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

Global 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).

Smart city initiatives are increasing demand for asphalt pavers as a result of the increased funding by governments for high quality roads and highways to enable quick flow of products and passengers even from rural regions to all major cities worldwide.

132,500 km was the total length of India's national highways. While in the US, it is 259,032 kilometres. Due to the economy's ongoing development, India's construction industry is expanding at a double-digit rate, yet many distant places still lack adequate road access.

Due to the rising demand for road traffic, both urban and rural roads will need to be upgraded and built upon and will likely drive the demand in global market. Over the forecast period, it is anticipated that increasing investments in the public infrastructure sector across nations like India, China, South Korea, and Japan will make the region a profitable niche.

For instance, according to the India Brand Equity Foundation, the Indian government plans to build 65,000 kilometres of national highways by 2031, spending US$741.51 billion. These expenditures should be beneficial for the market's expansion.

The Belt and Road Initiative (BRI), which aims to improve connectivity between the six key economic corridors that include China, Mongolia and Russia, Euroasian nations, Pakistan, and other nations of the Indian subcontinent, is also receiving significant funding in China.

Construction firms all over the world are putting more of an emphasis on sustainable project development in order to obtain certifications for energy efficiency. Manufacturers are refocusing their efforts on the development of user-friendly, energy-efficient, and low-emission construction equipment, and asphalt pavers are no exception. This is because these certifications demand that the construction industries reduce their pollution and emission footprint throughout the entire project lifecycle. A wide range of upgraded asphalt paver models with a high performance level are being introduced by major manufacturers. Asphalt paver manufacturers are working harder to create machines that are energy-efficient and perfect for a variety of jobs, including building roads, dams, homes, and maintaining the land.

US Asphalt Pavers Market is poised to grow at a sustainable CAGR for the next forecast year.