The asphalt pavers market has experienced rapid expansion, rising from $2.16 billion in 2023 to $2.42 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.7%. This growth in the historical period is driven by infrastructure development, maintenance and rehabilitation initiatives, population growth, government funding, demand for quality roads, and the expansion of the transportation sector, all while adhering to environmental regulations. Looking forward to 2028, the market is set for continued rapid growth, reaching an estimated $3.65 billion at a CAGR of 10.8%. Expected drivers for this growth include smart infrastructure initiatives, renewable energy projects, residential construction activities, increasing need for sustainable solutions, and upgrading of aging infrastructure. Key trends in this period involve the adoption of electric and hybrid pavers, advancements in remote monitoring and maintenance, customization and versatility in paving equipment, integration of smart paving technologies, and a heightened focus on safety features.
Major Driver In The Asphalt Pavers Market
The increase in road traffic in various parts of the world is expected to propel the asphalt pavers market going forward. Road traffic includes pedestrians, ridden or herded animals, vehicles, streetcars, and other conveyances traveling on any highway, either alone or in groups. The primary source of traffic congestion is the increased number of vehicles due to population growth and economic development. This surge in road traffic in various parts of the world underpins the need for better connectivity, which in turn is spurring demand for asphalt pavers to construct road, bridges and highways. For instance, in March 2021, according to the US Department of Transportation, travel on all highways and streets increased by 19.0% (+42.0 billion vehicle miles) in March 2021. Furthermore, according to road traffic estimates in Great Britain, in 2021, 297.6 billion vehicle miles (BVM) were driven on British roadways, an 11.9% increase over the previous year. Therefore, the increasing road traffic in various parts of the world is driving the growth of the asphalt pavers market.
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Asphalt Pavers Market Competitive Landscape
Liebherr Group, Caterpillar Inc., Deere & Company, AB Volvo, Roadtec Inc., Komatsu Ltd., CNH Industrial Inc., Joseph Vögele AG, XCMG Construction Machinery Company Ltd., Sany Heavy Industries Limited, Hitachi Construction Machinery Co. Ltd., Zoomlion Company Limited, Fayat Group, Ingersoll Rand, Guangxi LiuGong Machinery Co. Ltd., New Holland Construction, Wirtgen Group, Astec Industries Inc., Bomag GmbH, Sakai Heavy Industries Ltd., Weiler Corporation, Ammann Group, VT LeeBoy Inc., Sumitomo Construction Machinery Co. Ltd., Shanghai Zenith Machinery Co. Ltd., Hamm Maschinenfabrik GmbH, ABG Maschinenfabrik GmbH, CASE Construction Equipment, HD Hyundai Infracore Co. Ltd., J.C. Bamford Excavators Limited
Key Asphalt Pavers Market Trend
Technological advancements have emerged as a key trend gaining popularity in the asphalt pavers market. The market has witnessed the advent of 3D paving technology, which automates autonomous operations in construction with the help of remote sensing and milling control systems technology. Major companies operating in the asphalt pavers market are focused on developing new technological solutions to strengthen their position. For instance, in February 2021, Trimble, a US-based industrial technology company, launched Trimble Roadworks 3D Paving Control Platform, the next-generation platform for 3D asphalt paving control systems. Trimble Roadworks is a highly accurate, autonomous 3D screed control technology that can improve paving production and rideability dramatically. It designs directly rather than a surface or string line to reduce asphalt usage, waste, and overruns and finish projects on time and within budget.
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Asphalt Pavers Market Segmentation
The asphalt pavers market covered in this report is segmented –
1) By Type: Track Pavers, Wheel Pavers, Screeds
2) By Paving Width: Less than 2.5 Meters, 2.5 - 5 Meters, More Than 5 Meters
3) By Technology: Hydrostatic, Mechanical
By Geography:The regions covered in the asphalt pavers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the asphalt pavers market in 2023.
The Asphalt Pavers Global Market Report 2024 furnishes information about the global asphalt pavers market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
