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Rising Road Traffic Accelerates Demand Driving Growth In The Asphalt Pavers Market Worldwide: Powering Innovation and Expansion in the Asphalt Pavers Market by 2025
Asphalt Pavers Market
What Is the Expected CAGR for the Asphalt Pavers Market Through 2025?
The market size for asphalt pavers has experienced robust growth in the past few years. The market is predicted to expand from a size of $2.4 billion in 2024 to $2.62 billion in 2025, with a compound annual growth rate (CAGR) of 9.3%. Factors contributing to this growth during the past period include the expansion of infrastructure, upkeep and renovation, population increase, governmental financial support, the demand for high-quality roads, growth in the transportation sector, and environmental statutes.
What's the Projected Size of the Global Asphalt Pavers Market by 2029?
The market size of asphalt pavers is predicted to witness a swift expansion in the coming years. The market value is set to rise to $3.85 billion by 2029, showcasing a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in this period can be credited to the rise in smart infrastructure projects, sustainable energy ventures, residential building activities, an escalating need for sustainable alternatives, and the refurbishment of outdated infrastructure. Key trends anticipated within this period encompass the introduction of electric and hybrid pavers, the execution of remote monitoring and maintenance, customisation and versatility in pavers, the advancement of smart paving technologies, and the inclusion of safety features.
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Top Growth Drivers in the Asphalt Pavers Industry: What's Accelerating the Market?
The growing road traffic in different regions across the globe is predicted to fuel the expansion of the asphalt pavers market. Road traffic envelopes human pedestrians, vehicles, animals being ridden or herded, streetcars, and other transport modes journeying on a common route, either solo or in groups. Traffic congestion is primarily due to the escalating number of vehicles resulting from population amplification and economic progression. The swell in road traffic globally reinforces the necessity for improved transport links, thereby driving asphalt paver demands for new roads, bridges, and highways. For example, a Government Technology report in January 2023, highlighted that drivers in the United States spent nearly 4.8 billion hours stuck in traffic in 2022. The report further revealed that the average American driver lost $869 in 2022 due to traffic-related delays, an increase from $305 in 2021. As a result of the escalating road traffic in different regions across the globe, the asphalt pavers market is expected to grow.
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What Are the Key Trends Driving Asphalt Pavers Market Growth?
The asphalt pavers market is experiencing a surge in popularity driven by advancements in technology. The advent of 3D paving technology has been a notable development, enabling autonomous procedures in construction via remote sensing and milling control systems technology. Prominent companies within this market are committed to creating new technological solutions to bolster their standing. For instance, in September 2024, Roos Groep, renowned for its specialization in road construction and based in the Netherlands, unveiled an entirely electric slipform paver created to bring a sea change in road construction. This novel paver, running on electricity, cra*ps the need for fossil fuels and substantially reduces the carbon footprint. The paver is augmented with Leica Geosystems' MC1 3D machine control solution; using a dual GNSS for heading and a total station for accurate height control, it achieves millimeter precision. This incorporation enables Roos Groep to enhance energy efficiency, lessen operational downtime, and boost overall performance.
What Are the Main Segments in the Asphalt Pavers Market?
The asphalt paversmarket 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
Subsegments:
1) By Track Pavers: Compact Track Pavers, Full-Size Track Pavers
2) By Wheel Pavers: Compact Wheel Pavers, Large Wheel Pavers
3) By Screeds: Vibratory Screeds, Tamper Screeds, Hydraulic Screeds
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Which Top Companies are Driving Growth in the Asphalt Pavers Market?
Major companies operating in the asphalt pavers market include 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.
Which Regions Will Dominate the Asphalt Pavers Market Through 2029?
Asia-Pacific was the largest region in the asphalt pavers market in 2024. The regions covered in the asphalt pavers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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