Road & Highway Infrastructure Market Size - By Component (Road, Bridges/Overpass, Tunnels, Signages, Management Systems), By Type (National, State, Local), By Construction Type (New, Reconstruction, Repair, Maintenance), Forecast 2023 - 2032

Road & Highway Infrastructure Market Size - By Component (Road, Bridges/Overpass, Tunnels, Signages, Management Systems), By Type (National, State, Local), By Construction Type (New, Reconstruction, Repair, Maintenance), Forecast 2023 - 2032

The global road and highway infrastructure market is expected to experience a growth rate of over 3% during 2023-2032 propelled by the rapid pace of urbanization worldwide. According to a World Bank report in 2023, currently, 56% (4.4 billion) of the world's population live in cities. This is projected to more than double by 2050, with almost 7 in 10 people residing in urban areas.
As cities expand and populations surge, governments globally are allocating substantial investments to upgrade and expand their transportation networks. This includes the development of new roadways, highways, and modernized transportation systems to ensure efficient and connected urban mobility. The economic growth of nations, along with the focus on strengthening the commute infrastructure is augmenting the market growth.
The global road and highway infrastructure industry is classified based on component, type, construction type, and region.
The national segment is expected to grow at a substantial rate during 2023-2032 propelled by the exploration and implementation of diverse road and highway solutions. From smart and connected road systems to sustainable and eco-friendly infrastructure designs, the focus is on innovations tailored to meet the specific needs of each country's transportation network. This diversification is also fostering a collaborative environment between governments and infrastructure developers, paving the way for transformative projects that enhance connectivity and sustainability.
The maintenance segment is poised to grow swiftly through 2032. Governments and private entities are increasingly focusing on sustainable maintenance practices, incorporating eco-friendly materials and technologies to prolong the lifespan of existing infrastructure. This shift toward green maintenance not only aligns with environmental goals but also contributes to cost-effectiveness and long-term resilience. The growing emphasis on preserving and enhancing the life of road and highway networks will stimulate the segment growth.
North America road & highway infrastructure industry size is expected to grow substantially through 2032 driven by extensive urban development, economic prosperity, and strategic government investments in transportation projects. The United States has announced several initiatives to revamp aging infrastructure, enhance connectivity, and embrace smart technologies. With a focus on innovation and sustainability, North America is setting benchmarks for effective urban mobility solutions and resilient transportation networks, fueling industry expansions.