Future of the Highways Market: Strategic Analysis and Forecast to 2034

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Highways Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The steady expansion in the size of the highways market over recent years is evident. This growth is projected to increase, moving from a market size of $416.23 billion in 2024 to $430.53 billion in 2025. This promising escalation represents a compound annual growth rate (CAGR) of 3.4%. The driving factors behind this growth during the historical period include population and urban growth, economic progression, industrial expansion and trade, government investment in infrastructure, and shifting mobility trends.

Highways Market Size Forecast: What's the Projected Valuation by 2029?
The market size for highways is anticipated to witness robust growth in the coming years, projected to reach $527.26 billion by 2029, progressing at a CAGR of 5.2%. Urban mobility solutions, smart city programs, resilience planning, collaborations between public and private sectors, and sustainable transportation strategies are driving this growth within the forecast period. During this period, key trends such as high-speed rail connections, smart transportation systems, innovative toll collection techniques, developments in bicycle and pedestrian frameworks, and design of highways resistant to climate changes will be prevalent.

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What Are the Drivers Transforming the Highways Market?
The highway market is poised for expansion, spurred by the increasing number of vehicles. This mode of transport, which moves people and goods from one location to another, necessitates well-maintained highways that link major cities and rural areas nationwide, facilitating swift movement. Hence, the burgeoning vehicular traffic is fuelling the highway market. To illustrate, the International Energy Agency, an autonomous organization based in France providing comprehensive analysis and data on the global energy realm, reported in February 2023 that global electric car sales swelled by approximately 60% in 2022, exceeding the 10 million mark, a significant rise from the previous year's 6.6 million. Consequently, the escalating number of vehicles propels the highway market.

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What Trends Will Shape the Highways Market Through 2029 and Beyond?
Leading firms in the highways market are prioritizing the creation of cutting-edge solutions such as geographic information system (GIS)-based highway monitoring software. This is in a bid to incorporate modern technologies for live traffic regulation, better safety measures, and minimal environmental harm. The GIS-based highway monitoring software specifically uses GIS to gather, scrutinize, and map data about the highways' infrastructure and operational elements. Take the National Highways Authority of India (NHAI), which in September 2024 utilized GIS-based software to oversee 100 toll plazas on their national highways. The aim was to improve traffic movement and cut down on congestion. The revolutionary system provides live updates about queue lengths, waiting times, and the speed of vehicles. In addition, it signals congestion warnings and advice for lane control. The software also provides a wide range of data sharing including weather forecasts, traffic status, and local events, encouraging proactive traffic management. Initially, the focus was on 100 toll plazas chosen via user feedback, though the project is set to grow vastly.

Which Segments in the Highways Market Offer the Most Profit Potential?
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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Which Firms Dominate the Highways Market by Market Share and Revenue in 2025?
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.

Which Regions Offer the Highest Growth Potential 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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