The global market for asphalt pavers is anticipated to grow at a value CAGR of 3.7%, during the forecast period, to reach a market size of ~USD 1.6 Bn by the end of 2029 from an estimated USD ~1.1 Bn in 2019, according to a new Fact.MR study. Rising developments in road infrastructure across the world would fuel the demand for asphalt pavers. Despites its ensuing complexities for suppliers and manufacturers, the expansion of more efficient and durable machines is considered to be a boon for the growth of the asphalt paver market.
Competitive Assessment: The keyword market report includes global as well as emerging players:
- XCMG Construction Machinery Co. Ltd.
- Zoomlion Heavy Machinery Co Ltd.
- Shantui Construction Machinery Co Ltd.
- VT LeeBoy Inc.
- Others
Development in Road Infrastructure to Boost the Demand for Asphalt Pavers
Transportation infrastructure plays an important role in the development of economies as it primarily controls the export and import sector of every market. Global transformation of the infrastructure industry is changing the appearance of developed as well as developing countries. In developing countries, big infrastructure projects are in progress, notably for the construction of railways, roads, ports and bridges, to strengthen the transportation backbone. Wide range of construction projects such as road construction, airport and runways, streets & highways and many other projects that cannot be built without proper paving is leading to the demand for paving equipment & asphalt pavers. Asphalt pavers are used to lay asphalt on bridges, roads, highways, and other such places. It lays asphalt flat and provides compaction before it is compacted by a roller.
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Higher Demand for Compact Pavements Work in Developing Economies
To gain higher business profitability, especially in emerging economies, road construction contractors tend to prefer low quality materials for construction of new roads and highways. This practice leads to quicker damage of roads and highways and increases the need for asphalt paving work. Poor quality road conditions can lead to more number of accidents. This includes uneven road surfaces, exposed rebar, potholes, sinkholes, broken concrete, and road cracks. The increase in the number of road accidents has grabbed government attention towards the proper maintenance of roads. The government in developing economies are funding more towards routine maintenance of highways, roads, and public transportation.
BRICS Countries to Dominate the Asphalt Paver market
The asphalt paver market are analyzed across primary regions which includes North America, Latin America, Europe, East Asia, South Asia, Middle East & Africa, and Oceania. Increasing road traffic will require regular improvement and construction of roads and highways, in both rural and urban areas and will fuel the global asphalt paver market growth by the end of 2029. By the end of 2029, South Asia is expected to grow at a CAGR of 5.7% by value due to growing constructional activities. The report assesses trends driving the growth of the asphalt paver market in each market segment on a global level and offers potential takeaways that proves substantially useful for other potential market entrants in the asphalt paver market.
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The enhancement and establishment of modern roads and development in developing economies such as India and China are major growth drivers of the global asphalt paver market. Realizing the importance of road maintenance is proving to be very effective to decrease the number of accidents, indirectly driving the global asphalt paver market during the forecast period.