Roads And Highways Global Market Report 2023
Major players in the roads and highways market are Afcons Infrastructure Limited, Dilip Buildcon Limited, Tata Projects, China Communications Construction Company Ltd., Granite Construction Inc., Hunan Road and Bridge Construction Group Co.
New York, June 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Roads And Highways Global Market Report 2023" - https://www.reportlinker.com/p06464166/?utm_source=GNW
Ltd., Kiewit Corporation, Lane Construction Corporation, Sichuan Railway Investment Group Co. Ltd., Larsen & Toubro Ltd., and IRB Infrastructure Developers Limited.
The global roads and highways market is expected to grow from $674.98 billion in 2022 to $716.74 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The roads and highways market is expected to reach $871.36 billion in 2027 at a CAGR of 5.0%.
The roads and highways market includes of revenues earned by entities by constructing earthen roads, murrum 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.
A road refers to a long, narrow section of land having a leveled or paved surface designed for vehicular and pedestrian traffic while a busy route with multiple lanes is called a highway.Roads and highways have been the main means by which entire economies and communities have arisen and grown over time.
It involves the design and construction of roads and highways.
North America was the largest region in the roads and highways market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in roads and highways report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and 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.
The main types of roads and highways products are road construction and maintenance and highway construction and maintenance.Road construction and maintenance refers to preservation, including repairs and resurfacing of a highway, and new road construction.
Various technologies are involved such as intelligent transport management system, intelligent traffic management system, communication system, monitoring system, and others, which are used in making first-class roads, substandard roads, highways, second-class roads, and third-class roads.
The increasing production of vehicles is expected to propel the growth of the roads and highways market going forward.The term vehicle production refers to the mass manufacturing of identical models that are offered for sale to the public.
Most of the drivers prefer traveling on highways, as they are the long, straight roadways that connect places with one another, making it simpler to travel on them.Moreover, highway travel allows for fuel savings because it shortens the distance between cities.
For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), a Belgium-based main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the increasing production of vehicles is driving the growth of the roads and highways market.
Technological advancements have emerged as a key trend gaining popularity in the roads and highways market.Major companies operating in the roads and highways market are focused on incorporating advanced technologies to strengthen their position in the market.
For instance, in February 2023, the Ministry of Road Transport and Highways, an organization under the Central Government of India, launched Skye UTM, an unmanned traffic management system that helps speed up highway construction, monitor deadly traffic accidents, and supervise real-time traffic monitoring.Skye UTM is a cloud-based system for managing air traffic that links manned and unmanned flights together.
In order to provide situational awareness, autonomous navigation, risk assessment, and traffic management to all drone and other aerial mobility operators throughout the airspace, Skye UTM is the most sophisticated and indigenous aerial traffic management platform.
In September 2021, Bird Construction, a Canada-based institutional building construction company, acquired Dagmar Construction Inc. for $32 million. With this acquisition, Bird Construction aims to give itself more opportunities to develop its contacts and capabilities in the country’s biggest market for civil infrastructure, create more and more specialized projects, and drive higher self-perform margins. Dagmar Construction Inc. is a Canada-based construction company with extensive experience in civil infrastructure, including rail, road, bridge, sewer, and commercial and institutional sites.
The market value is defined as the revenues that enterprises gain from selling goods and 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.
The roads and highways market research report is one of a series of new reports 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.
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