Unveiling the Road Ahead: Asphalt Pavers Market Poised for US$ 3.4 Billion by 2032, According to Future Market Insights
The global asphalt pavers market was valued at US$ 2,135.0 million in 2021 and is expected to reach US$ 2,220.4 million in 2022. Furthermore, with increased government spending in creating and updating road infrastructure, overall sales of asphalt pavers are expected to grow at a CAGR of 4.4% between 2022 and 2032, achieving a total valuation of US$ 3,414.6 Million by 2032.
One of the main drivers propelling the worldwide asphalt
pavers market is the fast urbanization, rising government investment,
and robust growth of the road infrastructure around the globe.
Asphalt pavers are a crucial part of the transportation
infrastructure. On roadways, parking lots, and other similar locations, this
road construction machinery is u sed to
lay asphalt concrete or Portland cement concrete. On building sites, they apply
partially compacted asphalt on flat areas.
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The growing economy and expansion of the road infrastructure
are expected to drive up demand for road construction equipment like asphalt
pavers during the forecast period. In emerging countries, substantial
infrastructure projects are being created for roads, bridges, and ports. These
programs aim to enhance the transportation systems of several countries.
Global demand for asphalt pavers is likely to rise as a
result of the rising need for dependable road and transportation infrastructure
as well as increased road and highway construction activity in both the urban
and rural areas.
Similarly, development of new asphalt pavers with better
fuel efficiency, and safety and user-friendly features is expected to create
lucrative growth opportunities for the manufacturers over the next ten years.
Key Takeaways of Asphalt Pavers Market Study
- By
product type, the value of the track asphalt pavers segment is projected
to increase at a value CAGR of 4.0% during the forecast period.
- In
terms of working width, upto 2.6m segment is anticipated to account for
more than 52.2% of the global market.
- Based
on power, 75 to 110 HP asphalt pavers segment is projected to grow at a
value CAGR of 3.8% between 2022 and 2032.
- South
Asia Pacific asphalt pavers market is projected to expand at 5.6%, making
it the most lucrative market.
- East
Asia asphalt pavers market is predicted to expand at a volume CAGR of
roughly 3.4% during the forecast period.
- Demand
for asphalt pavers across China is anticipated to grow at a value CAGR of
3.5% over the next ten years.
“The global demand for road construction equipment
like asphalt pavers is predicted to be driven by rapid urbanization and
population growth. Besides this, rising government spending on the development
of transportation infrastructure is anticipated to boost the market for asphalt
pavers,” says Future Market insights analyst
Who is Winning?
The top manufacturers dominate the Asphalt Pavers market
globally, which is moderately consolidated. Market players are attempting to
increase their market share by creating new equipment and modernizing existing
product lines thanks to technological advancements. To increase their sales
channels in the market, the major corporations are looking to partner with
rental businesses.
Manufacturers of asphalt pavers also adhere to important
supply trends including the introduction of new products and significant
expenditures on R&D. Caterpillar Inc., Fayat Group, SUMITOMO CONSTRUCTION
MACHINERY CO., LTD., Ammann Group Holding AG, AB Volvo, and Sany Heavy
Industries Limited are a few of the market’s major participants.
Find More Valuable Insights
The research report analyzes the market demand trends of
Asphalt Pavers. The Global market estimation and growth projection are based on
factors like end-use industries development, COVID-19 crisis impact,
replacement ratio, and adoption rate of Asphalt Pavers. As per Future Market
Insights research scope, the Asphalt Pavers Market has been studied and
segmented on the basis of product type, Working Width, and Power.
The report provides qualitative and quantitative information
on various players in this market. This report also tracks the market by both,
the supply side and demand side.
Key Segments Covered in Asphalt Pavers Industry Analysis
By Product Type:
- Track
Asphalt Pavers
- Wheel
Asphalt Pavers
By Working Width:
- Up to
2.6m
- 2.6 to
4m
- More
than 4m
By Power:
- Up to
75 HP
- 75-110
HP
- 110 –
150 HP
- More
than 150 HP
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