PUBLISHER: The Business Research Company | PRODUCT CODE: 1678326
PUBLISHER: The Business Research Company | PRODUCT CODE: 1678326
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 $697.79 billion in 2024 to $727.44 billion in 2025 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to urbanization and population growth, economic development, tourism and travel trends, trade and commerce expansion, population mobility.
The roads and highways market size is expected to see steady growth in the next few years. It will grow to $879.21 billion in 2029 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to smart transportation solutions, sustainable and green infrastructure, infrastructure resilience, adoption of electric vehicles (EVs), integration of autonomous vehicles. Major trends in the forecast period include public-private partnerships (PPPs), smart infrastructure and technology integration, focus on sustainable and eco-friendly practices, adoption of advanced materials, emphasis on safety measures.
The rise in vehicle production is anticipated to drive the growth of the roads and highways market in the future. Vehicle production refers to the large-scale manufacturing of uniform models available for public sale. Many drivers prefer traveling on highways due to their long, direct routes that connect various locations, making travel easier. Additionally, highway travel can result in fuel savings by reducing distances between cities. For instance, in January 2024, the International Council on Clean Transportation, a U.S.-based nonprofit organization, reported that quarterly electric vehicle (EV) sales have steadily increased since Q3 2021, with EVs rising from approximately 3% of total light-duty vehicle sales in Q1 2021 to over 10% by Q3 2023. Consequently, the growth in vehicle production is fueling the expansion of 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 April 2022, Vinci Highways, a France-based company specializing in road construction and maintenance, acquired TollPlus LLC for an undisclosed sum. This acquisition marked Vinci Highways' entry into the Electronic Toll Collection (ETC) market. TollPlus LLC, based in the U.S., provides toll road maintenance and back-office system solutions.
Major companies operating in the roads and highways market include 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 2024. 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 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 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.
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 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.