Market Size of Asphalt Pavers Industry
| 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.
