North America Road Construction and Maintenance Market to grow by USD 48.42 billion
A reliable transportation system is an utmost necessity for an area to prosper economically. North America currently is witnessing an upsurge in investment and development of infrastructural projects which is forecasted to increase by USD 48.42 billion between 2022 and 2027 with an accelerating growth at a CAGR of 3.37%. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
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The primary factor that triggered the growth of the Road Construction and Maintenance Market size is the increased demand for better road infrastructure for the aging highway infrastructure that already exists, which needs to be replaced and maintained. Secondly, another factor that attributed to this growth is the increasing number of automobiles on roads.
Lastly, a substantial amount of investment is coming in for the development of infrastructural projects as economic development of an area is possible when there is a proper transportation system in that area. Rapid access to resources can be made possible by a strong transportation network, which also reduces freight costs. A crucial component of transportation networks is highways. The investment in highway infrastructure is motivated by such factors. This is expected to fuel the growth of the North American construction market.
It has been observed across North America, an increasing incidence of road accidents because of reasons like speeding, driving while intoxicated, disregarding or failing to follow traffic regulations, etc. Hence, such factors are leading to an increased demand for road construction and maintenance, which is expected to drive market growth.
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Road Construction And Maintenance Market: Vendor Analysis
Market vendors are capitalizing on growth opportunities through various strategic measures. Prominent market players are constantly upgrading themselves to enhance their market presence with more focus on growth prospects.
For instance, EllisDon offers road construction and maintenance services for country roads, managed lanes, street bridges, and highways.
Similarly, Clark Construction Group LLC offers road construction and maintenance services for bridge and highway interchanges.
Market Players worth mentioning in this industry are Kiewit Corp., Kokosing Inc., Ledcor IP Holdings Ltd., Obayashi Corp., PCL Constructors Inc., Pomerleau Inc., Skanska AB, Tutor Perini Corp., ACS Actividades de Construccion Y Servicios SA.
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