Asphalt Pavers Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.40 Billion |
| Market Size (2029) | USD 6.90 Billion |
| CAGR (2024 - 2029) | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asphalt Pavers Market Analysis
The Asphalt Pavers Market size is estimated at USD 2.40 billion in 2024, and is expected to reach USD 6.90 billion by 2029, growing at a CAGR of 5% during the forecast period (2024-2029).
Governments worldwide are spending more on high-quality roads and highways for the swift movement of goods and passengers, even from remote locations to all major cities. Smart city initiatives are creating demand for asphalt pavers to enhance the quality and stretch of roads and highways. The government and private road projects achieved pace and increased demand for asphalt pavers.
Over the longer term, asphalt road paver equipment is anticipated to witness exponential growth due to increased activities and reforms by governments. Increased budget allocation for the development of roads and highways is also likely to be pivotal.
Countries like China, India, the United States, and Germany have been observed as the bedrock for the growth of asphalt paver and milling equipment owing to increased public and private investments in highways and road development in the region. Various government initiatives are set to propel the demand for asphalt paver and milling equipment in the long term.
- For instance, according to the Ministry of Housing and Urbanization in India, till 2023, 7,978 projects were initiated across 100 smart cities, such as Bhubaneswar, Pune, Jaipur, Surat, Kochi, New Delhi, and various others, with USD 8.8 billion allocated for the development of the project.
- In January 2024, the Japanese government committed to invest USD 1.5 billion for nine projects related to various sectors in India, which include North East Road Network Connectivity and the Project for Promoting Start-up and Innovation.
OEMs play a pivotal role in designing, manufacturing, and delivering vehicles and in the transition of the construction sector. Considering the exponential rise in construction activities in countries like India and China, companies are focusing on the launch of various technologically advanced products, contributing to the market’s growth.
Asphalt Pavers Market Trends
Track Pavers Segment Holds the Highest Share in the Market
Track pavers have been widely accepted compared to wheeled pavers owing to their superior traction for jobs that require wide pulls or large mix-delivery vehicles. In addition, track pavers are more mobile and easily shipped to the desired locations where road construction projects are undergoing. Players in the segment are offering reliable and technologically advanced track pavers to achieve elevated sales bars. For instance,
- In October 2023, Power Pavers launched a new full-width, four-track concrete slipform paver, the SF-3404. The machine is said to offer an array of improvements in technology, providing smooth operation for contractors.
- In July 2023, Vögele launched its smallest pavers, the MINI 500 tracked paver and the MINI 502 wheeled paver, in Europe.
The increasing spending on roads, highways, and expressways for swift and smooth movement of industrial products is driving the market. Considering these factors and developments, the demand for track pavers is expected to witness a high growth rate during the forecast period.
Asia-Pacific Region Holds the Highest Share
Asia-Pacific was the largest market for asphalt pavers in 2023. The region is expected to witness further growth over the forecast period due to factors like the high rate of road and highway construction.
- India, China, and ASEAN are the epicenters of increased road construction, elevating the demand for asphalt pavers. In the long term, increased public and private investment in road and highway construction is expected to remain a key growth enabler for asphalt paver demand in the region.
- With the rise in urban population, urbanization is expected to happen at a faster pace and create more demand for mid-end and affordable housing units. According to NITI Aayog, India’s population is projected to reach 1.64 billion by 2047, and an estimated 51% of India’s population is likely to be living in urban centers.
- Under the National Project Scheme, India allocated a budget of USD 1.4 trillion in infrastructure by 2025, boosting the demand for pavers. Smart city projects seek to enhance infrastructure and quality of life through core infrastructure provision and services, including electric and adequate water supply, efficient mobility and public transport, sanitation, affordable housing, digitalization, and effective governance.
The major players in the region are spending heavily on R&D to increase the rate of road construction. Considering these developments and factors, the demand for asphalt pavers in Asia-Pacific is expected to witness a high growth rate in the coming years.
Asphalt Pavers Industry Overview
The asphalt pavers market is consolidated and led by globally and regionally established players. The companies adopt strategies such as new product launches, collaborations, and mergers to sustain their market positions.
- In February 2024, John Deere announced a strategic partnership with Leica Geosystems, part of Hexagon, to help accelerate the digital transformation of the heavy construction industry. The partnership will leverage the strengths of both companies to bring new technologies and services to construction professionals worldwide.
