Highways Market Size, Share Analysis, Key Players And Forecast 2024-2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Highways Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $551.14 billion In 2028 At A CAGR Of 5.2%.

The highways market size has grown steadily in recent years. It will grow from $428.56 billion in 2023 to $449.59 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to population growth and urbanization, economic development, industrialization and trade, government infrastructure investments, changing mobility patterns.

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.

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Highways Market Major 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 Technology: Smart Traffic Management Systems, Smart Transport Management Systems, Monitoring Systems, Communication System

Key Driver - 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.

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Prominent Trend - 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.

Highways Market Players
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.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the highways market in 2023. The regions covered in the highways market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Highways Market Report Structure
3. Highways Market Trends And Strategies
4. Highways Market - Macro Economic Scenario
5. Highways Market Size And Growth
…..
27. Highways Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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