USD 1.4 trillion in 2022 and is anticipated to register a CAGR of over 3% during 2023 to 2032. The increasing frequency of road accidents will drive business growth. Governments and organizations are investing heavily in upgrading & expanding existing road networks, implementing advanced safety measures, and developing intelligent transportation systems to mitigate accidents. According to the U.S. Department of Transportation, in 2021, the U.S. experienced 39,508 fatal motor vehicle accidents, leading to 42,939 fatalities. This translated to a rate of 12.9 fatalities per 100,000 individuals and 1.37 deaths per 100 million miles travelled.
 

Road & Highway Infrastructure Market

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The ongoing global trend of urbanization, coupled with population growth, significantly drives the demand for enhanced road & highway infrastructure. As more people migrate to urban areas, the pressure on existing transportation networks increases. Governments & authorities invest in the expansion and improvement of roadways to accommodate the rising population, ensuring efficient mobility within cities and connecting urban centers. This demand, stemming from the influx of residents into cities, fuels continuous advancements and investments in the road & highway infrastructure sector.
 

COVID-19 Impact

The COVID-19 pandemic severely impacted the road & highway infrastructure market. Lockdowns, travel restrictions, and economic uncertainties led to delayed projects, decreased funding, and disrupted supply chains. Governments diverted budgets to healthcare, affecting planned infrastructure investments. With reduced traffic, toll revenues declined, impacting road maintenance budgets. Moreover, social distancing measures slowed down construction activities, causing project delays. These factors collectively hampered the growth and development of the road & highway infrastructure sector.
 

Road & Highway Infrastructure Market Trends

Collaborations aimed at constructing roadways in mountainous terrains are driving the market growth. Partnerships between governments, international organizations, and private entities facilitate the implementation of innovative engineering solutions tailored to challenging landscapes. The completion of five comprehensive guidelines marks a crucial milestone in ensuring the development of high-quality and sustainable road projects in hilly regions. These collaborations ensure the construction of safe &and efficient roads, fostering economic development and regional connectivity. The expertise shared in such ventures not only improves transportation networks but also stimulates investment, promoting the expansion of the overall market expansion.
 

Growing economies require robust transportation systems to support trade, commerce, and industrial activities. Investments in road & highway projects create jobs, enhance connectivity, and facilitate the movement of goods &and services. Improved infrastructure attracts further investments, stimulates economic growth, and fosters regional development. Consequently, the demand for advanced transportation networks continues to rise, driving the road & highway infrastructure development.
 

Road & Highway Infrastructure Market Analysis

Global Road & Highway Infrastructure Market Size, By Type, 2021-2032 (USD Billion)

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Based on type, the local segment held major market share in 2022. The increasing number of road infrastructure projects is driving substantial growth in the road segment. Rising investments in road development initiatives by governments & private entities are expanding the network, improving connectivity & enhancing transportation efficiency.
 

 Road & Highway Infrastructure Market Revenue Share, By Component, 2022, (%)

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Based on components, the road segment held around 80% market share in 2022. The increasing number of road infrastructure projects is driving substantial growth. Rising investments in road development initiatives by governments &and private entities are expanding the network, improving connectivity, &and enhancing transportation efficiency. As per the official statement from the Ministry of Defense, the total cost of these projects surpassed USD 369 million. These endeavours not only boost regional development but also stimulate economic activities. Consequently, the demand for road-related projects continues to rise, propelling the road segment within the broader road & highway infrastructure industry.
 

Asia Pacific Road & Highway Infrastructure Market Size, 2021-2032 (USD Billion)

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Asia Pacific road & highway infrastructure market revenue to cross USD 568.7 billion in 2022. Rapid urbanization and rising population densities require expanded road & highway infrastructure to support the movement of people & goods. Governments invest in extensive road networks to cater to the transportation needs of the growing population. This demographic pressure propels the development of advanced and well-connected road systems, fostering economic activities, trade & regional integration across Asia Pacific countries.
 

Road & Highway Infrastructure Market Share

Major players operating in the road & highway infrastructure indusyrt are:

  • ACS Group
  • Bechtel Corporation
  • Bouyges Construction
  • China Communications Construction Company
  • Skanska
  • STRABAG
  • Vinci Group

Dominating players often collaborate with governments for major projects. Embracing new technologies enhances their competitive edge, ensuring innovation and efficiency.
 

Road & Highway Infrastructure Industry News

  • In June 2023, Skanska, a construction company based in Sweden, signed a contract to outline and build the E10/rv 85 road in Northern Norway. This contract, valued at USD 1.1 billion, will be incorporated into Skanska's Nordic contract for Q2 of 2023.
     

This road & highway infrastructure 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 Component

  • Road
  • Bridges / Overpass
  • Tunnels
  • Others

By Type

  • National
  • State
  • Local

By Construction Type

  • New
  • Reconstruction
  • Repair
  • Maintenance

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

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

 

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market valuation of road & highway infrastructure was worth USD 1.4 Trillion in 2022 and is anticipated to register a CAGR of over 3% between 2023 and 2032.
The road segment held around 80% market share in 2022 and is poised for significant growth through 2032, backed by the rising investments in road development initiatives by governments and private entities for expanding the network, improving connectivity, and enhancing transportation efficiency.
Asia Pacific market was valued at USD 568.7 billion in 2022 and is poised for significant growth through 2032, owing to the substantial population growth, leading to an increased demand for efficient transportation networks, along with rapid urbanization and rising population densities.
ACS Group, Bechtel Corporation, Bouyges Construction, China Communications Construction Company, Skanska, STRABAG, and Vinci Group among others.

Road & Highway Infrastructure Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 277
  • Countries covered: 20
  • Pages: 300
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