According to Future Market Insights, the global asphalt pavers market is projected to grow from USD 2,220.4 million in 2022 to USD 3,414.6 million by 2032, registering a 4.4% CAGR during the forecast period.
Key factors driving this growth include the robust expansion of road infrastructure worldwide due to rising populations, rapid urbanization, and increasing government investments. Asphalt pavers are essential equipment in transportation infrastructure, used to distribute partially compacted asphalt or concrete on roads, parking lots, and other flat surfaces.
As economies grow and road infrastructure projects expand, particularly in emerging markets, the demand for asphalt pavers is expected to rise. Large-scale infrastructure projects involving roads, bridges, and ports are being developed to improve transportation systems in various countries.
The rising need for reliable road infrastructure, coupled with increased construction activities in both urban and rural areas, will drive demand for asphalt pavers. Additionally, the development of new asphalt pavers with enhanced fuel efficiency, safety features, and user-friendly designs is expected to create significant growth opportunities for manufacturers over the next decade.
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.
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, and Sany Heavy Industries Limited are a few of the market’s major participants.
Key Companies Profiled
- Caterpillar Inc.
- Fayat Group
- SUMITOMO CONSTRUCTION MACHINERY CO., LTD.
- Ammann Group Holding AG
- AB Volvo
- Sany Heavy Industries Limited
- Xuzhou Construction Machinery Group Co. Ltd
- China National Machinery Industry Corporation
- Astec Industries, Inc.
- LeeBoy
- HANTA MACHINERY Co., Ltd.
- Weiler Inc
- B.G. Pavers Ltd
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
Report Preview: https://www.futuremarketinsights.com/reports/asphalt-pavers-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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