Press release
Highways Market 2024-2033: Size, Share & Competitive Landscape Analysis
The highways market size is expected to see strong growth in the next few years. It will grow to $551.14 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to urban mobility solutions, smart city initiatives, resilience planning, public-private partnerships, sustainable transportation.. Major trends in the forecast period include high-speed rail connectivity, intelligent transportation systems (its), innovative toll collection methods, bicycle and pedestrian infrastructure, climate-resilient highway design..
Market Overview -
A highway refers to a main road that connects towns or cities. Because they are wide and have high-speed limits, they decrease travel time.
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Surging Vehicle Numbers And Electric Car Sales Propel Growth In The Highway Market
The rise in the number of vehicles is expected to propel the growth of the highway market going forward. A vehicle is a means used to carry or transport a person or something from one place to another. Vehicles require highways in good condition as they connect large metropolises and rural communities across the country, which helps in the quick transportation of people and products. Therefore, the rise in the number of vehicles is driving the growth of the highway market. For instance, in February 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization that provides analysis and data on the entire global energy sector, the sales of electric cars worldwide increased by around 60% in 2022, surpassing 10 million, up from sales of 6.6 million in 2021. Therefore, the rise in the number of vehicles is driving the highway market.
Competitive Landscape -
Major companies operating in the highways market report are Granite Construction Inc., Fujian Expressway Development Co. Ltd., Hunan Communication & Water Conservancy Group Ltd., Sichuan Railway Investment Guangrun Logistics Co. Ltd., IBI Group, Construction Partners Inc., Tutor Perini Corporation, Stanley Road Construction, Muscat Road Construction & Civil Works LLC, PNC Infratech Limited, New Road Construction Management, Kokosing Construction Company, Sanders Brothers Construction Company Inc., Rogers Group Inc., R.S. Audley Inc., Kiewit Corporation, The Lane Construction Corporation, Skanska USA, Fluor Corporation, AECOM Inc., Jacobs Engineering Group Inc., Turner Construction Company, Clark Construction Group LLC, PCL Construction Enterprises Inc., McCarthy Building Companies Inc., The Whiting-Turner Contracting Company, Swinerton Inc., Mortenson Constructions, DPR Construction, Gilbane Building Company, JE Dunn Construction, Webcor Builders, Hathaway Dinwiddie Construction Company, Sundt Construction Inc., Ryan Companies US Inc., The Boldt Company, Gray Construction Services Inc., .
Technological Advancements For Enhanced Traffic Management
Technological advancements are a key trend gaining popularity in the highway market. Companies operating in the highway market are adopting new technologies to sustain their position in the market. For instance, in November 2021, the Vienna government of Austria and Kapsch TrafficCom, an Austria-based provider of transportation solutions for sustainable mobility, launched Traffic Management 2.0. for smart transportation management and traffic management. It is uniquely designed to improve the traffic conditions that help in the CO2 (carbon dioxide) balance saving up to 15% of emissions thereby improving air quality.
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Key Segments -
The highways market covered in this report is segmented -
1) By Type: Road Construction And Maintenance, Highway Construction And Maintenance
2) By Component: Hardware, Software, Service
3) By Product Technolgy: Smart Traffic Management Systems, Smart Transport Management Systems, Monitoring Systems, Communication System
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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