Highways Global Market Report 2023
Major players in the highways market are Granite Construction Inc., Fujian Expressway Development Co. Ltd., Hunan Communication & Water Conservancy Group Ltd., Sichuan Railway Investment Guangrun Logistics Co.
New York, June 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Highways Global Market Report 2023" - https://www.reportlinker.com/p06464123/?utm_source=GNW
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, Rogers Group Inc., and R.S. Audley Inc.
The global highways market is expected to grow from $407.97 billion in 2022 to $435.75 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The highways market is expected to reach $540.62 billion in 2027 at a CAGR of 5.5%.
The highways market includes revenues earned by entities by constructing and maintaining highways.The market value includes the value of related goods sold by the service provider or included within the service offering.
The highways market also includes sales of pothole patchers, hydro excavators, street sweepers, leaf vacuums, and highway monitoring devices and equipment used in providing highway construction services and maintenance.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A highway refers to a main road that connects towns or cities. Because they are wide and have high-speed limits, they decrease travel time.
North America was the largest region in the highways market in 2022. The regions covered in the highways market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main highways types are road construction and maintenance, and highway construction and maintenance.Road construction and maintenance refers to the activities undertaken to build roads, railroads, bridges, culverts, and other works incidental to road construction and maintenance activities that involve grading or excavation.
The various component includes hardware, software, and service with product technology of smart traffic management systems, smart transport management systems, monitoring systems, and communication system.
The rise in the number of vehicles is expected to propel the growth of the highway market going forward.A vehicle is a means used to carry or transport person or something from one place to another.
Vehicles require highways in good condition as they connect large metropolises and rural communities across the country, which helps in the quick transportation of people and products.Therefore, the rise in the number of vehicles is driving the growth of the highway market.
For instance, in February 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization that provides analysis and data on the entire global energy sector, the sales of electric cars worldwide increased by around 60% in 2022, surpassing 10 million, up from sales of 6.6 million in 2021. Therefore, the rise in the number of vehicles is driving the highway market.
Technological advancements are a key trend gaining popularity in the highway market.Companies operating in the highway market are adopting new technologies to sustain their position in the market.
For instance, in November 2021, the Vienna government of Austria and Kapsch TrafficCom, an Austria-based provider of transportation solutions for sustainable mobility, launched Traffic Management 2.0. for smart transportation management and traffic management. It is uniquely designed to improve the traffic conditions that help in the CO2 (carbon dioxide) balance saving up to 15% of emissions thereby improving air quality.
In January 2021, Clyde Companies, Inc., a US-based construction organization, acquired Interstate Highway Construction (IHC) for an undisclosed amount. Through this acquisition, Clyde combined IHC with its previously acquired construction company Scott Contracting and formed IHC Scott, Inc., which serves the Denver (Colorado, the USA) market with high-quality construction products and services, strengthening Clyde’s strategic growth. Interstate Highway Construction (IHC) is a US-based airport, heavy civil, and highway construction company.
The countries covered in the highways market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
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.
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