Which segment is expected to lead the Asphalt Pavers Market during the forecast period?

Within the type segment, wheel asphalt pavers is expected to be the leading segment in the market during the forecast period.

What is the biggest asphalt paver across the globe in the Asphalt Pavers Market?

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.

What is the global market size of Asphalt Pavers Market?

Global Asphalt Pavers Market size was valued at USD 2135 million in 2021 and is poised to grow from USD 2228.94 million in 2022 to USD 3284 million by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).

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.

Global Asphalt Pavers Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

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

FAQs

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. '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'

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.

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.

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.

Feedback From Our Clients

"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.

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

Global Asphalt Pavers Market Insights

Global Asphalt Pavers Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of Asphalt Pavers Market?

Who are the key vendors in the Global Asphalt Pavers Market?

What is the key driver of Global Asphalt Pavers Market?

What is the key market trend for Global Asphalt Pavers Market?

Which region accounted for the largest share in Global Asphalt Pavers Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300