Global Road Maintenance Market Insights Forecasts to 2032
- The Global Road Maintenance Market Size was valued at USD 13.8 Billion in 2022.
- The Market Size is Growing at a CAGR of 5.1% from 2022 to 2032
- The Worldwide Road Maintenance Market Size is Expected To reach USD 22.58 Billion by 2032
- North America is Expected To Grow the fastest during the forecast period
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The Global Road Maintenance Market Size is Expected to reach USD 22.58 Billion by 2032, at a CAGR of 5.1% during the forecast period 2022 to 2032.
Road maintenance is the ongoing effort to keep roads in good condition for drivers and pedestrians walking. It includes both routine maintenance, such as filling potholes and cracks in the pavement, and major repairs, such as repaving or reconstructing longer stretches of road. Road maintenance is essential for the safety of drivers, passengers, and pedestrians, as well as avoiding vehicle damage and reducing traffic jam. Depending on where individuals live, road maintenance may be the responsibility of the municipal, state, or federal governments. Road maintenance entails keeping, repairing, and improving the condition of roads such as highways, streets, and other transportation infrastructure. The primary goal of road maintenance is to keep all users—drivers, pedestrians, cyclists, and public transportation—safe and able to use the roads. Simple tasks like cleaning, mowing, and marking the pavement can lead to more complicated tasks like closing cracks, filling potholes, and resurfacing. Furthermore, maintenance also includes the repair or replacement of broken or worn-out items such as drainage systems, traffic signs, and guardrails. The significant investments and government initiatives in transport infrastructure to boost public mobility and the logistics sector are driving the market growth. In additional, the market is being driven by the advancement and digitization of transport infrastructure in order to stimulate the economy.
Global Road Maintenance Market Report Coverage
|Market Size in 2022:||USD 13.8 Billion|
|Forecast Period 2022-2032 CAGR:||5.1%|
|2032 Value Projection:||USD 22.58 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Type, By Service Type, By Pavement, By Managing Agency, By Region and COVID-19 Impact Analysis.|
|Companies Covered:||Vinci SA., Colas Group, Downer Group, Fluor Corporation, Balfour Beatty, Bechtel Corporation, Group ACS, Hochtief, Kiewit Corporation, and Other Key Vendors.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The road maintenance industry is expected to witness increased technological integration for more efficient and data-driven maintenance practices. This includes promoting the use of sensors, drones, and other Internet of Things (IoT) devices to monitor road conditions in real-time, allowing authorities to identify concern and prioritize maintenance efforts effectively. On April 2023, the US Department of transportation awarded a USD 100 million grant to the University of California, Berkeley, to develop new technologies for road maintenance. More efforts in this direction will help carve a healthy growth trajectory for the road maintenance market. The American Association of State Highway and Transportation Officials (AASHTO) will release a new guide on the use of drones for road maintenance in April 2023. Such moves and initiatives will contribute to positive market development outcomes. This expansion can be attributed to the government's increased investments in infrastructure development projects. Significant government funding for infrastructure projects has been attracted as a result of economic stimulus plans and transport policies.
Road maintenance efforts can be hampered by a lack of public funding or budgetary constraints for infrastructure projects. Inadequate investment may result in delayed repairs, reduced frequency of maintenance, and overall deterioration of road networks. Furthermore, bureaucratic delays and roadblocks may stymie maintenance initiatives and reduce their effectiveness, resulting in hampering the market growth over the forecast period.
By Type Insights
The highway & expressway segment dominates the market with the largest revenue share over the forecast period.
On the basis of type, the global road maintenance market is segmented into highway & expressway, urban road, rural road and local streets. Among these, the highway & expressway segment is dominating the market with the largest revenue share over the forecast period. Highway maintenance is critical to the safety, functionality, and longevity of road networks. Highway maintenance includes a variety of activities focused on preserving, repairing, and improving road conditions, improving road safety, and minimising user disruptions. Highways, as vital transportation arteries, facilitate the movement of people and goods, significantly contributing to economic growth and societal development.
By Service Type Insights
The routine maintenance segment is witnessing significant CAGR growth over the forecast period.
On the basis of service type, the global road maintenance market is segmented into routine maintenance, emergency maintenance and reactive maintenance. Among these, the routine maintenance segment is witnessing significant growth over the forecast period. The need for safe, smooth, and efficient travel. Maintaining the roads reduces wear and tear, accidents, and traffic disruptions. These advantages have prompted governments and authorities all over the world to prioritize road maintenance. The critical role of routine maintenance in preserving road infrastructure and optimising transport networks, thereby driving segment growth.
By Pavement Insights
The asphalt segment is expected to hold the largest share of the global road maintenance market during the forecast period.
Based on the pavement, the global road maintenance market is classified into asphalt and concrete. Among these, the asphalt segment is expected to hold the largest share of the road maintenance market during the forecast period. Asphalt is a recyclable material that can be repurposed as road pavement. It is quieter to drive on than concrete but asphalt roads can be completed and opened to traffic faster than roads paved with other materials. Asphalt is a common material used in road construction because it is the most cost-effective option.
By Managing Agency Insights
The municipal segment accounted for the largest revenue share over the forecast period.
On the basis of managing agency, the global road maintenance market is segmented into federal, state and municipal. Among these, the municipal segment dominates the market with the largest revenue share over the forecast period. The municipal network serves as a multifunctional asset by providing a functional infrastructure for people, vehicles, and public services. To keep it in good condition, optimal maintenance measures must be implemented, resulting in an efficient use of taxpayer funds.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with the largest market share over the forecast period. The rapid urbanisation, population growth, and increased economic activity. The need for well-maintained roads to support efficient transportation and logistics is growing. India's aggressive infrastructure development plans, as well as urbanization, have emphasised the need for upgraded road systems. These factors highlight the Asia Pacific market dynamic, which is being driven by expanding urban landscapes and economic progress.
North America is expected to grow the fastest during the forecast period. The deterioration of highway infrastructure is significantly driving the growth of the North American construction market. The increasing technological advancements in the region are key factors favouring the growth of the predictive maintenance market in North America. The increasing number of predictive maintenance players across regions is expected to fuel market growth.
List of Key Market Players
- Vinci SA.
- Colas Group
- Downer Group
- Fluor Corporation
- Balfour Beatty
- Bechtel Corporation
- Group ACS
- Kiewit Corporation
Key Market Developments
- On March 2023, Vinci Highways purchased a 50% stake in Roadserve, the UK's leading road maintenance company. With this acquisition, Vinci Highways will have a significant presence in the UK market.
- On August 2023, Nitin Gadkari, Minister of Road Transport and Highways, is set to launch the Bharat New Car Assessment Programme (Bharat NCAP).
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global road maintenance market based on the below-mentioned segments:
Road Maintenance Market, Type Analysis
- Highway & Expressway
- Urban Road
- Rural Road
- Local Streets
Road Maintenance Market, Service Type Analysis
- Routine maintenance
- Emergency maintenance
- Reactive maintenance
Road Maintenance Market, Pavement Analysis
Road Maintenance Market, Managing Agency Analysis
Road Maintenance Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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