$5190
$4152
The asphalt paver market size is projected to reach US$ 3,118.04 million by 2031 from US$ 2,261.12 million in 2023. The market is expected to register a CAGR of 4.1% during 2023–2031. Growing development and emergence of electric asphalt pavers is likely to remain key trend in the market.
Asphalt Paver Market Analysis
Continuous growth in road construction projects across the world is one of the factors driving the demand for asphalt pavers. Developing as well as developed nations across the globe are investing heavily in the upgradation and construction of the transportation infrastructure. In 2024, the US government invested ∼US$ 300 billion in repairing and reconstructing roads and bridges in the country. Further, as per official government data in 2024, according to the 2030 Federal Transport Infrastructure Plan, the federal government of Germany is investing ∼US$ 147.6 billion in the improvement and new construction of road infrastructure. According to the data published by the Indian government in 2023, the road infrastructure industry in the country witnessed a 20% growth in investments during 2022–2023 compared to 2021–2022. Such investments in the road construction industry drive the demand for road construction machines, including asphalt pavers machines.
Asphalt Paver Market Overview
Asphalt pavers are one of the road construction equipment that is used to distribute the asphalt and concrete evenly. Asphalt Paver is mainly used for the development of roadways, parking lots, and walking paths. Most of the machines are self-propelled. However, some machines are towed by dump trucks.
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Asphalt Paver Market: Strategic Insights
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Asphalt Paver Market: Strategic Insights
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Asphalt Paver Market Drivers and Opportunities
Increasing Urbanization with Government Investments in Highways Construction Drives Market Growth
According to the updated list of urban areas provided by the US Census Bureau in December 2022, the urban population in the US increased by 6.4% between 2010 and 2020. Urban areas have become denser, with an average population density rising from 2,343 in 2010 to 2,553 in 2020. The West region of the US remained the most urbanized region among the country's four census areas, with 88.9% of its inhabitants living in cities, followed by the Northeast region with 84.0%. According to the figures revealed by the United Nations, the percentage of the population that resided in cities was 80.8% in 2022 (i.e., accounting for 37.5 million people), which increased to 82% in 2023. Such a rapid increase in urban population has created a massive demand for road development in urban cities. Asphalt pavers play a major role in the road infrastructure development in the urban areas. Thus, the growing urbanization with significant investments in infrastructure rebuilding across the world bolsters the asphalt paver market growth.
Technological Advancements in Asphalt Pavers
Several major asphalt paver manufacturers have introduced new machines and systems that can optimize operations. The improved operating functions of the BOMAG paver BF 800 C-2 are intended to help improve performance and efficiency on the construction site. A key development is the new traffic light system that helps improve communication between the paver operator and the asphalt delivery truck driver. This ensures a consistent feed of material into the hopper and shows the truck driver when the hopper is full. In June 2021, BOMAG launched its new range of asphalt pavers, including BF 600 C-3, BF 600 P-3, and BF 800-C3, equipped with the latest technology. BOMAG's new generation of general-purpose and highway pavers is equipped with the company's Advanced Pave system, a digital co-pilot for pavers. It is being offered worldwide. The digital co-pilot allows the driver to control the machine efficiently, increasing productivity and enabling quick completion of asphalt paving. Control elements embedded in the armrests provide the operator with all important functions and thus enable greater concentration on the installation work. Thus, technological advancements integrated into the asphalt pavers are anticipated to create opportunities for the key players operating in the global asphalt pavers market during the forecast period.
Asphalt Paver Market Report Segmentation Analysis
Key segments that contributed to the derivation of the asphalt paver market analysis are type and paving width.
- Based on type, the asphalt paver market is bifurcated into wheeled asphalt pavers and tracked asphalt pavers. The tracked asphalt pavers segment held a larger market share in 2023.
- By paving width, the market is segmented into below 2.5-meter, 2.5 meter to 5 meter, and above 5 meters. The above 5 meter segment held the largest market share in 2023.
Asphalt Paver Market Share Analysis by Geography
The geographic scope of the asphalt paver market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
Asia Pacific is expected to register the highest CAGR in the global asphalt paver market during the forecast period. In 2023, The Ministry of Transport of China provided investments worth US$ 507 million. The government of China improved and upgraded 7,000 highways in 2023. In addition, the country renovated ∼160,000 km of rural roads. Governments of South Asian countries such as Malaysia, Indonesia, and the Philippines are also making notable investments in road construction. For instance, in 2024, NLEX Corporation announced three new projects in the Philippines. The first project includes the widening of a 5 km road, the second project includes the construction of a 2 km expressway, and the third project is an expansion of NLEX San Fernando to SCTEX Spur. Further, in 2024, the Government of Indonesia announced the largest infrastructure budget of the country, amounting to US$ 26.48 billion, including road infrastructure development and upgradation costs.
