Global Asphalt Pavers Market Analysis By product type (Tracked Asphalt Pavers, Wheeled Asphalt Pavers), By screed type (Hydrostatic, Mechanical, Others), By paving width (Below 5m, 5m - 9m, Above 9m), By application (Highway, Railway, Airport, Others) & Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- 269
- CATEGORY
- Construction & Manufacturing
The global asphalt pavers market was valued at around USD 2,253.3 million in 2022 and expected to grow at a CAGR of 4.8% during the forecast period.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 2.25 Billion |
Market Forecast in 2032 | USD 5.32 Billion |
CAGR % 2023-2031 | 4.8% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2031 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | By product type, By screed type, By paving width, By Application |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Caterpillar Inc., Dynapac AB, GOMACO Corporation, LeeBoy, Inc., Volvo Construction Equipment, Wirtgen Group, Ammann Group, Astec Industries, Inc., Roadtec, Sany Group |
Covid-19 Impact:
The global asphalt paver market has been significantly impacted by the COVID-19 pandemic. The outbreak of the pandemic has led to the disruption of global supply chains, as well as a decrease in demand for asphalt pavers due to the slowdown of construction projects. The lockdowns and restrictions imposed by governments to contain the spread of the virus have resulted in the closure of construction sites, leading to a decline in demand for asphalt pavers.
The pandemic has also led to a decrease in investment in the infrastructure sector, as many countries prioritize healthcare and other immediate needs. This has led to delays and cancellations of construction projects, further impacting the demand for asphalt pavers.
However, the market is expected to recover in the post-pandemic period, as governments worldwide focus on investing in infrastructure development to stimulate economic growth. The adoption of advanced technologies in the manufacturing of asphalt pavers is also expected to drive market growth in the coming years.
Market Dynamics:
Drivers:
Growing demand for better road infrastructure: The need for improved road infrastructure to meet the demands of increasing population and urbanization is a key driver of the asphalt paver market. Governments worldwide are investing heavily in road construction and maintenance, which is driving the demand for asphalt pavers.
Advancements in technology: The adoption of advanced technologies, such as GPS and telematics, in asphalt pavers is driving market growth. These technologies enable better accuracy, efficiency, and productivity in asphalt paving operations.
Increasing demand for sustainable and eco-friendly paving solutions: The growing focus on sustainable development and environmental protection is driving demand for eco-friendly asphalt paving solutions. This is driving the adoption of asphalt pavers that use recycled materials and emit less greenhouse gases.
Rising demand for durable and high-quality roads: The demand for durable and high-quality roads is driving the adoption of asphalt pavers that can lay asphalt with precision and accuracy. This is driving the demand for advanced asphalt pavers that can deliver high-quality finishes.
Growing construction industry: The growth of the construction industry is driving demand for asphalt pavers, as they are essential equipment for road construction projects. As the construction industry continues to grow, the demand for asphalt pavers is expected to increase as well.
Restraints:
High initial cost: Asphalt pavers are expensive, which can be a significant barrier to entry for smaller companies. This limits the number of players in the market and can make it difficult for new entrants to gain a foothold.
Maintenance and repair costs: Asphalt pavers require regular maintenance and repairs to keep them running smoothly. This can be costly, especially for companies with a large fleet of asphalt pavers.
Dependence on the construction industry: The demand for asphalt pavers is closely tied to the construction industry. Any downturn in the construction industry can have a significant impact on the demand for asphalt pavers.
Regional Analysis:
North America: The North American asphalt paver market is driven by the increasing demand for road construction and infrastructure development projects. The market is dominated by the United States, which is the largest market for asphalt pavers in the region.
Europe: The European asphalt paver market is driven by the increasing demand for asphalt pavers for road construction and infrastructure development projects. The market is dominated by Germany, which is the largest market for asphalt pavers in the region.
Asia-Pacific: The Asia-Pacific asphalt paver market is expected to witness significant growth due to the increasing demand for road construction and infrastructure development projects in countries such as China and India. The market is dominated by China, which is the largest market for asphalt pavers in the region.
Latin America: The Latin American asphalt paver market is driven by the increasing demand for road construction and infrastructure development projects in countries such as Brazil and Mexico. The market is dominated by Brazil, which is the largest market for asphalt pavers in the region.
Middle East and Africa: The Middle East and Africa asphalt paver market is expected to witness significant growth due to the increasing demand for road construction and infrastructure development projects in countries such as Saudi Arabia, UAE, and South Africa. The market is dominated by Saudi Arabia, which is the largest market for asphalt pavers in the region.
Market Segmentation:
By product type, the market can be segmented into:
• Tracked Asphalt Pavers
• Wheeled Asphalt Pavers
By screed type, the market can be segmented into:
• Hydrostatic
• Mechanical
• Others
By paving width, the market can be segmented into:
• Below 5m
• 5m - 9m
• Above 9m
By application, the market can be segmented into:
• Highway
• Railway
• Airport
• Others
By region, the market can be segmented into:
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Competitive Landscape:
The global asphalt paver market is highly competitive with the presence of several large and small players.
Caterpillar Inc.
Dynapac AB
GOMACO Corporation
LeeBoy, Inc.
Volvo Construction Equipment
Wirtgen Group
Ammann Group
Astec Industries, Inc.
Roadtec
Sany Group
These companies are engaged in various growth strategies such as mergers and acquisitions, partnerships, collaborations, and new product launches to strengthen their market position. They are also focusing on research and development activities to develop new and innovative products that cater to the changing needs of the customers. Additionally, the players are expanding their presence in emerging markets through strategic alliances and partnerships with local players.
Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders.
• Business Model
• Production Capacity, Revenue, Sales, Gross Margin
• Key Business Strategy
• SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
• Company Share Analysis from 2018-2022
• Company Analysis by Revenue and Sales
• Company Production Capacity, Gross Margin
• Company Share Analysis by Application/End Use
• Company Share Analysis by Product/Specification
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Market Research Process
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To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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