The global asphalt pavers market was valued at US$2,135.0 million in 2021 and is expected to reach $2,220.4 million in 2022. Furthermore, with increased government spending in creating and updating road infrastructure, overall sales of asphalt pavers are expected to grow at a CAGR of 4.4% between 2022 and 2032, achieving a total valuation of US$ 3,414.6 Million by 2032.
One of the main drivers propelling the worldwide asphalt pavers market is the fast urbanization, rising government investment, and robust growth of the road infrastructure around the globe.
Asphalt pavers are a crucial part of the transportation infrastructure. On roadways, parking lots, and other similar locations, this road construction machinery is used to lay asphalt concrete or Portland cement concrete. On building sites, they apply partially compacted asphalt on flat areas.
The growing economy and expansion of the road infrastructure are expected to drive up demand for road construction equipment like asphalt pavers during the forecast period. In emerging countries, substantial infrastructure projects are being created for roads, bridges, and ports. These programs aim to enhance the transportation systems of several countries.
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Global demand for asphalt pavers is likely to rise as a result of the rising need for dependable road and transportation infrastructure as well as increased road and highway construction activity in both the urban and rural areas.
Similarly, development of new asphalt pavers with better fuel efficiency, and safety and user-friendly features is expected to create lucrative growth opportunities for the manufacturers over the next ten years.
Key Takeaways of Asphalt Pavers Market Study
- By product type, the value of the track asphalt pavers segment is projected to increase at a value CAGR of 4.0% during the forecast period.
- In terms of working width, upto 2.6m segment is anticipated to account for more than 52.2% of the global market.
- Based on power, 75 to 110 HP asphalt pavers segment is projected to grow at a value CAGR of 3.8% between 2022 and 2032.
- South Asia Pacific asphalt pavers market is projected to expand at 5.6%, making it the most lucrative market.
- East Asia asphalt pavers market is predicted to expand at a volume CAGR of roughly 3.4% during the forecast period.
- Demand for asphalt pavers across China is anticipated to grow at a value CAGR of 3.5% over the next ten years.
“The global demand for road construction equipment like asphalt pavers is predicted to be driven by rapid urbanization and population growth. Besides this, rising government spending on the development of transportation infrastructure is anticipated to boost the market for asphalt pavers,” says Future Market insights analyst
Who is Winning?
The top manufacturers dominate the Asphalt Pavers market globally, which is moderately consolidated. Market players are attempting to increase their market share by creating new equipment and modernizing existing product lines thanks to technological advancements. To increase their sales channels in the market, the major corporations are looking to partner with rental businesses.
Manufacturers of asphalt pavers also adhere to important supply trends including the introduction of new products and significant expenditures on R&D. Caterpillar Inc., Fayat Group, SUMITOMO CONSTRUCTION MACHINERY CO., LTD., Ammann Group Holding AG, AB Volvo, and Sany Heavy Industries Limited are a few of the market’s major participants.
Find More Valuable Insights
The research report analyzes the market demand trends of Asphalt Pavers. The Global market estimation and growth projection are based on factors like end-use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of Asphalt Pavers. As per Future Market Insights research scope, the Asphalt Pavers Market has been studied and segmented on the basis of product type, Working Width, and Power.
The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, the supply side and demand side.
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Key Segments Covered in Asphalt Pavers Industry Analysis
By Product Type:
- Track Asphalt Pavers
- Wheel Asphalt Pavers
By Working Width:
- Up to 2.6m
- 2.6 to 4m
- More than 4m
By Power:
- Up to 75 HP
- 75-110 HP
- 110 – 150 HP
- More than 150 HP
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