Fragile, aging highway infrastructure in North America is driving the need for road construction and maintenance.
The road construction and maintenance market size is expected to grow by $48.42 billion between 2022 and 2027, representing an annual growth rate of 3.37 percent, according to a new Technavio market research report titled, Road Construction and Maintenance Market in North America 2023-2027.
According to the report, the need for upgrading and modernizing aging roadway networks is dire. The American Society of Civil Engineers reported that one in five miles of highways and major roads and 45,000 bridges were not in proper condition as of November 2021. In addition, deteriorating infrastructure is also increasing the number of accidents on the road. Nearly 1.3 million to 1.5 million deaths occur due to road crashes across the globe every year, according to the International Transport Forum.
This is attracting significant investments in highway