The Asphalt Pavers Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Asphalt Pavers Global Market Report 2024, 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.
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.
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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
Major companies operating in the asphalt pavers market are focusing on next-generation solutions such as electric paver machines to achieve a competitive edge and meet sustainability demands. An electric paver machine is a mechanized device powered by electricity used for laying and surfacing roads, walkways, or pavements with precision. For instance, in October 2022, Dynapac, a US-based road construction equipment company, launched the new eCity SD1800W e, its first electric paver model. It can operate for up to four hours on a single charge, depending on the type of application, and has a paving speed of 25 meters per minute and a top travel speed of 15km an hour. The eCity SD1800W features a similar design to that of its diesel-powered counterpart and, in terms of performance, is suitable for inner-city applications, such as road assignments for bicycle lanes and repair works.
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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26. South America Asphalt Pavers Market
27. Brazil Asphalt Pavers Market
28. Middle East Asphalt Pavers Market
29. Africa Asphalt Pavers Market
30. Asphalt Pavers Market Competitive Landscape And Company Profiles
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