Highways Global Market Report 2024

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 observed during the historical period can be attributed to factors such as population growth and urbanization, economic development, industrialization and trade, government investments in infrastructure, and evolving 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 anticipated growth in the forecast period can be attributed to the adoption of urban mobility solutions, the implementation of smart city initiatives, resilience planning, the promotion of public-private partnerships, and a focus on sustainable transportation. Key trends expected in the forecast period include the expansion of high-speed rail connectivity, the integration of Intelligent Transportation Systems (ITS), the introduction of innovative toll collection methods, the development of bicycle and pedestrian infrastructure, and the incorporation of climate-resilient highway design.

The growth of the highway market is anticipated to be propelled by the increasing number of vehicles. Vehicles serve as means of transportation, facilitating the movement of people and goods between different locations. Well-maintained highways play a crucial role in connecting urban centers and rural communities, enabling efficient transportation. Notably, the International Energy Agency reported a significant rise in global electric car sales, exceeding 10 million in 2022, marking a 60% increase from 6.6 million in 2021. This surge in vehicle numbers contributes to the growth of the highway market.

The highway market is expected to witness growth due to increasing urbanization. Urbanization, driven by economic development and industrialization, transforms rural areas into urban centers. The development of highways is essential for connecting these urban areas, fostering economic growth, and improving overall accessibility. According to the World Bank Group, over half of the global population currently resides in urban regions, and by 2045, the urban population is projected to reach 6 billion, marking a 1.5 times increase. The ongoing trend of urbanization is a significant driver for the highways market.

Technological advancements emerge as a prominent trend in the highway market, with companies adopting new technologies to maintain their market position. An example is the Traffic Management 2.0 launched by the Vienna government of Austria and Kapsch TrafficCom. This system, designed for smart transportation and traffic management, aims to enhance traffic conditions and reduce emissions, contributing to improved air quality.

Major companies in the highway market are focused on developing revolutionary systems incorporating technology, such as traffic sign relevancy technology, to meet regulatory standards. Traffic sign relevancy technology enables systems to identify the relevance of specific speed signs to particular lanes or road segments. For instance, Mobileye, an Israel-based system software company, introduced the world's first vision-only Intelligent Speed Assist (ISA) system in July 2023. This system, designed for Mobileye's EyeQ platform, detects traffic signs and visual signals solely using cameras, offering a cost-effective and reliable solution.

In January 2021, Clyde Companies, Inc., a US-based construction organization, completed the acquisition of Interstate Highway Construction (IHC). The integration of IHC with Clyde's previously acquired Scott Contracting resulted in the formation of IHC Scott, Inc., serving the Denver market with high-quality construction products and services, contributing to Clyde's strategic growth in the highway sector.

Major companies operating in the highways market report are Granite Construction Inc., Fujian Expressway Development Co. Ltd., Hunan Communication & Water Conservancy Group Ltd., Sichuan Railway Investment Guangrun Logistics Co. Ltd., IBI Group, Construction Partners Inc., Tutor Perini Corporation, Stanley Road Construction, Muscat Road Construction & Civil Works LLC, PNC Infratech Limited, New Road Construction Management, Kokosing Construction Company, Sanders Brothers Construction Company Inc., Rogers Group Inc., R.S. Audley Inc., Kiewit Corporation, The Lane Construction Corporation, Skanska USA, Fluor Corporation, AECOM Inc., Jacobs Engineering Group Inc., Turner Construction Company, Clark Construction Group LLC, PCL Construction Enterprises Inc., McCarthy Building Companies Inc., The Whiting-Turner Contracting Company, Swinerton Inc., Mortenson Constructions, DPR Construction, Gilbane Building Company, JE Dunn Construction, Webcor Builders, Hathaway Dinwiddie Construction Company, Sundt Construction Inc., Ryan Companies US Inc., The Boldt Company, Gray Construction Services Inc.,.

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

The primary types of highways are road construction and maintenance, as well as highway construction and maintenance. Road construction and maintenance encompass activities involved in the building of roads, railroads, bridges, culverts, and other infrastructure related to road construction and upkeep, which may include grading or excavation. The various components encompass hardware, software, and services, with product technologies including smart traffic management systems, smart transport management systems, monitoring systems, and communication systems.

The highways market research report is one of a series of new reports that provides highways market statistics, including highways industry global market size, regional shares, competitors with a highways market share, detailed highways market segments, market trends, and opportunities, and any further data you may need to thrive in the highways industry. This highways 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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