USD 2135 million
Global Asphalt Pavers Market Size, Share, Growth Analysis, By Type(Track pavers, Wheel pavers), By Pavement Width Analysis(Less than 2.5 Meters, 2.5 – 5 Meters) - Industry Forecast 2024-2031
Report ID:
SQMIG20X2007 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
63 |
Figures:
75
Global Asphalt Pavers Market Insights
Global Asphalt Pavers Market size was valued at USD 2135 million in 2019 and is poised to grow from USD 2228.94 million in 2023 to USD 3284 million by 2031, growing at a CAGR of 4.4% in the forecast period (2024-2031).
Smart city initiatives are increasing demand for asphalt pavers as a result of the increased funding by governments for high quality roads and highways to enable quick flow of products and passengers even from rural regions to all major cities worldwide.
132,500 km was the total length of India's national highways. While in the US, it is 259,032 kilometres. Due to the economy's ongoing development, India's construction industry is expanding at a double-digit rate, yet many distant places still lack adequate road access.
Due to the rising demand for road traffic, both urban and rural roads will need to be upgraded and built upon and will likely drive the demand in global market. Over the forecast period, it is anticipated that increasing investments in the public infrastructure sector across nations like India, China, South Korea, and Japan will make the region a profitable niche.
For instance, according to the India Brand Equity Foundation, the Indian government plans to build 65,000 kilometres of national highways by 2031, spending US$741.51 billion. These expenditures should be beneficial for the market's expansion.
The Belt and Road Initiative (BRI), which aims to improve connectivity between the six key economic corridors that include China, Mongolia and Russia, Euroasian nations, Pakistan, and other nations of the Indian subcontinent, is also receiving significant funding in China.
Construction firms all over the world are putting more of an emphasis on sustainable project development in order to obtain certifications for energy efficiency. Manufacturers are refocusing their efforts on the development of user-friendly, energy-efficient, and low-emission construction equipment, and asphalt pavers are no exception. This is because these certifications demand that the construction industries reduce their pollution and emission footprint throughout the entire project lifecycle. A wide range of upgraded asphalt paver models with a high performance level are being introduced by major manufacturers. Asphalt paver manufacturers are working harder to create machines that are energy-efficient and perfect for a variety of jobs, including building roads, dams, homes, and maintaining the land.
US Asphalt Pavers Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Wheel Pavers
Fastest Growth
Wheel Pavers
Growth Rate
4.4% CAGR
Global Asphalt Pavers Market 2021-2028 ($ Bn)
Country Share for Asia-Pacific Region- 2021 (%)
Global Asphalt Pavers Market Size by Type 2021-2028 ($ Bn)
Global Asphalt Pavers Market by Type 2021-2028 (%)
To get more reports on the above market click here to Buy The Report
Global Asphalt Pavers Market Segmental Analysis
Asphalt Pavers Market has been segmented based on type, pavement width analysis, and region. Based on type, the Asphalt Pavers Market is segmented into track pavers, wheel pavers & screeds, and asphalt pavers. Based on the pavement width, the Asphalt Pavers Market is segmented into less than 2.5 meters, 2.5 – 5 meters & more than 5 meters. Based on region, the asphalt pavers market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Asphalt Pavers Market Analysis by Type
The wheel pavers are anticipated to have a significant market share, as these pavers are utilised to repair existing road conditions, for full-depth or variable-depth repairs, as well as for grade and slope management,. Since these pavers may be used in a variety of applications, their expansion is also anticipated to drive the market.
Screeds give asphalt sorting together with density, resulting in superior material interlock. This has increased the use of pavers in areas such as bridge decks, private roads, and taxiways, as well as airport runways.
Due to their limited applications, track pavers are anticipated to experience a moderate rise throughout the projection period.
Rubber tyres or crawlers make up these pavers. To improve the arrangement of the asphalt, crawlers are utilised in locations where there is a need for higher traction on the ground. Conversely, rubber tyres are utilised on already-paved pathways, requiring less traction and ground control.
Global Asphalt Pavers Market by Type, 2021 (%), 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Asphalt Pavers Market Regional Insights
Asia Pacific accounts for a largest portion of revenue and is expected to maintain its dominance during the projection period, due to increase in building activities and the development and upkeep of roads to lower the number of accidents. Additional variables that are projected to fuel the target market expansion include the region's expanding infrastructure construction activities and renovation projects. Additionally, it is anticipated that developing nations like China and India will want a better road network due to the rise of automobiles and freight transportation. In a document published by the Government of India Planning Commission, it is stated that the Indian government is concentrating on approving the Road Requirement Plan (RRP), which will increase the length of national highways to 200,000 km.
North America is anticipated to dominate the global asphalt pavers market over the forecast period due to rising construction of structures like office buildings, shopping malls, and other similar buildings, along with significant investments in the region's road network in nations like the US and Canada. Due to urbanisation, rising disposable income, and rising government spending on infrastructure development in developing nations like Brazil and South Africa, the Middle East and Africa asphalt pavers market is predicted to expand at a moderate rate.
