Press release
Asphalt Pavers Market Share, Trends, Growth, Opportunities, Analysis And Forecast 2033
Asphalt Pavers Market Share
Asphalt Pavers Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $3.65 billion In 2028 At A CAGR Of 10.8%
The asphalt pavers market size has grown rapidly in recent years. It will grow from $2.16 billion in 2023 to $2.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to infrastructure development, maintenance and rehabilitation, population growth, government funding, demand for quality roads, transportation sector growth, environmental regulations.
The asphalt pavers market size is expected to see rapid growth in the next few years. It will grow to $3.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to smart infrastructure initiatives, renewable energy projects, residential construction, rising need for sustainable solutions, upgradation of aging infrastructure. Major trends in the forecast period include electric and hybrid pavers, remote monitoring and maintenance, paver customization and versatility, smart paving technologies, integration of safety features.
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Asphalt Pavers Market Major Segments
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
Key Driver - Rising Road Traffic Accelerates Demand Driving Growth In The Asphalt Pavers Market Worldwide
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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Prominent Trend - Technological Innovations Enhance The Asphalt Pavers Market Growth
Technological advancements have emerged as a key trend gaining popularity in the asphalt's 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 is 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.
Asphalt Pavers Market Players
Major companies operating in the asphalt pavers market report are 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
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the asphalt pavers market in 2023. The regions covered in the asphalt pavers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Asphalt Pavers Market Report Structure
3. Asphalt Pavers Market Trends And Strategies
4. Asphalt Pavers Market - Macro Economic Scenario
5. Asphalt Pavers Market Size And Growth
…..
27. Asphalt Pavers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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