USD 1.87 billion
Report ID: SQSG20X2001 | Region: Global | Published Date: July, 2022 | Pages: 165 | Tables: 63 | Figures: 67
Global asphalt pavers market size was valued at USD 1.87 billion in 2021, and it is expected to reach a value of USD 3 billion by 2028, at a CAGR of 5% over the forecast period (2022–2028).
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 2022, 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.
Global Market Size
USD 1.87 billion
To get more reports on the above market click here to Buy The Report
The global asphalt pavers market has been segmented based on type, pavement width analysis, and region. Based on type, the market is segmented into track pavers, wheel pavers & screeds, and asphalt pavers. Based on the pavement width, the 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.
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.
To get detailed analysis on other segments, Request For Sample Report
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.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
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.
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.
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
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
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.
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.
|Market size value in 2021||USD 1.87 billion|
|Market size value in 2028||USD 3 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
Free report customization with purchase. Customization includes:-
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
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
Our industry expert will work with you to provide you with customized data in a short amount of time.SPEAK TO AN ANALYST
Get lifetime access to our reportsBasic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOW
Within the type segment, wheel asphalt pavers is expected to be the leading segment in the market during the forecast period.
XCMG RP2405, the World's Largest Cement-Stabilized Macadam Paver, Completes 20-Meter-Wide Spreading. With a peak performance of 1,800t/h and high-quality operation capacity, the XCMG RP2405 paver's maximum paving width has reached 24 meters, the widest across the industry.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.
Product ID: SQSG20X2001