Some of the major players in the market include Volvo Construction Equipment Corporation, Caterpillar Inc., Fayat Group, Ammann Group, and Wirtgen America Inc.
Asphalt Pavers Market Leaders
Volvo Construction Equipment Corporation
Caterpillar Inc.
Fayat Group
Ammann Group
Wirtgen America, Inc.
*Disclaimer: Major Players sorted in no particular order
Asphalt Pavers Market News
- December 2023: The Ammann Group and Volvo Construction Equipment (Volvo CE) reached an agreement over the ABG Paver Business. Ammann will acquire Volvo CE’s global ABG Paver Business, including ABG, in Hameln, Germany.
- May 2023: Attentive.ai Inc., a Delaware-based business management software provider for outdoor services industries, launched an automated property measurement tool for paving maintenance professionals.
- March 2023: Caterpillar Inc. announced plans to add a new compact line of asphalt pavers and screeds to its Paving Products family, including the Cat® AP400, AP455 Mobil-trac™, AP455 Steel Track, AP500, AP555 Mobil-trac, and AP555 Steel Track and the SE47 VT and SE50 VT tamper bar screeds.
Asphalt Pavers Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increase in Construction Activities in Asia-Pacific
4.2 Market Restraints
4.2.1 Construction Rental Business May Hamper The Target Market Growth
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION ( Market Size in Value USD Billion)
5.1 Type
5.1.1 Tracked Pavers
5.1.2 Wheeled Pavers
5.1.3 Screeds
5.2 Paving Range
5.2.1 Less than 1.5 m
5.2.2 1.5 m to 2.3 m
5.2.3 2.4 m to 2.55 m
5.2.4 Above 2.55 m
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of World
5.3.4.1 Mexico
5.3.4.2 Brazil
5.3.4.3 United Arab Emirates
5.3.4.4 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Volvo Construction Equipment
6.2.2 Caterpillar Inc.
6.2.3 Fayat Group
6.2.4 Ammann Group
6.2.5 Astec Industry Inc.
6.2.6 XCMG Construction Machinery Co. Ltd
6.2.7 Wirtgen America Inc.
6.2.8 Leeboy Inc.
6.2.9 Sumitomo IHI Construction Machinery Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asphalt Pavers Industry Segmentation
An asphalt paver is a machinery utilized for road pavements. These machines have unique roles to play and mark their existence in the construction of large areas of pavement. An asphalt paver is a self-propelled laydown machine that has two main assemblies, i.e., a tractor and screed, used to spread hot mix asphalt.
The asphalt pavers market is segmented by type, paving range, and geography. On the basis of type, the market has been segmented as track paver, wheel paver, and screeds. On the basis of paving range, the market has been segmented as less than 1.5 m, 1.5 m to 2.3 m, 2.4 m to 2.55 m, and above 2.55 m. By geography, the market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
The report offers market size and forecasts in value (USD) and volume (units) for all the above segments.
| Type | |
| Tracked Pavers | |
| Wheeled Pavers | |
| Screeds |
| Paving Range | |
| Less than 1.5 m | |
| 1.5 m to 2.3 m | |
| 2.4 m to 2.55 m | |
| Above 2.55 m |
| Geography | |||||||
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Asphalt Pavers Market Research FAQs
How big is the Asphalt Pavers Market?
The Asphalt Pavers Market size is expected to reach USD 2.40 billion in 2024 and grow at a CAGR of 5% to reach USD 6.90 billion by 2029.
What is the current Asphalt Pavers Market size?
In 2024, the Asphalt Pavers Market size is expected to reach USD 2.40 billion.
Who are the key players in Asphalt Pavers Market?
Volvo Construction Equipment Corporation, Caterpillar Inc., Fayat Group, Ammann Group and Wirtgen America, Inc. are the major companies operating in the Asphalt Pavers Market.
Which is the fastest growing region in Asphalt Pavers Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Asphalt Pavers Market?
In 2024, the Asia Pacific accounts for the largest market share in Asphalt Pavers Market.
What years does this Asphalt Pavers Market cover, and what was the market size in 2023?
In 2023, the Asphalt Pavers Market size was estimated at USD 2.28 billion. The report covers the Asphalt Pavers Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asphalt Pavers Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asphalt Pavers Industry Report
Statistics for the 2024 Asphalt Pavers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asphalt Pavers analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
