India Roads and Highways Sector Market is expected to grow at a CAGR of 9.34% Through 2030

Several government plans in India towards urbanization as well as smart city plans are the major factors propelling the India Roads and Highways Sector Market growth in the forecast period.

According to TechSci Research report, “India Roads and Highways Sector Market- By Region, Competition, Forecast and Opportunities, 2030,” India Roads and Highways Sector Market is predicted to grow during the forecast period, as there is rapidly growing construction of roads and highways. Moreover, the market's growth is being driven by the increase in funding for infrastructure projects by regional and state governments as well as the development of contracting models for project funding for specific industries. The National Highway Authority of India (NHAI) and the National Investment and Infrastructure Fund have signed a Memorandum of Understanding (MoU) for the development of special vehicles (SPVs). This deal is anticipated to attract significant investment at a cost-effective rate for India's highway expansion. Additionally, the NHAI has instructed the consultants to steer clear of any road alignments that cross national parks and wildlife sanctuaries to avoid the requirement for repeated clearances, which have historically hampered projects.

The largest investment growth drivers in the nation would be the development of economic corridors, megaprojects like Bharatmala, Setu Bharatam, Char Dham Connectivity, and others. Many Bharatmala 2.0 projects to assist states in expanding their road networks are already in the planning stages.

The 15 National Highway projects in Patna and Hajipur in Bihar, totaling Rs. 13,585 crore (USD 1644.3 million), were launched in June 2022 by Mr. Nitin Gadkari, Minister of Road Transport and Highways (USD 1.75 billion).

Nitin Gadkari, opened 19 National Highway projects in Rajasthan and Haryana in March 2022, investing a total of Rs. 1,407 crore (USD 183.9 million). The India Roads and Highways Sector Market is divided into type, and region and competitive landscape. Based on Type, the market is segmented into Roads, Highways & Expressways. Based on Region, the market is separated into North, West, South and East. As of April 2021, India had around 150,000 km (93,000 miles) of national highways, and it is anticipated that by 2024, it will have 200,000 km of top-notch highways and motorways.  As of 2013, national highways made up 2.7% of India's overall road network but handled 40% of all traffic. 

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Based on Type, The Roads segment dominates the market in the forecast period, The roads segment stands as the dominant force within the India roads and highways sector, driven by a complex interplay of economic, demographic, and policy factors. Rapid urbanization and sustained economic growth across India have created an urgent need for expansive and efficient road networks to support the movement of people and goods. This demand is further intensified by the increasing rate of vehicle ownership, a result of rising incomes and improving standards of living. The government has recognized the critical role that roads play in national development and has accordingly launched significant initiatives, such as the Bharatmala Pariyojana and the Pradhan Mantri Gram Sadak Yojana. These programs focus on optimizing the efficiency of freight and passenger movement, enhancing connectivity between urban and rural areas, and fostering regional economic integration.

Public-private partnerships (PPPs) have been pivotal in driving the growth of the roads segment. By leveraging private sector investment and expertise, these partnerships have facilitated the successful completion of numerous road projects, ensuring high standards of quality and timely delivery. Foreign investment has also played a crucial role, with international investors attracted by the sector's growth potential and the Indian government's favorable investment climate. This influx of capital is essential for financing large-scale projects and incorporating advanced technologies in road construction and maintenance.

Technological advancements are transforming the roads segment, making construction and maintenance more efficient and cost-effective. Innovations such as intelligent traffic management systems, automated toll collection, and real-time monitoring of road conditions have significantly improved operational efficiency and safety. Additionally, digital tools like Building Information Modeling (BIM) and Geographic Information Systems (GIS) are being increasingly used for precise planning and execution of road projects, enhancing their overall effectiveness and sustainability.

The logistics and transportation sectors are heavily reliant on a well-developed road network for the seamless movement of goods, which is vital for reducing transportation costs and enhancing trade. Improved road connectivity facilitates the integration of supply chains, benefiting both industries and consumers. The emphasis on sustainability is another key trend, with road projects increasingly incorporating eco-friendly materials and construction practices to minimize environmental impact. This aligns with global trends towards greener infrastructure and reflects a commitment to sustainable development.

The social and economic benefits of an enhanced road network are substantial. Improved connectivity between urban and rural areas leads to better access to markets, healthcare, education, and employment opportunities for rural populations. This not only improves the quality of life but also stimulates economic activity and reduces regional disparities. Government policies and budget allocations that prioritize road construction and maintenance underscore the strategic importance of the roads segment in India's infrastructure landscape.

The roads segment's dominance in the India roads and highways sector is underpinned by rapid urbanization, economic growth, government initiatives, public-private partnerships, foreign investments, technological advancements, and a growing focus on sustainability. These factors collectively drive the expansion and modernization of India's road infrastructure, addressing the country's transportation needs and supporting broader economic development.

Key market players in the India Roads and Highways Sector Market include:

• Reliance Infrastructure Limited
• GMR Infrastructure Limited
• IRB Infrastructure Developers Ltd
• Simplex Infrastructure Limited
• Sadbhav Engineering Limited
• Hindustan Construction Company Ltd
• Infrastructure Developers Limited
• L&T Infrastructure Development Projects Limited

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The Government of India's primary area of attention now is the infrastructure sector. India intends to invest USD1.4 trillion in infrastructure between 2019 and 2023 in order to achieve a sustainable national development. For the period of 2018 to 2030, the government has recommended investing Rs. 5,000,000 crore (USD 750 billion) in railway infrastructure. Due to this development, the authorities are planning to build highways for better paths. According to S&P Global Ratings, India's GDP is projected to rise by 8% over the next three fiscal years.

“A growing number of government programs, like Bharatmala, SARDP-NE, etc., are aimed towards building, expanding, and improving the nation's roads, highways, and motorways. In addition, the country's roads and highways market is anticipated to benefit from the expanding population, investment-enabling policy measures like the Hybrid Annuity Model, and the Smart Cities Mission over the next years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“India Roads and Highways Sector Market By Type (Roads, Highways & Expressways), By Region, Competition Forecast and Opportunities, 2030,” has evaluated the future growth potential of India Roads and Highways Sector Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the India Roads and Highways Sector Market.

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