Asphalt Pavers Market Size, Share, Growth Analysis, By Type(Track pavers, Wheel pavers, Screeds), By Pavement Width Analysis(Less than 2.5 Meters, 2.5 – 5 Meters, More than 5 Meters), By Region - Industry Forecast 2024-2031

Asphalt Pavers Market size was valued at USD 2135 million in 2019 and is poised to grow from USD 2228.94 million in 2023 to USD 3284 million by 2031, growing at a CAGR of 4.4% in the forecast period (2024-2031).

Due to a small number of worldwide competitors and a large number of regional players, the asphalt paver market is only somewhat fragmented. The majority of technologically sophisticated multinational players are headquartered in North America and Europe. To meet the needs in the region, new businesses are opening up across Asia Pacific. To increase sales in the industry, major manufacturers are introducing cutting-edge asphalt pavers. Manufacturers like Volvo CE are expanding into Asian regions, which is anticipated to accelerate the market growth throughout the forecast period. For instance, in July 2020, Gencor Industries announced a definitive agreement to acquire paver business from Blaw Knox, the Pennsylvania, U.S.-based paver equipment manufacturer. 'Caterpillar Inc.', 'Wirtgen Group (a subsidiary of John Deere)', 'Volvo Construction Equipment', 'Dynapac AB (a subsidiary of Fayat Group)', 'Ammann Group Holding AG', 'Roadtec Inc. (a subsidiary of Astec Industries, Inc.)', 'Bomag GmbH (a subsidiary of FAYAT Group)', 'LeeBoy', 'SAKAI HEAVY INDUSTRIES, LTD.', 'Sumitomo Construction Machinery Co., Ltd.', 'ABG - Titan (a subsidiary of Atlas Copco)', 'XCMG Group', 'Zoomlion Heavy Industry Science and Technology Co. Ltd.', 'Weiler', 'Mauldin Paving Products (a subsidiary of Calder Brothers Corporation)', 'GOMACO Corporation', 'Terex Corporation', 'Hanta Machinery Co. Ltd.', 'VT LeeBoy, Inc.', 'SANY Group'

demand for paved roads is driving up the price of technologically advanced asphalt pavers. These tools are employed in the building of roads, bridges, asphalt playgrounds, parking lots, and other infrastructure projects. Although some asphalt pavers are pulled by dump trucks when laying the asphalt, most of them are now self-propelled devices thanks to developments in technology. Over the projection period, it is anticipated that sales of asphalt machines will continue to be driven by the expansion of smart cities across developing countries. Governments and authorities around the world are spending a lot of money on commercial infrastructure projects and road upkeep. Better connection is also required as a result of increased road traffic in many parts of the world, which is fueling the demand for asphalt paving.

With the pace of rising urbanization and industrial activity rising globally, particularly in developing countries. The need for safe roads, highways, and bridges is high on the list of priorities for the government. A growing amount of money is being spent on roads, highways, and expressways to facilitate the quick and easy transportation of industrial goods throughout the region as well as the movement of people from remote areas to the major cities, where these goods can either be consumed locally or exported.

Asia Pacific accounts for a largest portion of revenue and is expected to maintain its dominance during the projection period, due to increase in building activities and the development and upkeep of roads to lower the number of accidents. Additional variables that are projected to fuel the target market expansion include the region's expanding infrastructure construction activities and renovation projects. Additionally, it is anticipated that developing nations like China and India will want a better road network due to the rise of automobiles and freight transportation. In a document published by the Government of India Planning Commission, it is stated that the Indian government is concentrating on approving the Road Requirement Plan (RRP), which will increase the length of national highways to 200,000 km.