Roads and Highways Construction Market | Industry Perspective
Roads and Highways Construction Summary:
The Indian has the second-largest road network across the globe, which consists of state highways 1,56,694 km , national highways 1,32,500 km , and other roads 56,08,477 km . The roads and highways sector in India is undergoing development in recent years, owing to the rising public-private partnerships, as well as adequate government support and investments through the ‘Bharatmala Pariyojana initiative. National highways construction in India is forecasted to reach 65,000 km by FY 2022, growing at a compound annual growth rate CAGR of ~81.59% during the FY 2019-FY 2022 period. In the Union Budget of FY 2020, the Indian government has allocated a fund of INR 1.12 Tn to the Ministry of Road Transport and Highways for the improvement of road connectivity across the country.
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Market segment insights
In FY 2018, the government of India has constructed 1,348 km roads in Maharashtra to ensure smooth transportation of freight to and from the ports. The National Highways Authority of India has allocated various roads and highway construction projects to companies, including Dilip Buildcon ~37.59% , IRB Infrastructure, PNC Infrastructure, and Ashoka Buildcon.
As of 3rd May 2019, ~52% of the public-private partnership projects in India are related to the construction of roads and bridges, especially for fulfilling the ambitious target of the Indian government of completing construction of ~65,000 km roads and highways by the end of FY 2022. Among the national highways built so far in India, ~59% are double lane roads, ~27% are single lane roads, and the rest are four, six, or eight-lane roads, by length.
Key growth drivers of the market
• As of September 2018, roads accounted for ~59% of the overall freight transport across India. The arrival of tourists increased in April 2019 by ~3.5% from that of April 2018. To provide access to drivable roads to car owners, enable smooth freight transport, and cater to the preferences of tourists, the
Ministry of Road Transport and Highways have been emphasizing on the construction of roads and highways across the country.
- The Indian government has a keen focus to improve road infrastructure across the country. Under the ‘Bharatmala Pariyojana project, the government has initiated the construction of 34,800 km roads and highways by the end of FY 2022, covering different regions of India. The government has also undertaken the Special Accelerated Road Development Programme for the North-East project, especially for the improvement of road and transport infrastructure in the north-eastern region of India.
Companies covered
- Ashoka Buildcon Limited
• Dilip Buildcon Limited
• GVK Power & Infrastructure Limited
• IRB Infrastructure Developers Limited
• KNR Construction Limited
• MEP Infrastructure Developers
• Patel Engineering Limited
• Reliance Infrastructure Limited
• Sadbhav Engineering Limited
• Larsen & Toubro Infrastructure Development Projects Limited
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