Highways Market Overview: Analysis & Growth Forecast 2024-2033

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Overview and Scope

A highway refers to a main road that connects towns or cities. Because they are wide and have high-speed limits, they decrease travel time.

Sizing and Forecast

The highways market size has grown steadily in recent years. It will grow from $428.56 billion in 2023 to $449.59 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to population growth and urbanization, economic development, industrialization and trade, government infrastructure investments, changing mobility patterns..

The highways market size is expected to see strong growth in the next few years. It will grow to $551.14 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to urban mobility solutions, smart city initiatives, resilience planning, public-private partnerships, sustainable transportation.. Major trends in the forecast period include high-speed rail connectivity, intelligent transportation systems (its), innovative toll collection methods, bicycle and pedestrian infrastructure, climate-resilient highway design..

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Segmentation & Regional Insights

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 Technolgy: Smart Traffic Management Systems, Smart Transport Management Systems, Monitoring Systems, Communication System

North America was the largest region in the highways market in 2023. 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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Major Driver Impacting Market Growth

The rise in the number of vehicles is expected to propel the growth of the highway market going forward. A vehicle is a means used to carry or transport a person or something from one place to another. Vehicles require highways in good condition as they connect large metropolises and rural communities across the country, which helps in the quick transportation of people and products. Therefore, the rise in the number of vehicles is driving the growth of the highway market. For instance, in February 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization that provides analysis and data on the entire global energy sector, the sales of electric cars worldwide increased by around 60% in 2022, surpassing 10 million, up from sales of 6.6 million in 2021. Therefore, the rise in the number of vehicles is driving the highway market.

Key Industry Players

Major companies operating in the highways market are focused on developing revolutionary systems that utilize technology, such as traffic sign relevancy technology to meet new regulation (GSR) standards. Traffic sign relevancy technology refers to a feature that enables the system to identify whether a specific speed sign is relevant to a particular lane or road segment. For instance, in July 2023, Mobileye, an Israel-based system software company launched the world’s first vision-only Intelligent Speed Assist (ISA) system, meeting EU standards without relying on third-party maps and GPS. The system, designed for Mobileye’s EyeQ platform, detects traffic signs and visual signals using only cameras, providing a cost-effective and reliable solution.

The highways market report table of contents includes: