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Asphalt Pavers Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Asphalt Pavers Market Overview
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
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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