Surging Vehicle Numbers And Electric Car Sales Propel Growth In The Highway Market: Key Factor Driving The Growth In The Highways Market

The Highways Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Current Highways Market Size and Its Estimated Growth Rate?
The size of the highways market has seen a consistent rise over the past few years. The market value is expected to increase from $426.26 billion in 2024 to $446.62 billion in 2025, showing a compound annual growth rate (CAGR) of 4.8%. Factors contributing to the past period's growth include population expansion, urbanization, economic progression, industrial development and commerce, government investments in infrastructure, and evolving transportation models.

Predictions suggest robust expansion in the highways market size in the upcoming years, with a projection to reach $549.44 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forthcoming period could be due to factors such as urban mobility strategies, smart city plans, resilience preparation, collaborations between public and private sectors, and eco-friendly transportation. Foreseen trends in this period are high-speed rail networks, smart transportation systems, inventive methods of toll collection, cycling and walking infrastructure, and highways' design resistant to climate changes.

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What Are the High-Growth Segments in the Highways Market?
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

Subsegments:
1) By Road Construction And Maintenance: New Road Construction, Road Rehabilitation And Resurfacing, Routine Maintenance, Emergency Repairs, Road Expansion Projects
2) By Highway Construction And Maintenance: New Highway Construction, Highway Widening Projects, Bridge Construction And Maintenance, Interchange Development, Highway Rehabilitation And Repair

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What Key Drivers Are Expected to Influence Future Highways Market Growth?
The increase in vehicle numbers is anticipated to fuel the expansion of the highway market. A vehicle serves as a mode of transportation for individuals or goods from one location to another. Highways in optimal condition are essential for these vehicles as they link large cities and rural areas throughout the nation, facilitating swift movement of people and goods. Therefore, the escalating number of vehicles is spurring the growth of the highway market. The International Energy Agency, an independent intergovernmental organization based in France that provides comprehensive energy sector insights, reported in February 2023 that global electric car sales saw a rise of around 60% in 2022, exceeding 10 million, a marked increase from 6.6 million sales in 2021. Consequently, the growing number of vehicles is propelling the highway market.

Which Companies Hold the Largest Share Across Different Highways Market Segments?
Major companies operating 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 Trends Are Driving Growth in The Highways Market?
Leading corporations in the highways market are prioritizing the development of innovative solutions such as GIS-based highway monitoring software. The intention is to incorporate cutting-edge technologies for real-time traffic regulation, enhanced safety measures, and minimization of environmental adverse effects. GIS-centric highway monitoring software is specialized software that employs Geographic Information Systems to gather, scrutinize, and portray data related to highway infrastructure and operations. For example, in September 2024, the National Highways Authority of India (NHAI) rolled out GIS-centric software to oversee 100 toll booths on national highways with the goal of improving traffic movement and decreasing congestion. This ground-breaking system allows for real-time tracking of queue dimensions, wait periods, and vehicle velocities while supplying congestion notifications and lane management suggestions. The software provides inclusive data dispersal encompassing traffic situations, meteorological updates, and regional events, paving the way for proactive traffic management. This initiative, which initially targeted 100 toll plazas identified through customer feedback, is poised for future expansion.

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What Are the Emerging Geographies for The Highways Market Growth?
North America was the largest region in the highways market in 2024. The regions covered in the highways market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Highways Market?
2. What is the CAGR expected in the Highways Market?
3. What Are the Key Innovations Transforming the Highways Industry?
4. Which Region Is Leading the Highways Market?

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