Press release
Rapid Growth Expected in Global Highways Market: $446.62 Billion by 2025 and $549.44 Billion by 2029
Highways Market Size
What Is The Projected Market Size Of The Global Highways Market And Its Growth Rate?
The global highways market has witnessed steady growth in recent years and is set for rapid expansion:
• 2024 Market Size: $426.26 billion
• 2025 Market Size: $446.62 billion (4.8% CAGR)
• 2029 Market Size: $549.44 billion (5.3% CAGR)
Population growth, urbanization, economic development, and government infrastructure investments have fueled the historic growth. The forecast period growth factors include urban mobility solutions, smart city initiatives, resilience planning, and public-private partnerships.
What Is Driving The Growth In The Highways Market?
The rise in vehicle sales is a critical driver of the highways market. Vehicles require well-maintained highways for efficient transportation across urban and rural areas, fostering the growth of highway infrastructure. For instance, the International Energy Agency recorded a 60% increase in global electric car sales in 2022, exceeding 10 million from 6.6 million in 2021. This surge in vehicle numbers is expected to propel the growth of the highway market significantly.
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Who Are the Key Players Driving Highways Market Growth?
The prominent players driving the growth in the highways market include:
• Granite Construction Inc.
• Fujian Expressway Development Co. Ltd.
• Hunan Communication & Water Conservancy Group Ltd.
• 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.
• 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
• Hathaway Dinwiddie Construction Company
• Sundt Construction Inc.
• Ryan Companies US Inc.
• The Boldt Company
• Gray Construction Services Inc.
What Are The Key Trends In The Highways Market?
Key trends in the highways market include:
• High-speed rail connectivity
• Intelligent transportation systems
• Innovative toll collection methods
• Bicycle and pedestrian infrastructure
• Climate-resilient highway design
What Are The Segments Of The Global Highways Market?
The global highways market is segmented by:
1) Type: Road Construction And Maintenance, Highway Construction And Maintenance
2) Component: Hardware, Software, Service
3) Product Technology: Smart Traffic Management Systems, Smart Transport Management Systems, Monitoring Systems, Communication System
Which Region Leads The Highways Market?
North America was the largest region in the highways market in 2024. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Highways Market Global Market Report?
The report provides comprehensive insights on:
- Market Size Analysis: Analyzing the highways market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identifying various subsegments within the highways market for effective categorization.
- Key Player Focus: Focusing on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examining individual growth trends and prospects in the market.
- Market Contribution: Evaluating contributions of different segments to the overall highways market growth.
- Growth Drivers: Detailing key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyzing challenges and risks affecting the highways market.
- Competitive Developments: Analyzing competitive developments, such as expansions, agreements, and new product launches in the market.
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