Press release
Global Road Maintenance Market to Reach $19.38 Billion by 2029, Growing at 5.9% CAGR
Global Road Maintenance Market
In recent years, the size of the road maintenance market has significantly expanded. Its predicted growth is from $14.49 billion in 2024 to $15.39 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.2%. The surging growth during the historic period can be associated with factors such as a rise in vehicular traffic, government-initiated infrastructure development programs, deterioration of road infrastructure, increasing urbanization, and growing concerns regarding public safety.
Predictions for the road maintenance market size indicate robust expansion in the coming years, with its worth expected to enlarge to $19.38 billion by 2029, boasting a compound annual growth rate (CAGR) of 5.9%. This upwards trajectory during the forecast period is influenced by factors such as smart city schemes, escalating electric vehicle popularity, the enactment of environmental regulations, the proliferation in urban population, and a rise in toll road development. Notable developments expected during this period are the incorporation of AI in predictably maintaining roads, integration of IoT technology in road surveillance, the building of eco-friendly infrastructure, the use of robotics for automated road refurbishment, and the execution of 3D road printing strategies.
What Factors Are Fueling Growth in the Road Maintenance Market?
The surge in road accidents is predicted to boost the expansion of the road maintenance market. Various factors such as heightened vehicle traffic, distracted driving, fast driving, degrading road conditions, and violent driving all contribute to this increase in road accidents. Road maintenance holds significant importance in reducing road mishaps through the upkeep and mending of road surfaces, improvement of safety features, upgrading signs and road marks and rectifying issues like potholes and wear and tear. All these factors contribute to safer driving conditions and counteract accidents caused by worsening infrastructure. For example, a report by the Bureau of Infrastructure and Transport Research Economics (BITRE), a government agency based in Australia, indicated in May 2023 that there were 1,194 road crash deaths in 2022. This was a 5.8% rise from 2021. As a consequence, the surge in road accidents is propelling the growth of the road maintenance market.
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Which Leading Companies Are Shaping the Growth of the Road Maintenance Market?
Major companies operating in the road maintenance market are Vinci SA, CRH Total, Group ACS, Hochtief AG, Eiffage S.A., Bechtel Corporation, Dawson Road Maintenance, Colas Group, Cemex S.A.B. de C.V., Fluor Corporation, Kiewit Corporation, AECOM, Downer Group, Sika AG, Balfour Beatty plc, Ferrovial S.E., Martin Marietta Materials Inc., Granite Construction, Tarmac, The Miller Group, Heidelberg Materials, Crafco Inc., Midland Asphalt Materials Inc.
What Are the Major Trends Shaping the Road Maintenance Market?
Major businesses in the road maintenance market are concentrating on the creation of innovative, systematic inspection solutions to improve the quality and safety of infrastructure. This involves leveraging advanced technologies such as AI, sensors, and drones to effectively monitor and analyze road conditions. For example, in May 2024, the National Highways Authority of India (NHAI), an independent Indian government agency responsible for the country's national highways, inaugurated Highway Maintenance Units (HMUs). This marks a crucial progression in the advancement and management of national highways. The initiative is designed to guarantee prompt maintenance and boost the quality of highway infrastructure across the country. The HMUs are tasked with regular inspections, performing maintenance tasks and addressing a variety of concerns related to highways. This forward-thinking approach is geared towards improving road safety and offering a superior travel experience for all road users.
What Are the Key Segments of the Road Maintenance Market?
The road maintenancemarket covered in this report is segmented -
1) By Product: Pavement Management, Maintenance To Road Fixtures, Litter Control, Vegetation Management
2) By Pavement: Asphalt, Concrete
3) By Roadways: Highways, Lower Traffic Volume Roadways, Local streets
4) By Managing Agencies: Federal, State, Municipal
Subsegments:
1) By Pavement Management: Pavement Assessment, Pavement Repair, Pavement Rehabilitation, Pavement Preservation
2) By Maintenance To Road Fixtures: Traffic Signal Maintenance, Road Sign Maintenance, Guardrail Maintenance, Lighting Maintenance
3) By Litter Control: Manual Litter Pickup, Mechanical Litter Collection, Public Awareness Campaigns, Litter Management Programs
4) By Vegetation Management: Mowing and Trimming, Herbicide Application, Tree Trimming And Removal, Erosion Control Measures
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Which Region Dominates the Road Maintenance Market?
Asia-Pacific was the largest region in the road maintenance market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the road maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Road Maintenance Global Market Report?
- Market Size Analysis: Analyze the Road Maintenance Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Road Maintenance Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Road Maintenance Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Road Maintenance Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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