Emerging Trends to Drive Highways Market Growth at 5.3% CAGR Through 2029

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Highways Market Size Growth Forecast: What to Expect by 2025?
In recent times, there has been a consistent increase in the size of the highways market. It is predicted to expand from $426.26 billion in 2024 to $446.62 billion in 2025, boasting a compound annual growth rate (CAGR) of 4.8%. The growth observed in the historic period can be ascribed to factors like population growth and urbanization, economic evolution, industrialization and trade, government's investment in infrastructure, along with shifts in mobility trends.

How Will the Highways Market Size Evolve and Grow by 2029?
We predict a robust expansion in the highways market in the coming years, with estimates indicating a significant rise to $549.44 billion in 2029, growing at a CAGR of 5.3%. Reasons pointing towards such a solid increase during the anticipated period include the deployment of urban mobility strategies, the adoption of smart city programs, resilience planning, collaborations between public and private sectors, and eco-friendly transport initiatives. Other foroming trends in the predicted period encompass high-speed rail connections, smart transport systems, revolutionary toll gathering methods, facilities for cyclists and walkers, and designs for highways with climate resilience.

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What Drivers Are Propelling the Growth of Highways Market Forward?
An increase in the number of vehicles is predicted to fuel the expansion of the highway market. Vehicles, which are used to transport people or goods from one location to another, necessitate well-maintained highways. These highways link major cities and rural areas countrywide, enabling swift movement of people and goods. Hence, the escalating number of vehicles contributes to the growth of the highway market. For example, in February 2023, the International Energy Agency-an autonomous intergovernmental organization based in France that dissects and provides information on the global energy sector-reported that sales of electric cars worldwide shot up by approximately 60% in 2022, exceeding 10 million. This was an increase from the 6.6 million sold in 2021. Therefore, the higher number of vehicles is aiding the advancement of the highway market.

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Which Emerging Trends Are Transforming the Highways Market in 2025?
Key leaders in the highways market are directing their efforts towards creating revolutionary solutions like GIS-based highway monitoring software. The objective is to implement state-of-the-art technology to facilitate the real-time monitoring of traffic, enhance safety measures, and minimize environmental repercussions. This software's concept revolves around using Geographic Information Systems (GIS) to amass, scrutinize, and represent data pertinent to highway infrastructure and its operation. A case in point is the launch of a GIS-based software by the National Highways Authority of India (NHAI) in September 2024, aimed at overseeing 100 toll booths located on national highways. The main goal is to streamline traffic movement and alleviate gridlock. This cutting-edge system is equipped to monitor measures such as queue lengths, waiting times, and vehicular speed in real time. It also disseminates alerts for traffic congestion and suggests ways for effective lane management. This versatile software solution also provides a shared platform for details like traffic status, meteorological updates, and local event information, thereby contributing to proactive traffic regulation. Starting off with supervising 100 toll booths identified based on user feedback, the project is slated for further expansion.

What Are the Key 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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Who Are the Key Players Shaping the Highways Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Highways Market?
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

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