India Roads and Highways Sector Market is Expected to Grow at a Rapid CAGR through 2028
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, 2028,” 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.
In terms
of regional analysis, the India Roads and Highways Sector Market is segmented
into West, North, South, East. West Region will dominate the market, as the
construction of highways and state roads are going on and there are many lineup
projects that will boost the market in the west in the forecast period.
The
demand for better road infrastructure in India is being fueled by expanding
investments in enhancing the infrastructure of roads and highways, an increase
in the number of passenger vehicles, growing urbanization, and ongoing economic
development. As of 2017, the road sector accounted for more than 70% of the
market share in India's transport industry, which made for 6% of the GDP of the
nation. Moreover, roads and highways handle more than 60% of the nation's
freight traffic and more than 90% of its passenger traffic. The roads and
highways networks are predicted to get significant investments during the
forecast period.
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Key
market players in the India Roads and Highways Sector Market include:
- Simplex Infrastructure Limited
- IRB Infrastructure Developers Ltd.
- GMR Infrastructure Limited
- NCC Limited
- Dilip Buildcon
- Hindustan Construction Company Ltd
- Sadbhav Engineering Limited
- Reliance Infrastructure Limited
- MEP Infrastructure Developers Limited
- L&T Infrastructure Development Projects Limited
- NHIDCL
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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, 2028,” 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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