Asphalt Pavers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Asphalt Pavers Market is Segmented by Type (Tracked Pavers and Wheeled Pavers), by Width (up to 1.5m, 1.6-5 m and above 5m), and Geography.

Market Snapshot

Asphalt Pavers Market_Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >4 %

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Market Overview

The Asphalt Pavers Market is projected to grow with a CAGR of more than 4 % during the forecast period.

  • Owing to the increased spending by governments for high quality roads and highways for swift movement of goods and passengers even from the remote locations to all major cities all around the world to enhance the quality and stretch of road and highways, smart city initiatives are creating demand for asphalt pavers.
  • As of March 01, 2019, the total length of National Highways in India stood at 132,500 km. While in United States it is 259,032 Km. In India the rate of construction is growing with a double-digit growth rate because of the developing nature of the economy and still many remote areas are not having proper connectivity by road.
  • The increased demand for road traffic will require the continued construction and improvement of roads in both urban and rural areas and will likely drive the demand in global market.

Scope of the Report

The Asphalt pavers market report covers a detailed study on the latest trends and innovations in the market which is segmented by Type (Tracked Pavers and Wheeled Pavers), by Width (up to 1.5m, 1.6-5 m and above 5m), and Geography. Along with a detailed study on major players, their strategies and technological advancements and innovations are also covered in the report.

Type
Tracked Pavers
Wheeled Pavers
Width
upto 1.5 m
1.6-5m
more than 5m

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Key Market Trends

Increased Government Spending Driving the Growth

With the growing urbanization rate and the increase in industrial activities around the world, especially in the developing nations. The requirement for good roads, highways and bridges are on the priority list on the governments’ to-do list. With increasing spending on road, highways and expressways for swift and smooth movement of industrial products across the region and also the movement of people from remote regions to the major cities from where these products can either be consumed or exported.For instance,

  • The Indian government on construction of roads, highways have allocated Rs. 91,823 Crore (USD 13.14 billion) in the union budget of financial year 2020-21, which was Rs. 83,016 Crore (USD 11.84 billion), with an increase by a rate of more than 10%.
  • Similarly, the Chinese government has increased spending on highways by around 3% with a spending of 1.81 trillion yuan during first 10 months in the year 2019.
  • The United States Federal Government spending on highways and streets have grown with a CAGR of about 17% during the year 2014-18 and has reached a value of about USD 1038 million.
Asphalt Pavers Market_Key Market Trend1

Asia-Pacific Remains the Largest Market

The Asia-Pacific region remains the largest market for asphalt pavers market in the year 2019. This growth can be attributed to the factors such high rate of roads and highway construction in the region.

The government in the region are spending heavily on construction of roads and highways in countries like China and India due to the developing nature of the countries and high urbanization rate, requirement for connecting remote areas to major cities in the region. For instance, the rate of construction of roads in India per day in year 2014-15 was 12 km, this rate has been increased to more than double to 30km per day in the year 2018-19. The road sector accounts for about 3.14 per cent of India's gross value added and around 69 per cent of India's freight traffic and 90% of passenger traffic.

Similarly, in China, the length of Expressway is increasing with a growth rate of more than 3.5 % per year, which has reached to 142,600 Km of expressway in 2018.

The major players in the region are spending heavily on research & development of asphalt pavers to increase the rate of construction of roads.

Asphalt Pavers Market_Key Market Trend2

Competitive Landscape

The Asphalt Pavers Market is fragmented, with many players accounting for a small market share. Some of the prominent companies in the Motor Graders Market are Caterpillar Inc., John Deere Co., Komatsu Ltd., SANY Group and others. These players are investing heavily in research and development of asphalt pavers.

For instance,

  • In January 2020, Volvo CE launched 8-Foot Asphalt Pavers in North America, with high productivity, new engine technology and convenient service features on two new pavers help ensure laying a high-quality mat is simple for the operator. The Volvo engines have low vibration and extremely quiet operation, around 79.2 weighted decibels (dBa).
  • In May 2020, Trimble Road works launched 2-D paving control platform for Asphalt Pavers, an automatic screed control system that can improve the accuracy and productivity in applications of asphalt paving. The main aim is to enable paving contractors to minimize the waste of expensive asphalt material, achieve optimal rideability results as well as finish their projects on time and budget.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porters Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Tracked Pavers

      2. 5.1.2 Wheeled Pavers

    2. 5.2 Width

      1. 5.2.1 upto 1.5 m

      2. 5.2.2 1.6-5m

      3. 5.2.3 more than 5m

  6. 6. Geography

    1. 6.1 North America

      1. 6.1.1 United States

      2. 6.1.2 Canada

      3. 6.1.3 Rest of North America

    2. 6.2 Europe

      1. 6.2.1 Germany

      2. 6.2.2 United Kingdom

      3. 6.2.3 France

      4. 6.2.4 Italy

      5. 6.2.5 Rest of Europe

    3. 6.3 Asia-Pacific

      1. 6.3.1 China

      2. 6.3.2 India

      3. 6.3.3 Japan

      4. 6.3.4 South Korea

      5. 6.3.5 Rest of Asia-Pacific

    4. 6.4 Rest Of World

      1. 6.4.1 Mexico

      2. 6.4.2 Brazil

      3. 6.4.3 United Arab Emirates

      4. 6.4.4 Other Countries

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Vendor Market Share

    2. 7.2 Company Profiles

      1. 7.2.1 Volvo Construction Equipment

      2. 7.2.2 Caterpillar Inc

      3. 7.2.3 Fayat Group

      4. 7.2.4 Ammann Group

      5. 7.2.5 Astec Industry

      6. 7.2.6 Vogele

      7. 7.2.7 XCMG Construction Machinery Co. Ltd.

      8. 7.2.8 Zoomlion Heavy Machinery Co Ltd

      9. 7.2.9 Leeboy Inc.

      10. 7.2.10 Sumitomo IHI Construction Machinery Co. Ltd.

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Asphalt Pavers Market market is studied from 2018 - 2026.

The Asphalt Pavers Market is growing at a CAGR of >4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Volvo Construction Equipment Corporation, Caterpillar Inc., Fayat Group, Vogele, Ammann Group are the major companies operating in Asphalt Pavers Market.

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