Overview and Scope
An asphalt paver is a machine that distributes, shapes, and partially compacts an asphalt layer over the surface of a roadway. It distributes partially compacted asphalt over flat surfaces on the construction sites. These are the machines responsible for constructing roads, parking lots, bridges, and other similar places.
Sizing and Forecast
The asphalt pavers market size has grown rapidly in recent years. It will grow from $2.16 billion in 2023 to $2.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to infrastructure development, maintenance and rehabilitation, population growth, government funding, demand for quality roads, transportation sector growth, environmental regulations.
The asphalt pavers market size is expected to see rapid growth in the next few years. It will grow to $3.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to smart infrastructure initiatives, renewable energy projects, residential construction, rising need for sustainable solutions, upgradation of aging infrastructure. Major trends in the forecast period include electric and hybrid pavers, remote monitoring and maintenance, paver customization and versatility, smart paving technologies, integration of safety features.
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Segmentation & Regional Insights
The asphalt pavers market covered in this report is segmented –
1) By Type: Track Pavers, Wheel Pavers, Screeds
2) By Paving Width: Less than 2.5 Meters, 2.5 – 5 Meters, More Than 5 Meters
3) By Technology: Hydrostatic, Mechanical
Asia-Pacific was the largest region in the asphalt pavers market in 2023. The regions covered in the asphalt pavers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in road traffic in various parts of the world is expected to propel the asphalt pavers market going forward. Road traffic includes pedestrians, ridden or herded animals, vehicles, streetcars, and other conveyances traveling on any highway, either alone or in groups. The primary source of traffic congestion is the increased number of vehicles due to population growth and economic development. This surge in road traffic in various parts of the world underpins the need for better connectivity, which in turn is spurring demand for asphalt pavers to construct road, bridges and highways. For instance, in March 2021, according to the US Department of Transportation, travel on all highways and streets increased by 19.0% (+42.0 billion vehicle miles) in March 2021. Furthermore, according to road traffic estimates in Great Britain, in 2021, 297.6 billion vehicle miles (BVM) were driven on British roadways, an 11.9% increase over the previous year. Therefore, the increasing road traffic in various parts of the world is driving the growth of the asphalt pavers market.
Key Industry Players
Major companies operating in the asphalt pavers market report are Liebherr Group, Caterpillar Inc., Deere & Company, AB Volvo, Roadtec Inc., Komatsu Ltd., CNH Industrial Inc., Joseph Vögele AG, XCMG Construction Machinery Company Ltd., Sany Heavy Industries Limited, Hitachi Construction Machinery Co. Ltd., Zoomlion Company Limited, Fayat Group, Ingersoll Rand, Guangxi LiuGong Machinery Co. Ltd., New Holland Construction, Wirtgen Group, Astec Industries Inc., Bomag GmbH, Sakai Heavy Industries Ltd., Weiler Corporation, Ammann Group, VT LeeBoy Inc., Sumitomo Construction Machinery Co. Ltd., Shanghai Zenith Machinery Co. Ltd., Hamm Maschinenfabrik GmbH, ABG Maschinenfabrik GmbH, CASE Construction Equipment, HD Hyundai Infracore Co. Ltd., J.C. Bamford Excavators Limited
The asphalt pavers market report table of contents includes:
1. Executive Summary
2. Asphalt Pavers Market Characteristics
3. Asphalt Pavers Market Trends And Strategies
4. Asphalt Pavers Market – Macro Economic Scenario
5. Global Asphalt Pavers Market Size and Growth
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31. Asphalt Pavers Market Other Major And Innovative Companies
32. Global Asphalt Pavers Market Competitive Benchmarking
33. Global Asphalt Pavers Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Asphalt Pavers Market
35. Asphalt Pavers Market Future Outlook and Potential Analysis
36.Appendix
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