Roads Global Market Report 2024

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 expansion observed in the historical period can be attributed to factors such as population growth and urbanization, economic development, industrialization, and trade. Additionally, government investments in infrastructure, as well as evolving patterns in mobility, have played significant roles in this growth.

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 projected growth in the forecast period can be attributed to the integration of renewable energy, solutions for urban mobility, initiatives focused on smart cities, planning for resilience, and the promotion of sustainable transportation. Key trends expected during the forecast period include the adoption of advanced materials, the incorporation of autonomous vehicles, the development of public-private partnerships, the integration of multimodal transportation, and efforts towards resilience and climate adaptation.

The projected expansion of the roads market is set to be driven by the increasing number of vehicles. Vehicles, which transport people or goods, primarily utilize roads for transportation. The rising vehicle count necessitates the construction and maintenance of roads to accommodate the growing demand for transportation. An example of this trend is evident in the report by the European Automobile Manufacturers Association (ACEA) in March 2022, indicating a 5.5% increase in the sales of passenger cars in the USA from 2020 to 11.9 million units in 2021. The global production of cars also witnessed a 2.7% rise to 63.2 million in 2021, emphasizing the surge in the number of vehicles and its impact on driving the growth of the roads market.

The growing transportation sector is expected to contribute significantly to the expansion of the road market. The transportation industry, comprising various groups, infrastructure, and operations involved in the movement of people, goods, and services, relies heavily on roads. Roads provide essential infrastructure for diverse forms of transportation and support various economic and social activities. The United States Bureau of Transportation Statistics reported in August 2022 that the Freight Transportation Services Index (TSI) reached a record high in June, rising 1.7% from May and increasing by 4.6% from June 2021 to June 2022. This underscores the crucial role of roads in supporting the transportation sector and, consequently, propelling the road market.

A notable trend in the roads market is technological advancement, with major companies integrating advanced technologies into road construction operations. In February 2023, the Ministry of Road Transport and Highways in India introduced Skye UTM, an unmanned traffic management system designed to accelerate highway construction, monitor traffic incidents, and oversee real-time traffic conditions. Skye UTM, a sophisticated cloud-based system for managing air traffic, connects manned and unmanned flights, providing situational awareness, autonomous navigation, risk assessment, and traffic management for drone and aerial mobility operators. This technological trend reflects the commitment of key market players to enhance efficiency and innovation in road construction.

Strategic partnerships are becoming increasingly prevalent among major companies operating in the roads market. By forming strategic partnerships, companies aim to address employment shortages in highway construction and optimize their focus on core competencies. For instance, the Federal Highway Administration (FHWA) in the United States announced a partnership with national highway organizations and the Federal Employment and Training Administration in February 2022, establishing the Highway Construction Workforce Partnership (HCWP). This collaborative initiative involves working groups to assess workforce requirements and allocate funds, showcasing the importance of strategic partnerships in addressing workforce challenges in the road construction industry.

In September 2021, Bird Construction, a Canadian institutional building construction company, acquired Dagmar Construction Inc. for $32 million. This strategic acquisition aims to enhance Bird Construction's contacts and capabilities in civil infrastructure, including rail, road, bridge, sewer, and commercial and institutional sites, illustrating the role of strategic acquisitions in expanding market reach and specialization in the roads sector.

Major companies operating in the roads market report are 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, Stanley Road Construction, Muscat Road Construction & Civil Works LLC, PNC Infratech Limited, New Road Construction Management Co. Inc., Caterpillar Inc., Komatsu Ltd., Volvo Construction Equipment, Wirtgen GmbH, Dynapac Road Construction Equipment India Pvt. Ltd., The Lane Construction Corporation, IRB Infrastructure Developers Ltd., 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, Terex 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.

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. The countries covered in the roads market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of roads include highways, streets, and bridges. A highway is a substantial country thoroughfare, employed to delineate a route, whether in a rural or urban environment, where the entry and exit points for vehicles are regulated and restricted. This involves several components, including hardware, software, and services. Various types of construction encompass new construction, reconstruction, and repair.

The roads market research report is one of a series of new reports that provides roads market statistics, including roads industry global market size, regional shares, competitors with a roads market share, detailed roads market segments, market trends and opportunities, and any further data you may need to thrive in the roads industry. This roads market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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