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Highway, Street, and Bridge Construction Market Analysis
- Report ID: GMI6436
- Published Date: Aug 2023
- Report Format: PDF
Highway, Street, and Bridge Construction Market Analysis
The highway segment held approximately 30% share of the highway, street, and bridge construction market in 2022 and expected to grow significantly by 2032. The demand for highway road construction is primarily propelled by increasing urbanization, population growth, and economic development. As cities expand, the need for smart transportation, prompting investments in highway infrastructure. Economic progress fuels trade and commerce, boosting the requirement for well-connected highways to facilitate the movement of goods and people. Government initiatives, technological advancements, and tourism also contribute to the demand, as modern, well-maintained highways become essential for sustainable development and improved connectivity.
The new construction segment captured around 50% share of the highway, street, and bridge construction market in 2022. The new construction segment is projected to dominate market by 2032, owing to a combination of factors, including urbanization, infrastructure modernization, advanced construction equipment, and economic growth. Growing urban populations require expanded transportation networks, prompting cities to invest in new road projects. Furthermore, emerging economies are constructing new roads to support trade and connectivity, such as China's Belt and Road Initiative, driving the global uptick in road construction.
The Asia Pacific region was valued at over USD 782.0 billion in 2022. Asia Pacific road construction industry outlook will undergo significant transformation between 2023 and 2032, due to robust economic development, urbanization, and ambitious infrastructure projects. Countries like China and India are heavily investing in road networks to support their expanding economies and urban populations. Moreover, Southeast Asian nations are enhancing regional connectivity through initiatives like the ASEAN Highway Network.
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Highway, Street, and Bridge Construction Market Scope
