The 2022 valuation of the global asphalt pavers market reached approximately USD 2 billion, and it is poised to exhibit a Compound Annual Growth Rate (CAGR) of around 4% during the forecast period spanning from 2023 to 2030. This market’s growth is attributed to a variety of factors, including the escalating need for road construction and maintenance, the ongoing trend of urbanization, and the increasing demand for enhancements in transportation infrastructure. Additionally, the market benefits from the expanding integration of technology in asphalt paving, which is driving the development of advanced pavers that offer enhanced efficiency, safety, and environmental performance.
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Market Trends:
- Increasing government investment in infrastructure development: Governments around the world are increasing their investment in infrastructure development, particularly in roads and highways. This is driving the demand for asphalt pavers, which are essential for the construction and maintenance of roads.
- Growing demand for asphalt paving in emerging markets: The demand for asphalt paving is growing rapidly in emerging markets, such as China, India, and Brazil. This is due to the increasing urbanization and industrialization in these countries.
- Technological advancements in asphalt pavers: Manufacturers are developing new and more advanced asphalt pavers. These new pavers are more efficient, productive, and easier to operate. This is making asphalt pavers more attractive to contractors and other users.
According to the recent report published by RC Market Analytics, the Global Asphalt Pavers Market is expected to provide sustainable growth opportunities during the forecast period from 2023 to 2030. This latest industry research study analyzes the asphalt pavers market by various product segments, applications, regions and countries while assessing regional performances of numerous leading market participants. The report offers a holistic view of the asphalt pavers industry encompassing numerous stakeholders including raw material suppliers, providers, distributors, consumers and government agencies, among others. Furthermore, the report includes detailed quantitative and qualitative analysis of the global market considering market history, product development, regional dynamics, competitive landscape, and key success factors (KSFs) in the industry.
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Geographically, the asphalt pavers market report comprises dedicated sections centering on the regional market revenue and trends. The asphalt pavers market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asphalt pavers market estimates have also been provided for the historical years 2020 & 2021 along with forecast for the period from 2023 – 2030.The report includes a deep-dive analysis of key countries including the U.S., Canada, the U.K., Germany, France, Italy, China, Japan, India, Australia, Mexico, Brazil and South Africa, among others. Thereby, the report identifies unique growth opportunities across the world based on trends occurring in various developed and developing economies.
The Asphalt Pavers Market Segmentation:
By Type:
- Tracked Pavers
- Wheeled Pavers
- Others
By Technology:
- Mechanical Pavers
- Hydraulic Pavers
- Others
By Paver Width:
- Up to 1.5 m
- 5-2.5 m
- 5-5 m
- Over 5 m
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The key players in the global asphalt pavers market include Caterpillar, Volvo Construction Equipment, Wirtgen Group, Roadtec, Bomag, Dynapac, Sakai, Vögele, LeeBoy, SANY Group, LeeBoy, Zoomlion Heavy Industry Science & Technology Co., Ltd., Astec Industries, Inc., Fayat Group, and GOMACO Corporation.
Recent Development:
- Dynapac recently launched a new model of highway pavers, the 8-foot tracked paver D25T, in the US market in April 2022. This move followed the US federal government’s allocation of USD 1 trillion for the development of roads and highways in the country.
- Wirtgen unveiled the SP 102i concrete pavers in February 2022, featuring a modular design that allows for the addition or removal of necessary modules to accommodate a range of applications.
- In December 2021, Caterpillar Inc. expanded its line of paving products by introducing a new range of compact asphalt pavers and screeds.
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Key Questions Answered by Asphalt Pavers Market Report:
- Product popularity and adoption based on various country-level dynamics
- Regional presence and product development for leading market participants
- Market forecasts and trend analysis based on ongoing investments and economic growth in key countries
- Competitive landscape based on revenue, product offerings, years of presence, number of employees and market concentration, among others
- Various industry models such as SWOT analysis, Pestle Analysis, Porter’s Five Force model, Value Chain Analysis pertaining to Asphalt Pavers market
- Analysis of the key factors driving and restraining the growth of the global, regional and country-level markets from 2020-2027
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