Asphalt Pavers Global Market Report 2024

The asphalt pavers market size has grown rapidly in recent years. It will grow from $2.16 billion in 2023 to $2.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. Historical growth can be attributed to infrastructure development, maintenance, and rehabilitation efforts, population growth, government funding, demand for high-quality roads, expansion in the transportation sector, and adherence to environmental regulations.

The asphalt pavers market size is expected to see rapid growth in the next few years. It will grow to $3.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The forecasted growth is driven by smart infrastructure initiatives, renewable energy projects, residential construction demands, the growing need for sustainable solutions, and the upgrade of aging infrastructure. Major trends expected in this period include the development of electric and hybrid pavers, remote monitoring and maintenance systems, customization and versatility in paving, adoption of smart paving technologies, and the integration of safety features.

The anticipated increase in road traffic across various regions globally is set to propel the asphalt pavers market. Road traffic, encompassing pedestrians, vehicles, and other conveyances, has been on the rise, primarily due to population growth and economic development. The resulting surge in traffic congestion underscores the growing need for enhanced connectivity, driving the demand for asphalt pavers in the construction of roads, bridges, and highways. For instance, in March 2021, the US Department of Transportation reported a substantial 19.0% increase (equivalent to +42.0 billion vehicle miles) in travel on all highways and streets. Similarly, road traffic estimates in Great Britain for 2021 revealed a noteworthy 11.9% surge, totaling 297.6 billion vehicle miles (BVM) driven on British roadways compared to the previous year. This escalating road traffic in diverse parts of the world is a key factor fueling the growth of the asphalt pavers market.

The asphalt paver market is expected to experience significant growth due to increased investments in the infrastructure sector. Infrastructure investments involve financial and developmental initiatives targeting essential physical structures such as roads, bridges, utilities, and telecommunications to support economic growth and societal needs. These investments create a favorable environment for asphalt pavers by generating demand for road construction and maintenance projects, thereby providing increased opportunities for their services and products. For example, in May 2023, the Office for National Statistics and the National Statistical Institute reported a remarkable 15.2% increase in total general government investment in infrastructure in the UK in 2021 compared to the previous year, reaching $30.06 billion (£23.8 billion). This upward trend in infrastructure investments is a significant driver behind the growth of the asphalt paver market.

Technological advancements have emerged as a prominent trend in the asphalt pavers market, with the introduction of 3D paving technology revolutionizing autonomous operations in construction. This innovation leverages remote sensing and milling control systems to automate paving processes accurately. Leading companies in the asphalt pavers market are strategically investing in the development of new technological solutions to enhance their competitive positions. For instance, in February 2021, Trimble, a US-based industrial technology company, unveiled the Trimble Roadworks 3D Paving Control Platform, representing the next generation in 3D asphalt paving control systems. This highly accurate and autonomous 3D screed control technology significantly improves paving production and rideability. By designing directly, it reduces asphalt usage, minimizes waste and overruns, ensuring projects are completed on time and within budget.

Major players in the asphalt pavers market are concentrating on adopting next-generation solutions, including electric paver machines, to gain a competitive edge and meet sustainability demands. Electric paver machines, powered by electricity, offer precision in laying and surfacing roads, walkways, or pavements. As an illustration, in October 2022, Dynapac, a US-based road construction equipment company, introduced its first electric paver model, the eCity SD1800W e. This innovative machine can operate for up to four hours on a single charge, depending on the application type, featuring a paving speed of 25 meters per minute and a top travel speed of 15 km/h. The eCity SD1800W, with a design similar to its diesel-powered counterpart, is well-suited for inner-city applications, such as road assignments for bicycle lanes and repair works. This strategic focus on next-generation solutions exemplifies the commitment of major companies in the asphalt pavers market to technological innovation and sustainability.

In July 2022, Atlantic Southern Paving and Sealcoating, a reputable US-based provider of pavement maintenance and construction services, successfully acquired Massey Asphalt Paving for an undisclosed sum. This strategic acquisition is poised to reinforce Atlantic Southern's standing as one of the United States' leading and rapidly expanding pavement maintenance providers. Massey Asphalt Paving LLC, the acquired entity, is recognized for its expertise in offering asphalt paving services.

Major companies operating in the asphalt pavers market report are Liebherr Group, Caterpillar Inc., Deere & Company, AB Volvo, Roadtec Inc., Komatsu Ltd., CNH Industrial Inc., Joseph Vögele AG, XCMG Construction Machinery Company Ltd., Sany Heavy Industries Limited, Hitachi Construction Machinery Co. Ltd., Zoomlion Company Limited, Fayat Group, Ingersoll Rand, Guangxi LiuGong Machinery Co. Ltd., New Holland Construction, Wirtgen Group, Astec Industries Inc., Bomag GmbH, Sakai Heavy Industries Ltd., Weiler Corporation, Ammann Group, VT LeeBoy Inc., Sumitomo Construction Machinery Co. Ltd., Shanghai Zenith Machinery Co. Ltd., Hamm Maschinenfabrik GmbH, ABG Maschinenfabrik GmbH, CASE Construction Equipment, HD Hyundai Infracore Co. Ltd., J.C. Bamford Excavators Limited.

Asia-Pacific was the largest region in the asphalt pavers market in 2023. The regions covered in the asphalt pavers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the asphalt pavers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Asphalt pavers come in several main types, including track pavers, wheel pavers, and screeds. Track-equipped pavers are specifically designed with tracks to enhance traction, making them suitable for challenging projects involving poor underfoot conditions or the need to maneuver large transport units up steep inclines. These pavers cater to different paving widths categorized as less than 2.5 meters, 2.5–5 meters, and more than 5 meters. Various technologies, such as mechanical and hydrostatic systems, are utilized in these pavers to achieve different paving widths efficiently and effectively.

The asphalt pavers market research report is one of a series of new reports that provides asphalt pavers market statistics, including asphalt pavers industry global market size, regional shares, competitors with an asphalt pavers market share, detailed asphalt pavers market segments, market trends and opportunities, and any further data you may need to thrive in the asphalt pavers industry. This asphalt pavers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The asphalt pavers market consists of sales of asphalt mixing plant machine, motor grader, road roller, compactor, hydraulic controller, drive tracks, hopper, feeding conveyor, and wheel tractor-scraper. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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