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Highway, Street, and Bridge Construction Market Trends

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

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Highway, Street, and Bridge Construction Market Trends

Shifts in transportation modes, such as the growth of electric vehicles and shared mobility services, may lead to the development of new road infrastructure or modifications to existing roads. According to the Internation Energy Agency, sales of electric cars depicted exponential growth and exceeded 10 million in 2022. The share of electric cars in total car sales has registered more than three-fold growth, reaching 14% in 2022 from 4% in 2020. The positive outlook of the EV industry, in line with economic development and growth, drives the need for improved transportation networks to facilitate the movement of goods, services, and people, thus impacting the road construction market development.

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.