Asphalt Pavers Market Global Industry Analysis, Trends and Forecast, 2015-2025
Rising infrastructural and road development initiatives in emerging economies to develop smart cities serves a major driving factor which accelerates the growth of asphalt pavers market globally. Based on projections of demand by infrastructure segment globally, investment in road development and maintenance account to 25% of overall revenue share fuelling the demand for asphalt pavers globally.
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Global Asphalt Pavers Market: Drivers & Restraints
With growth in industrial and infrastructural sector in the fast pace economies globally, there has been heavy expenditure on the road maintenance and infrastructural projects, creating demand for asphalt pavers globally. According to Energy Technology Perspectives (ETP) it is estimated that the world will need to add nearly 25 million paved road lane kilometres as only up to 60 % of roads are paved globally. The enhancement and establishment of modern roads and development in emerging economies such as India and China are major growth drivers of global asphalt pavers market. Understanding the importance of road maintenance globally is proving to be very effective to reduce the number of accidents, ultimately driving global asphalt pavers market during the forecast period.
Reuse and rental market for road machinery and asphalt pavers are trends prevailing in the global asphalt pavers market which also is a restraint for new equipment sales for major players and manufacturers existing in this market. Increasing demand from road traffic will require continuous construction and improvement of roads, in both urban and rural areas and is likely to fuel the global asphalt pavers market by the end of 2025.
Global Asphalt Pavers Market: Region-wise Outlook
In terms of geography, the global asphalt pavers market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan. Asia-Pacific holds the largest market share in terms of revenue and is expected to grow at a high CAGR over the forecast period. With rise in demand for road maintenance initiatives especially in emerging economies of India, China and Japan is expected to fuel the demand of global asphalt pavers market by the end of 2025. Asia-Pacific followed by Western Europe and Latin America are others regional pockets which are anticipated to grow at a steady CAGR with increasing activities for road safety development.
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Global Asphalt Pavers Market: Key Players
Global asphalt pavers market is dominated by large number of regional and global players which include Volvo CE, Caterpillar Inc., Weiler, Zoomlion Company Limited, Dynapac, Bomag GmbH, XCMG Construction Machinery Company Ltd and Sany Heavy Industries Limited. However, European players have a considerable market share in global asphalt pavers market and are highly competitive in terms of pricing and quality where in Chinese manufacturers with their low prices offer high growth to the China asphalt pavers market.
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