New York, United States, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The Global Road Maintenance Market Size is To Grow from USD 13.8 Billion in 2022 to USD 22.58 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.1% during the projected period.
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The ongoing effort to keep roads in good condition for drivers and pedestrians is referred to as road maintenance. Routine maintenance, such as filling potholes and cracks in the pavement, and major repairs, such as repaving or reconstructing longer stretches of road, are both included. Road maintenance is critical for driver, passenger, and pedestrian safety, as well as avoiding vehicle damage and reducing traffic congestion. Road maintenance may be the responsibility of the municipal, state, or federal governments, depending on where you live. Road maintenance entails the upkeep, repair, and improvement of roads such as highways, streets, and other forms of transportation infrastructure. The primary goal of road maintenance is to keep all users safe and able to use the roads, including drivers, pedestrians, cyclists, and public transportation. Cleaning, mowing, and marking the pavement can lead to more difficult tasks such as closing cracks, filling potholes, and resurfacing. In addition, maintenance includes the repair or replacement of broken or worn-out items like drainage systems, traffic signs, and guardrails. The market is being driven by significant investments and government initiatives in transport infrastructure to improve public mobility and the logistics sector. Furthermore, in order to stimulate the economy, the market is being driven by the advancement and digitization of transportation infrastructure.
COVID 19 Impact
The COVID-19 pandemic created confusion on the road maintenance industry, upsetting schedules, budgets, and workforce availability. Worldwide, lockdowns and restrictions caused delays in planned maintenance projects, affecting road quality and safety. Due to limited resources, the UK road maintenance programmes faced challenges. These examples demonstrate how the pandemic hampered routine maintenance, potentially affecting road infrastructure conditions.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Road Maintenance Market Size, Share, and COVID-19 Impact Analysis, By Type (Highway & Expressway, Urban Road, Rural Road, Local Street), By Service Type (Routine maintenance, Emergency maintenance, Reactive maintenance), By Pavement (Asphalt, Concrete), By Managing Agency (Federal, State, Municipal), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The highway & expressway segment dominates the market with the largest revenue share over the forecast period
Based on the 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 essential for the safety, functionality, and longevity of roadways. Highway maintenance encompasses a wide range of activities aimed at preserving, repairing, and improving road conditions, as well as increasing road safety and minimising user disruptions. Highways, as vital transportation arteries, aid in the movement of people and goods, thereby contributing significantly to economic growth and societal development.
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 dominating the market with the largest revenue share over the forecast period. the requirement for safe, smooth, and efficient travel. Road maintenance reduces wear and tear, accidents, and traffic disruptions. Because of these benefits, governments and authorities all over the world have prioritised road maintenance. Routine maintenance plays a critical role in preserving road infrastructure and optimising transportation networks, driving segment growth.
The asphalt segment is expected to hold the largest share of the global Road Maintenance market during the forecast period.
Based on 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 global road maintenance market during the forecast period. Asphalt is an environmentally friendly substance that can be used to make road pavement. Although asphalt roads are quieter to drive on than concrete roads, they can be completed and opened to traffic faster than roads paved with other materials. Asphalt is a popular road construction material because it is the most cost-effective option.
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. By providing a functional infrastructure for people, vehicles, and public services, the municipal network serves as a multifunctional asset. To keep it in good condition, optimal maintenance measures must be put in place, resulting in the most efficient use of taxpayer funds.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period. Rapid urbanisation, population growth, and increased economic activity are all factors. The demand for well-kept roads to support efficient transportation and logistics is increasing. The need for upgraded road systems has been highlighted by India's aggressive infrastructure development plans, as well as urbanization. These factors highlight the Asia Pacific market dynamic, which is being driven by urbanization and economic progress.
North America is expected to grow the fastest during the forecast period. The deterioration of highway infrastructure is propelling the North American construction market forward. The region's increasing technological advancements are important factors driving the growth of the predictive maintenance market in North America. The growing number of predictive maintenance players across regions is expected to drive further market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global road maintenance market are Vinci SA., Colas Group, Downer Group, Fluor Corporation, Balfour Beatty, Bechtel Corporation, Group ACS, Hochstein, Kiewit Corporation and Others.
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Recent Developments
- In March 2023, Vinci Highways acquired a 50% stake in Road serve, the leading road maintenance company in the United Kingdom. Vinci Highways will have a significant presence in the UK market as a result of this acquisition.
Market Segment
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
- Asphalt
- Concrete
Road Maintenance Market, Managing Agency Analysis
- Federal
- State
- Municipal
Road Maintenance Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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