According to Future Market Insights, the global asphalt Pavers Market is anticipated to grow from US$ 2,220.4 Mn in 2022 to US$ 3,414.6 Mn in 2032, with overall sales accelerating at 4.4% CAGR throughout the forecast period.
Robust growth of road infrastructure across the world due to increasing population, rapid urbanization, and increasing government spending are some of the key factors driving the global asphalt pavers market.
In the transportation infrastructure, asphalt pavers play an essential role. This road construction equipment is used to lay asphalt concrete or Portland cement concrete on roads, parking lots, and other such places. They distribute partially compacted asphalt over flat surfaces on construction sites.
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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.
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.
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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.