Road Maintenance Market to Drive Fast to Reach Valuation of USD 23.39 Billion By 2032: Astute Analytica [Yahoo! Finance]
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Source: Yahoo! Finance
Agencies prioritize crack sealing, chip sealing, and thin overlays to extend pavement life and improve safety, as maintenance backlogs grow. New Delhi, May 07, 2024 (GLOBE NEWSWIRE) -- Astute Analytica's analysis of the global road maintenance market reveals a market size of US$ 14.91 billion in 2023. This market is anticipated to witness a CAGR of 5.13% over the forecast period 2024-2032, reaching a projected valuation of US$ 23.39 billion by 2032. The state of global infrastructure, particularly road networks, presents a complex landscape shaped by aging infrastructure, rapid urbanization, safety concerns, and the imperative for sustainability. In the United States, where 43% of public roads languish in poor or mediocre condition, the challenges are stark. The average age of U.S. roads stands at 28 years, with many constructed over half a century ago. This aging infrastructure must contend with a significant surge in vehicle miles traveled (VMT), which escalated by 18.5% from 20
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