Roads Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth

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How Large Will the Roads Market Size By 2025?
The size of the roads market has been experiencing a steady increase over the past few years. The projection is a growth from $271.53 billion in 2024 to $280.82 billion in 2025, translating to a compound annual growth rate (CAGR) of 3.4%. Factors contributing to this growth in the historical phase include rising population and urbanization, economic expansion, increased industrialization and commerce, government investments in infrastructure, and shifts in mobility trends.

How Big Is the Roads Market Size Expected to Grow by 2029?
In the coming years, the market size of roads is predicted to consistently expand. By 2029, it is anticipated to reach $329.77 billion, with a compound annual growth rate (CAGR) of 4.1%. The projected growth during this period can be credited to factors such as the incorporation of renewable energy, solutions for urban mobility, initiatives for smart cities, resilience planning, and sustainable transportation. The period is also expected to see significant trends such as the utilization of advanced materials, the integration of self-driving vehicles, collaborations between the public and private sectors, the inclusion of multimodal transportation, along with resilience and adaptation to climate change.

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Which Key Market Drivers Powering Roads Market Expansion and Growth?
The escalating quantity of vehicles is projected to spur the expansion of the roads market in the future. Vehicles, typically fitted with wheels and an engine, serve as machinery for carrying people or goods, predominantly on land. Notably, most vehicles utilize roads as their primary means of transportation and repeatedly depend on roads to transport both people and goods. This reliance is anticipated to stimulate the demand for road construction. For instance, the National Association of Insurance Commissioners, a non-profit organization based in the US, predicted in December 2022 that by 2025, US roads will accommodate 3.5 million autonomous vehicles, a figure projected to rise to 4.5 million by 2030. Thus, the increasing count of vehicles is a significant factor propelling the growth of the roads market.

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Which Fast-Growing Trends Are Poised to Disrupt the Roads Market?
The surge in technological developments is a significant trend being observed in the roads market. Major industry players are leveraging cutting-edge technology for road construction activities to solidify their market standing. For instance, in February 2023, the Ministry of Road Transport and Highways, an entity under the Central Government of India, introduced Skye UTM, an unmanned traffic management system designed to accelerate highway construction, oversee fatal traffic incidents, and manage real-time traffic monitoring. Skye UTM, a cloud-based air traffic management system, interconnects manned and unmanned flights. It offers services such as situational awareness, autonomous navigation, risk evaluation, and traffic management to all drone and other aerial mobility operators within the airspace, lading Skye UTM as the most advanced and homegrown aerial traffic management platform.

What Are the Emerging Segments in the Roads Market?
The roads market covered in this report is segmented -

1) By Component: Hardware, Software, Service
2) By Type: Highway, Street, Bridge
3) By Construction Type: New Construction, Reconstruction, Repair

Subsegments:
1) By Hardware: Road Signs, Traffic Signals, Barriers And Bollards, Road Marking Materials, Sensors And Cameras
2) By Software: Traffic Management Systems, Navigation And Mapping Software, Road Design Software, Fleet Management Software, Incident Management Software
3) By Service: Maintenance And Repair Services, Consulting Services, Installation Services, Data Analysis And Reporting Services, Traffic Monitoring Services

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Who Are the Global Leaders in the Roads Market?
Major companies operating in the roads market include Afcons Infrastructure Limited, Dilip Buildcon Limited, Tata Projects Limited, China Communications Construction Company Ltd., Granite Construction Inc., Hunan Road and Bridge Construction Group Co. Ltd., Kiewit Corporation, Lane Construction Corporation, Sichuan Railway Investment Group Co. Ltd., Larsen & Toubro Limited, IRB Infrastructure Developers Limited, H.G. Infra Engineering Limited, NCC Infrastructure Holdings Limited, Muscat Road Construction & Civil Works LLC, PNC Infratech Limited, Caterpillar Inc., Komatsu Ltd., Volvo Construction Equipment, Wirtgen GmbH, Dynapac Road Construction Equipment India Pvt. Ltd., The Lane Construction Corporation, JMC Projects Ltd., Gayatri Projects Limited, Hindustan Construction Company Limited, Nagarjuna Construction Company Limited, Bhartia Infra Projects Ltd., Sany Heavy Industry Co. Ltd., Palfinger AG, ere*x Corporation, Liebherr-International AG, Deere & Company, Zoomlion Heavy Industry Science and Technology Co. Ltd., Fayat Group, Wacker Construction Equipment AG, Ammann Group Holding AG, CNH Industrial, Hitachi Sumitomo Heavy Industries Construction Cranes Co. Ltd.

Which are the Top Profitable Regional Markets for the Roads Industry?
Asia-Pacific was the largest region in the roads market in 2024. The regions covered in the roads market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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