Road Construction and Maintenance Market in North America Size to grow by USD 68.1 billion between 2024-2028
The Road Construction and Maintenance Market in North America is segmented by Application (New construction, Reconstruction, and Repair), Type (Highway, Street, and Bridge), and Geography (North America). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 68.1 billion, at a CAGR of 4.51% during the forecast period. There are several companies that are contributing to the market as per this report. Increasing incidence of road accidents .
By Application, the New construction segment is projected to dominate the market size in 2024
The new construction segment within the North American road construction and maintenance market is poised for steady expansion, driven by the surge in vehicular traffic and substantial investments in road infrastructure development. Notably, the increase in both passenger and commercial vehicles necessitates the addition of new lanes and roadways. This trend is exemplified by projects like the I-70 Widening: Wentzville to Independence initiative, which entails the construction of three supplementary lanes in each direction from St. Louis, Missouri. These factors underscore the market's potential growth during the forecast period.
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By Type, Highway segment is expected to hold the largest market size for the year 2024
The North American road construction and maintenance market encompasses the development and upkeep of highways, which are defined as public roads or ways on land used primarily for major transportation. This term may also include controlled-access highways, freeways, motorways, and expressways in certain regions of the United States. Notably, governments have invested significantly in the expansion of highways, such as the four-lane widening of Highway 167 between Interstate 530 and El Dorado in Mexico, contributing to uninterrupted traffic flow and improved infrastructure.
Why is North America forecasted to hold the largest regional market size in 2024?
The North American road construction and maintenance market is experiencing steady growth, driven by the increasing number of vehicles and substantial investments in road infrastructure development in the United States. In April 2021, US lawmakers approved a USD1 trillion infrastructure bill, allocating USD110 billion for highway, bridge, and road repairs. Additionally, the market is fueled by the adoption of road expansion projects to mitigate traffic congestion and prioritize road safety. Government funding for road safety measures and a focus on overall infrastructural development further bolster market expansion during the forecast period.
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Research Analysis Overview
The Road Construction and Maintenance Market in North America is a significant sector, with a focus on ensuring safe and efficient roadways. This market includes the routine maintenance segment, such as pothole filling and resurfacing, as well as expressway and infrastructure development projects. Real-time sensors and data-driven maintenance practices are increasingly being adopted to improve efficiency and reduce delays caused by bureaucratic permits and budget constraints. Expressways and other major roadways require constant attention, with safety standards and transportation policies driving the need for regular repairs. Economic stimulus plans and government investments have led to an increase in infrastructure development projects, including bridge repair and pavement maintenance. Private companies are increasingly offering road maintenance services, with some outsourcing routine tasks such as motor grading and asphalt mix production. Advanced technologies like self-healing concrete, pothole filling robots, and smart roads are also being explored to improve the durability and sustainability of roadways. Despite these advancements, delayed repairs due to budget constraints and regulatory hurdles remain a challenge. Standardized road systems and streamlined permitting processes are necessary to ensure the timely completion of projects and maintain the safety and efficiency of North America's roadways.
Market Research Overview
The Road Construction and Maintenance market in North America is a segment of the larger Global Construction and Engineering Market, according to Technavio. This market encompasses businesses primarily focused on non-residential construction, including engineering service providers and Engineering, Procurement, and Construction (EPC) contractors. Notably, this market excludes entities involved in residential construction. The Global Construction and Engineering Market's size is determined by the consolidated revenue generated by engineering service providers and EPC contractors within the non-residential sector. Key growth drivers for this market include the increasing investment in urban infrastructure to accommodate burgeoning populations and escalating demands for transportation, communications services, and essential utilities such as water and electricity. - The Road Construction and Maintenance Market in North America is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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