Roads Global Market Report 2023
Major players in the roads 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 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Roads Global Market Report 2023" - https://www.reportlinker.com/p06464117/?utm_source=GNW
Ltd., Kiewit Corporation, Lane Construction Corporation, Sichuan Railway Investment Group Co. Ltd., Larsen & Toubro Ltd., IRB Infrastructure Developers Limited, H.G. Infra Engineering Limited, NCC Infrastructure Holdings Limited, Stanley Road Construction, Muscat Road Construction & Civil Works LLC, PNC Infratech Limited, and New Road Construction Management Co. Inc.
The global roads market is expected to grow from $267.01 billion in 2022 to $280.99 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. 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 market is expected to reach $330.74 billion in 2027 at a CAGR of 4.2%.
The roads market consists of revenues earned by entities by constructing earthen roads, murrum roads, bituminous roads, concrete roads, highway roads, and gravel roads.The market includes new work, additions, alterations, maintenance, and repairs.
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.
Roads refer to a long, narrow section of paved or smoothed ground designed for use by motor vehicles.Roads are used to connect various cities, towns, and even villages, and they provide a vital mechanism for getting cars and people from one place to another.
It involves the design and construction of roads.
Asia-Pacific was the largest region in the roads market in 2022. The regions covered in the roads market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major types of roads are highway, street, and bridge.A highway is a significant country thoroughfare, and it is used to describe a route, in either a rural or urban setting, where points of entry and exit for vehicles are restricted and controlled.
The several components involved are hardware, software, and service. Various types of construction included are new construction, reconstruction, and repair.
The rising number of vehicles is expected to propel the growth of the roads market going forward.Vehicles are machines that transport people or products, often on land, and are often equipped with wheels and an engine, such as motor vehicles.
Vehicles predominantly use roads for transportation, and they frequently rely on roads to convey people and commodities.This will drive demand for road constructions.
For instance, in March 2022, according to a report published by the European Automobile Manufacturers Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, the sales of passenger cars in the USA increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in the 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 rising number of vehicles is driving the growth of the roads market.
Technological advancement is a key trend gaining popularity in the roads market.Major companies operating in the roads market are focused on using advanced technologies in road construction operations, 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, monitors deadly traffic accidents, and supervises 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 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 countries covered in the roads market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The roads market research report is one of a series of new reports that provides roads market statistics, including roads industry global market size, regional shares, competitors with a roads market share, detailed roads market segments, market trends and opportunities, and any further data you may need to thrive in the roads industry. This roads 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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