The road construction and maintenance market is segmented by application (new construction, reconstruction, and repair), type (highway, street, and bridge), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The emergence of smart cities is the major road construction and maintenance market trend which will positively influence the market value.
The road construction and maintenance market share will value over USD 259.95 billion by 2027
It is estimated to expand at a CAGR of 5.42% from 2022 to 2027
The road construction and maintenance market size will witness a YOY growth rate of 4.35% in 2023
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An increase in the number of smart city projects across the world will give rise to the need for the installation of road safety equipment in advanced road network systems. Hence, the increase in the number of smart cities across the globe can drive the growth of the road construction and maintenance market during the forecast period.
Population growth and rapid urbanization across the globe have positively impacted the growth of road infrastructure and its development to cater to the needs of the transportation sector. The growing automobile production volumes and the entry of players into new markets will spur the demand for road construction and maintenance
Some of the major road construction and maintenance market vendors are:
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The rise in the cost of construction are the major hindrance for market players
The road construction and maintenance market structure is fragmented in nature.
41% of road construction and maintenance market growth will develop from APAC.
The market growth by the new construction segment will be significant during 2023-2027 owing to the global demand for the road construction and maintenance industry.