Highway, Street, and Bridge Construction Global Market Report 2024

The highway, street, and bridge construction market size has grown steadily in recent years. It will grow from $896.65 billion in 2023 to $938.74 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth observed in the historical period can be attributed to population growth and urbanization, the replacement of aging infrastructure, government funding and initiatives, the enhancement of transportation networks, and economic development goals.

The highway, street, and bridge construction market size is expected to see strong growth in the next few years. It will grow to $1142.88 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be attributed to smart city initiatives, a focus on environmental sustainability, the increase in urban mobility solutions, efforts towards resilience and climate adaptation, and greater private sector participation. Major trends expected in the forecast period include the incorporation of innovative materials and composites, collaboration through public-private partnerships (PPPs), a heightened focus on safety and intelligent construction equipment, the adoption of 3D printing in construction, and the introduction of sustainable transportation infrastructure financing.

The highway, street, and bridge construction market are expected to grow with increased infrastructure investments globally. Infrastructure investments focus on specific sectors creating a country's infrastructure, including public or private initiatives in highway, street, and bridge construction. According to USA Facts, spending on infrastructure and transportation in 2022 is projected to be 21% higher than in 2019. The emphasis on highway transportation accounts for a significant portion of this investment. The increased global infrastructure investments are contributing to the growth of the highway, street, and bridge construction market.

The highway, street, and bridge construction market is anticipated to experience growth due to the expanding tourism industry. The tourism industry encompasses activities related to the temporary movement of people for leisure, business, or other purposes. Construction of highways, streets, and bridges positively impacts the tourism industry by improving accessibility, safety, and connectivity. This, in turn, fosters economic development and provides tourists with a more enjoyable and seamless travel experience. According to the U.S. Department of Commerce in June 2022, the number of international visitors to the US increased to 22.1 million in 2021. The growing tourism industry is a key driver for the growth of the highway, street, and bridge construction market.

Technological advancements take center stage as a key trend in the highway, street, and bridge construction market. Major companies are focusing on integrating the latest technologies in the construction of highways, streets, and bridges to fortify their market positions. For example, in July 2021, MX3D, a Netherlands-based software company specializing in robotic 3D metal printing technology, constructed a 12-meter-long 3D-printed pedestrian street 'smart bridge' in Amsterdam. This innovative bridge, built from stainless steel rods using robotic arms with welding equipment, showcases the company's ability to 3D-print metal structures that are robust, intricate, and graceful.

Major companies in the highway, street, and bridge construction market are developing new products, such as 3D-printed concrete bridges, to gain a competitive edge. A 3D-printed concrete bridge refers to a structure constructed using 3D printing technology and concrete materials. In December 2023, LafargeHolcim Ltd., a Switzerland-based building materials and solutions company, launched Phoenix. This bridge, constructed with 10 tons of recycled materials, demonstrates the company's commitment to low-carbon infrastructure applications and circular building. It serves as an example of integrated circular construction, computational design, and 3D concrete printing, supported only by compression and requiring no reinforcement.

In August 2021, US-based infrastructure and road construction company Construction Partners Inc. acquired Good Hope Contracting Co. for an undisclosed amount. This acquisition aims to broaden the scope of operations, enhance services, and leverage Good Hope Contracting Co.'s resources and experience to establish a stronger leadership position in the infrastructure and construction sectors. Good Hope Contracting Co., a US-based construction company, is integral to Construction Partners Inc.'s market position and competencies.

Major companies operating in the highway, street, and bridge construction market report are China State Construction Engineering Corporation Ltd., China Railway Group Ltd., China Communications Construction Company Limited, Vinci SA, Bouygues SA, Laing O'Rourke, ACS Group S.A., Grupo ACS, Samsung C&T Corporation, Hochtief AG, Larsen & Toubro Ltd., Strabag SE, Bachtel Corporation, Jacobs Engineering Group Inc., Skanska AB, Colas Group, Fluor Corporation, Turner Construction, Kiewit Corporation, AECOM, Balfour Beatty PLC, Ferrovial SA, PCL Construction, Stantec Inc., Tutor Perini Corporation, Granite Construction Inc., Heijmans N.V., Flatiron Construction Corp., Lane Construction Corporation, Continental Engineering Corporation, Eurovia Ltd.

Asia-Pacific was the largest region in the highway, street, and bridge construction market in 2023. The regions covered in the highway, street, and bridge construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the highway, street, and bridge construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of highway, street, and bridge construction encompass highways, streets, and bridges. A highway is a significant rural thoroughfare, referring to a route in either a rural or urban location where traffic entry and exit points are restricted and controlled. This segment is divided into new construction and reconstruction and repair, with funding originating from either the government or the private sector.

The highway, street, and bridge construction market research report is one of a series of new reports that provides highway, street, and bridge construction market statistics, including highway, street, and bridge construction industry global market size, regional shares, competitors with a highway, street, and bridge construction market share, detailed highway, street, and bridge construction market segments, market trends and opportunities, and any further data you may need to thrive in the highway, street, and bridge construction industry. This highway, street, and bridge construction 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 highway, street, and bridge construction market includes revenues earned by entities by constructing expressways, arch bridges, cantilever bridges, and more. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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.