Overview and Scope
Roads refer to a long, narrow section of paved or smoothed ground designed for use by motor vehicles. Roads are used to connect various cities, towns, and even villages, and they provide a vital mechanism for getting cars and people from one place to another. It involves the design and construction of roads.
Sizing and Forecast
The roads market size has grown steadily in recent years. It will grow from $277.51 billion in 2023 to $287.46 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. 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 roads market size is expected to see steady growth in the next few years. It will grow to $336.02 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to renewable energy integration, urban mobility solutions, smart city initiatives, resilience planning, sustainable transportation. Major trends in the forecast period include adoption of advanced materials, integration of autonomous vehicles, public-private partnerships, multimodal transportation integration, resilience and climate adaptation..
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the roads market in 2023. 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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Major Driver Impacting Market Growth
The rising number of vehicles is expected to propel the growth of the roads market going forward. Vehicles are machines that transport people or products, often on land, and are often equipped with wheels and an engine, such as motor vehicles. Vehicles predominantly use roads for transportation, and they frequently rely on roads to convey people and commodities. This will drive demand for road constructions. For instance, in March 2022, according to a report published by the European Automobile Manufacturers Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, the sales of passenger cars in the USA increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in the US auto facilities in 2021, an increase of 3.1% from 2020. Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the rising number of vehicles is driving the growth of the roads market.
Key Industry Players
Major companies operating in the road market are adopting a strategic partnership approach, aiming to determine, train, and place people in trade jobs to meet employment shortfalls in the highway construction business. Through strategic partnerships, companies leverage the expertise and resources of other companies to optimize their focus on core competencies, reduce costs, and deliver projects more efficiently and effectively. For instance, in February 2022, the Federal Highway Administration (FHWA), a US-based highway transportation section of the United States Department of Transportation, announced a partnership with other important national highway organizations and the Federal Employment and Training Administration, a US-based division of the U.S. Department of Labor, to create the Highway Construction Workforce Partnership (HCWP). The initiatives are handled by collaborative working groups that evaluate workforce requirements and funds.
The roads market report table of contents includes:
1. Executive Summary
2. Roads Market Characteristics
3. Roads Market Trends And Strategies
4. Roads Market – Macro Economic Scenario
5. Global Roads Market Size and Growth
…
31. Global Roads Market Competitive Benchmarking
32. Global Roads Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Roads Market
34.Roads Market Future Outlook and Potential Analysis
35. Appendix
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