Global Asphalt Pavers Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Asphalt Pavers Market Dynamics
Asphalt Pavers Market Driver
- Global demand for paved roads is driving up the price of technologically advanced asphalt pavers. These tools are employed in the building of roads, bridges, asphalt playgrounds, parking lots, and other infrastructure projects. Although some asphalt pavers are pulled by dump trucks when laying the asphalt, most of them are now self-propelled devices thanks to developments in technology. Over the projection period, it is anticipated that sales of asphalt machines will continue to be driven by the expansion of smart cities across developing countries. Governments and authorities around the world are spending a lot of money on commercial infrastructure projects and road upkeep. Better connection is also required as a result of increased road traffic in many parts of the world, which is fueling the demand for asphalt paving.
- The development of economies depends significantly on the state of the transportation infrastructure, which is primarily responsible for regulating the import and export sectors of every market. The infrastructure sector is undergoing widespread global change, which is affecting both developed and developing nations. Large-scale infrastructure projects are currently underway in developing nations, especially for the construction of roads, railways, bridges, and ports, with the aim of strengthening the transportation system. In order to apply asphalt and compact and improve the density of the paved surface, asphalt pavers are widely used in road construction projects. Different kinds of asphalt pavers are readily available, allowing construction work to proceed without difficulty even on smaller roads in developing nations. Therefore, improvements in transportation infrastructure are likely to result in an increase in demand for asphalt paving, particularly in developing nations.
Asphalt Pavers Market Restraint
- Sales in the sector are predicted to be hampered by expensive machinery. Modern tools called asphalt pavers are only employed in roads and walkways of the building. As new pieces of equipment are rarely used over time, the majority of construction organisations opt not to spend money on them.
- Asphalt pavers, both new and used, are available for rent from manufacturers to players in the construction industry. Investments in new equipment are being discouraged by the growing popularity of these rental services globally. Over the anticipated time frame, this is anticipated to impede market growth.
Request Free Customization of this report to help us to meet your business objectives.
Global Asphalt Pavers Market Competitive Landscape
Due to a small number of worldwide competitors and a large number of regional players, the global asphalt paver market is only somewhat fragmented. The majority of technologically sophisticated multinational players are headquartered in North America and Europe. To meet the needs in the region, new businesses are opening up across Asia Pacific. To increase sales in the industry, major manufacturers are introducing cutting-edge asphalt pavers. Manufacturers like Volvo CE are expanding into Asian regions, which is anticipated to accelerate the market growth throughout the forecast period. For instance, in July 2020, Gencor Industries announced a definitive agreement to acquire paver business from Blaw Knox, the Pennsylvania, U.S.-based paver equipment manufacturer.
Top Players in the Global Asphalt Pavers Market
- Caterpillar Inc.
- Wirtgen Group (a subsidiary of John Deere)
- Volvo Construction Equipment
- Dynapac AB (a subsidiary of Fayat Group)
- Ammann Group Holding AG
- Roadtec Inc. (a subsidiary of Astec Industries, Inc.)
- Bomag GmbH (a subsidiary of FAYAT Group)
- LeeBoy
- SAKAI HEAVY INDUSTRIES, LTD.
- Sumitomo Construction Machinery Co., Ltd.
- ABG - Titan (a subsidiary of Atlas Copco)
- XCMG Group
- Zoomlion Heavy Industry Science and Technology Co. Ltd.
- Weiler
- Mauldin Paving Products (a subsidiary of Calder Brothers Corporation)
- GOMACO Corporation
- Terex Corporation
- Hanta Machinery Co. Ltd.
- VT LeeBoy, Inc.
- SANY Group
Asphalt Pavers Market Recent Development
- In May 2020, Trimble Road Works, the major objective is to give paving contractors the tools they need to reduce the 2-D paving control platform for Asphalt Pavers, an automatic screed control system that may increase the precision and productivity in applications of asphalt paving, was introduced by stage of pricey asphalt material, get the best rideability results, and complete their projects on schedule and under budget.
- In January 2020, Volvo CE introduced two new 8-foot asphalt pavers in North America. These new pavers have excellent productivity, modern engine technology, and practical service features that make it easy for the operator to install a high-quality mat. The Volvo engines operate quietly, with only 79.2 weighted decibels of vibration (dBa).
Global Asphalt Pavers Key Market Trends
- With the pace of rising urbanization and industrial activity rising globally, particularly in developing countries. The need for safe roads, highways, and bridges is high on the list of priorities for the government. A growing amount of money is being spent on roads, highways, and expressways to facilitate the quick and easy transportation of industrial goods throughout the region as well as the movement of people from remote areas to the major cities, where these goods can either be consumed locally or exported.
- For example, The union budget for the financial year 2020–21 includes Rs. 91,823 Crore (USD 13.14 billion) for road and highway building, an increase of more than 10% from the previous year's allocation of Rs. 83,016 Crore (USD 11.84 billion).
- Similar to this, the Chinese government raised expenditure on roads by almost 3%, spending 1.81 trillion yuan in the first ten months of 2019.
- During the years 2014 to 2018, the federal government of the United States increased its spending on roads and highways at a CAGR of nearly 17%, totaling roughly USD 1038 million.
Global Asphalt Pavers Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by type, wheel paver dominated the global asphalt pavers market in 2021 and is anticipated to maintain their dominance throughout the forecast period. In 2021, Asia Pacific dominated the globe, the asphalt pavers market owing to the region's building activities and the development and upkeep of roads to lower the number of accidents.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2135 million |
| Market size value in 2031 | USD 3284 million |
| Growth Rate | 4.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Asphalt Pavers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Asphalt Pavers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Asphalt Pavers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Asphalt Pavers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Asphalt Pavers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Asphalt Pavers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Asphalt Pavers Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
