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The North America - Road Construction and Maintenance Market size is estimated to grow at a CAGR of 4.51% between 2023 and 2028. The market size is forecast to increase by USD 68.1 billion. The growth of the market depends on several factors such as investments in road infrastructure projects, growth in the number of automobiles on roads and ageing highway infrastructure.
The Road Construction and Maintenance Market analysis report includes a comprehensive outlook on the North America - road construction and maintenance market offering forecasts for the industry segmented by Application, which comprises new construction, reconstruction, and repair. Additionally, it categorizes Types into highway, street, and bridge. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Road Construction and Maintenance Market in North America Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The development of new roads and the increasing investments in transportation and highway infrastructure projects are driving the North America - road construction and maintenance market. US, Canada, and Mexico are the key countries investing heavily in road/highway infrastructure projects. For instance, in April 2021, US lawmakers approved a USD 1 trillion investment, under which USD 110 billion has been provided to repair the nation's aging highways, bridges, and roads.
Moreover, investments in large-scale highway projects are likely to increase the North America - road construction and maintenance market demand. This is expected to drive the growth of the North America road construction and maintenance market size during the forecast period.
A major number of road traffic accidents occur because of human mistakes, such as overspeeding, drunk driving, and noncompliance and adherence to traffic rules. Furthermore, poor infrastructure facilities are the main causes of road accidents. A recent study conducted in 2021 by the International Transport Forum (ITF) estimated that nearly 1.3-1.5 million deaths occur due to road crashes across the globe every year. In a report released in 2021 by ITF, the highest number of road accidents was witnessed in the US.
For instance, according to the CDC, road traffic crashes are a leading cause of death in the US for people ages 1-54 which can have a positive impact on North America - road construction & maintenance market growth. Such factors are leading to an increased demand for road construction and maintenance, which is expected to drive the growth of the Road Construction and Maintenance Market share during the forecast period.
There is a shortage of workforce in several industries, including construction. According to Associated Builders and Contractors, the construction industry will need to attract an estimated 546,000 additional workers of hiring in 2023 to meet the demand for labor. In these industries (construction), the demand for both skilled and unskilled is high. This shortage is more prominent in the case of skilled workers, as companies in the construction industry are not able to find enough skilled workforce to carry out their operations.
However, despite the growing demand for construction, companies need to turn down new orders owing to the lack of a skilled workforce which can restrict North America - road construction & maintenance market growth. Such factors are expected to hinder the growth of the market during the forecast period.
The new construction segment is estimated to witness significant growth during the forecast period. The new construction segment in the North America - road construction and maintenance market is expected to witness steady growth in terms of market share. This is due to the rise in the number of vehicles, including passenger vehicles and commercial vehicles, and increasing investment in road infrastructure
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The new construction segment was the largest and was valued at USD 125.70 billion in 2018. The construction industry is expected to grow at a steady pace, aided by the expansion of road infrastructure. For instance, the Kicking Horse Canyon Upgrade project involves renovating and upgrading the 26km section of the Trans-Canada Highway to a modern, four-lane standard from Highway 95 at Golden Junction to the Western boundary of Yoho National Park in British Columbia, Canada. The construction work commenced in Q4 2021 and is expected to finish in Q1 2024. The aim of the project is to cater to the growing transportation needs of the public of Golden which have a positive influence on the growth of the North America - road construction & maintenance market. Such initiatives will help in increasing the demand for new construction projects, which is expected to drive the growth of the market during the forecast period.
Based on type, the market has been segmented into highway, street, and bridge. The highway segment will account for the largest share of this segment.? Any public or private road or another public way on land is considered a highway. A fully controlled-access highway allows for uninterrupted traffic flow, with no traffic signals, intersections, or property access. Governments of some regions have invested in the development of highways in the road construction and maintenance market in North America. Such initiatives are expected to drive the growth of the highway segment in the North America road construction and maintenance market during the forecast period.
Acciona SA - The company offers road construction and maintenance services that shape the future of smart motorways and roads.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Acciona SA, ACS Actividades de Construccion Y Servicios SA, Aecon Group Inc., Bechtel Corp., Clark Construction Group LLC, EllisDon, Ferrovial SA, Fluor Corp., Graham Management Services LP, Granite Construction Inc., GRUPO INDI SA DE CV, Kiewit Corp., Kokosing Inc., Ledcor IP Holdings Ltd., MasTec Inc., Obayashi Corp., Rieth Riley Construction Co. Inc., Skanska AB, The Walsh Group, and Tutor Perini Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The North America road construction and maintenance market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Road Construction And Maintenance Market In North America Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.51% |
Market Growth 2024-2028 |
USD 68.1 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.26 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acciona SA, ACS Actividades de Construccion Y Servicios SA, Aecon Group Inc., Bechtel Corp., Clark Construction Group LLC, EllisDon, Ferrovial SA, Fluor Corp., Graham Management Services LP, Granite Construction Inc., GRUPO INDI SA DE CV, Kiewit Corp., Kokosing Inc., Ledcor IP Holdings Ltd., MasTec Inc., Obayashi Corp., Rieth Riley Construction Co. Inc., Skanska AB, The Walsh Group, and Tutor Perini Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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