The road maintenance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Road Maintenance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The road
maintenance market size has grown strongly in recent years. It will grow
from $13.68 billion in 2023 to $14.49 billion in 2024 at a compound
annual growth rate (CAGR) of 5.9%. The growth in the historic period can
be attributed to increasing vehicular traffic, government
infrastructure development programs, aging road infrastructure, rising
urbanization, and increasing public safety concerns.
The road maintenance market size is expected to see strong growth in the next few years. It will grow to $18.31 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to smart city initiatives, rising electric vehicle adoption, employing environmental regulations, population growth in urban areas, and increasing toll road development. Major trends in the forecast period include the use of AI in predictive maintenance, integration of IoT in road monitoring, development of green infrastructure, robotics for automated road repairs, and implementation of 3D road printing.
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Scope Of Road Maintenance Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Road Maintenance Market Overview
Market Drivers -
The
rising number of road accidents is expected to propel the growth of the
road maintenance market going forward. The rising number of road
accidents is a complex issue influenced by various factors such as
increased vehicle traffic, distracted driving, speeding, poor road
conditions, and aggressive driving. Road maintenance is essential in
mitigating road accidents by maintaining and repairing road surfaces,
upgrading safety features, enhancing signage and road markings, and
addressing issues such as potholes and wear and tear, all of which
contribute to safer driving conditions and help prevent accidents caused
by deteriorating infrastructure. For instance, in May 2023, according
to a report published by the Bureau of Infrastructure and Transport
Research Economics (BITRE), an Australia-based government agency, there
were 1,194 road crash deaths in 2022, marking a 5.8% increase from 2021.
Therefore, the rising number of road accidents is driving the growth of
the road maintenance market.
Market Trends -
Major companies
operating in the road maintenance market are focused on developing
innovative, systematic inspection solutions to enhance infrastructure
quality and safety. Innovative systematic inspection solutions in road
maintenance involve using advanced technologies such as sensors, AI, and
drones to monitor and assess road conditions efficiently. For instance,
in May 2024, the National Highways Authority of India (NHAI), an
India-based autonomous agency of the Government of India that manages
the country's national highway, launched Highway Maintenance Units
(HMUs), marking a significant step towards improving the upkeep and
management of national highways. This initiative focuses on ensuring
timely maintenance and enhancing the overall quality of highway
infrastructure nationwide. The HMUs will conduct routine inspections,
carry out maintenance activities, and address various highway-related
issues. This proactive strategy aims to boost road safety and provide a
better travel experience for all users.
The road maintenance market covered in this report is segmented –
1) By Product: Pavement Management, Maintenance To Road Fixtures, Litter Control, Vegetation Management
2) By Pavement: Asphalt, Concrete
3) By Roadways: Highways, Lower Traffic Volume Roadways, Local streets
4) By Managing Agencies: Federal, State, Municipal
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Regional Insights -
Asia-Pacific
was the largest region in the road maintenance market in 2023. North
America is expected to be the fastest-growing region in the forecast
period. The regions covered in the road maintenance market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South
America, Middle East, Africa.
Key Companies -
Major companies
operating in the road maintenance market are Vinci SA, CRH Total, Group
ACS, Hochtief AG, Eiffage S.A., Bechtel Corporation, Dawson Road
Maintenance, Colas Group, Cemex S.A.B. de C.V., Fluor Corporation,
Kiewit Corporation, AECOM, Downer Group, Sika AG, Balfour Beatty plc,
Ferrovial S.E., Martin Marietta Materials Inc., Granite Construction,
Tarmac, The Miller Group, Heidelberg Materials, Crafco Inc., Midland
Asphalt Materials Inc.
Table of Contents
1. Executive Summary
2. Road Maintenance Market Report Structure
3. Road Maintenance Market Trends And Strategies
4. Road Maintenance Market – Macro Economic Scenario
5. Road Maintenance Market Size And Growth
…..
27. Road Maintenance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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