The Roads by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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https://www.thebusinessresearchcompany.com/report/roads-global-market-report
According to The Business Research Company’s Roads, 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.
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.
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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
Technological advancement is a key trend gaining popularity in the roads market. Major companies operating in the roads market are focused on using advanced technologies in road construction operations, to strengthen their position in the market. For instance, in February 2023, the Ministry of Road Transport and Highways, an organization under the Central Government of India, launched Skye UTM, an unmanned traffic management system that helps speed up highway construction, monitors deadly traffic accidents, and supervises real-time traffic monitoring. Skye UTM is a cloud-based system for managing air traffic that links manned and unmanned flights together. In order to provide situational awareness, autonomous navigation, risk assessment, and traffic management to all drone and other aerial mobility operators throughout the airspace, Skye UTM is the most sophisticated and indigenous aerial traffic management platform.
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
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26. South America Roads Market
27. Brazil Roads Market
28. Middle East Roads Market
29. Africa Roads Market
30. Roads Market Competitive Landscape And Company Profiles
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