Home > Construction > Construction Equipment > Road Construction > Highway, Street, and Bridge Construction Market

Highway, Street, and Bridge Construction Market Size

Report ID: GMI6436
Published Date: Aug 2023
Report Format: PDF

Download Free Sample

Highway, Street, and Bridge Construction Market Size

Highway, Street, and Bridge Construction Market size was valued at USD 2,111.8 billion in 2022 and will grow at a CAGR of over 6% from 2023 to 2032. Existing road networks require ongoing maintenance, repair, and rehabilitation, creating a constant demand for construction services to ensure road safety and functionality.

To get key market trends

Download Free Sample

As per the American Society of Civil Engineers, 1 in 5 miles of roads in the U.S. are in poor condition. Phys.org estimates suggest that road repairs in the U.S. due to temperature increases could reach a cumulative USD 200 billion to USD 300 billion by 2100. Alarming scenarios associated with poor road infrastructure and the subsequent demand for repair, maintenance, and reconstruction will favor industry growth.

Highway, Street, and Bridge Construction Market Report Attributes
Report Attribute	Details
Base Year:	2022
Highway, Street, and Bridge Construction Market Size in 2022:	USD 2,111.8 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6%
2032 Value Projection:	USD 3,893.1 Billion
Historical Data for:	2018 to 2022
No. of Pages:	300
Tables, Charts & Figures:	207
Segments covered:	Type, Construction Type
Growth Drivers:	Increasing government investment in infrastructure development Rising demand for transportation in Asia Pacific Increasing focus on international connectivity Growing tourism industry drives the need for improved transportation infrastructure Rise in focus on modernization and rehabilitation of roads
Pitfalls & Challenges:	Funding shortage in least developed countries

Learn more about the key segments shaping this market

Download Free Sample

Government investments in infrastructure development, through initiatives such as public-private partnerships (PPPs) and stimulus packages, play a significant role in boosting road construction activities, thus, supporting the expansion of the road construction industry. The UK Roads Investment Strategy published in 2020 sets out plans to invest approximately USD 29.7 billion in roads through 2025. The strategy aims to improve road safety, reduce congestion, and support economic growth.

However, road construction projects often require adherence to complex regulatory frameworks and obtaining various permits at different levels of government. Delays in obtaining necessary approvals and navigating regulatory hurdles can lead to project postponements, increased costs, and uncertainty for investors and contractors, thereby influencing highway, street, and bridge construction market dynamics.

Authors: Preeti Wadhwani, Anish Pathak

Frequently Asked Questions (FAQ) :

The market size of highway, street, and bridge construction was reached USD 2,111.8 billion in 2022 and will grow at over 6% CAGR from 2023 to 2032, due to the ongoing maintenance, repair, and rehabilitation in existing road networks.

Highway, street, and bridge construction market size from the new construction segment recorded over 50% revenue share in 2022, driven by urbanization, infrastructure modernization, advanced construction equipment, and economic growth.

Asia Pacific highway, street, and bridge construction market size exceeded USD 782 billion in 2022, owing to robust economic development, urbanization, and ambitious infrastructure projects.

Continental Engineering Corporation, Kiewit Group, China Communication Construction Company Limited, ACS Group S.A., Balfour Beatty Plc, China Railway Group Ltd., and Heijimans N.V., Larsen & Toubro Ltd. are some of the major highway, street, and bridge construction firms.