The rise in public and private investments in infrastructure development propels the asphalt pavers market growth in India. For instance, in the 2024 interim of India, the Finance Ministry announced three new projects amounting to US$ 11.56 million. Moreover, the continuous undertaking of infrastructure projects in Saudi Arabia, the UAE, and other countries in the Middle East is expected to generate notable opportunities for the asphalt paver market in the coming years. As per the information provided by the US government in 2023, the Government of the UAE is taking initiatives for its economic diversification. In addition, the UAE is involved in various regulatory reforms to increase private investments. Thus, these initiatives have created a favorable environment for global infrastructure service providers, contractors, and construction earth-moving machine manufacturers to expand their business in the country.
The US, Canada, and Mexico are major nations contributing to the continuous development of the construction sector in North America. Government focus in the abovementioned countries on developing roads and bridges to advance connectivity in remote locations propels the demand for asphalt pavers in the region. In 2023, the Bipartisan Infrastructure Law by the Federal Transit Administration funded over US$ 300 billion for projects meant to rebuild and repair roads and bridges in the US. In 2023, it also provided financial aid of US$ 25 billion to renovate and upgrade airports and US$ 17 billion to improve US ports and waterways. Thus, growing government inclination toward infrastructure development is anticipated to drive the growth of the US asphalt paver market.
The high presence of asphalt paver manufacturers such as Caterpillar Inc. and Astec Industries, Inc. (Roadtec) is contributing to the asphalt paver market growth in North America. In 2022, Caterpillar Inc. declared updates to its high-end asphalt paver line. The new Cat AP600, AP1000, AP655, and AP1055 are a few of the asphalt pavers in the overall product line of Caterpillar. In 2023, LeeBoy and Portable Electric (PE) announced working together to electrify the asphalt paving industry.
Asphalt Paver Market Report Scope
Asphalt Paver Market News and Recent Developments
The asphalt paver market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the asphalt paver market are listed below:
- Astec announced the debut of a new, modern operator control system on all Roadtec RP-series highway-class asphalt pavers. The RP paver line has been updated with operator controls that provide a compact, modern feel and improved functionality. All highway-class asphalt pavers are now outfitted with an innovative digital control system and easy-to-understand touchscreen interface. Source: Astec Industries, Inc., Press Release, March 2022)
Asphalt Paver Market Report Coverage and Deliverables
The “Asphalt Paver Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Asphalt paver market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Asphalt paver market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Asphalt paver market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the asphalt paver market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Asia Pacific is expected to register the highest CAGR in the global asphalt paver market during the forecast period. In 2023, The Ministry of Transport of China provided investments worth US$ 507 million. The government of China improved and upgraded 7,000 highways in 2023. In addition, the country renovated approximately 160,000 km of rural roads. Governments of South Asian countries such as Malaysia, Indonesia, and the Philippines are also making notable investments in road construction.
AB Volvo, Astec Industries Inc., Caterpillar Inc., Sany Heavy Industry Co Ltd., Sumitomo Corp., S.P Enterprise, XCMG Construction Machinery Co Ltd., Deere & Co, FAYAT GROUP and Leeboy are the key market players operating in the global asphalt paver market.
Several major asphalt paver manufacturers have introduced new machines and systems that can optimize operations. The improved operating functions of the BOMAG paver BF 800 C-2 are intended to help improve performance and efficiency on the construction site. A key development is the new traffic light system that helps improve communication between the paver operator and the asphalt delivery truck driver. This ensures a consistent feed of material into the hopper and shows the truck driver when the hopper is full. In June 2021, BOMAG launched its new range of asphalt pavers, including BF 600 C-3, BF 600 P-3, and BF 800-C3, equipped with the latest technology.
Growing urbanization with significant investments in infrastructure rebuilding across the world is the major driving factor for the asphalt paver market. According to the updated list of urban areas provided by the US Census Bureau in December 2022, the urban population in the US increased by 6.4% between 2010 and 2020. Urban areas have become denser, with an average population density rising from 2,343 in 2010 to 2,553 in 2020. The West region of the US remained the most urbanized region among the country's four census areas, with 88.9% of its inhabitants living in cities, followed by the Northeast region with 84.0%. According to the figures revealed by the United Nations, the percentage of the population that resided in cities was 80.8% (i.e., accounting for 37.5 million people), which increased to 82% in 2023. Such a rapid increase in urban population has created a massive demand for road development in urban cities. Asphalt pavers play a major role in the road infrastructure development in the urban areas.
The construction industry, associated with noise, emissions, and environmental impact, is undergoing a shift toward sustainability and a lower carbon footprint in response to the global call for greener building practices. Electric asphalt pavers can offer various benefits, such as reduced carbon emissions, reduced noise, and low maintenance costs. Several key companies in the market are engaged in the development of electric asphalt pavers. In April 2023, LeeBoy developed and introduced the first electric asphalt paver, named 8520C E-Paver, as a prototype model. This product is developed by the use of General Motors's (GM's) electric drive system. The prototype model runs on a 48-kWh battery and 150 kW electric drive motor.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Asphalt Paver Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Asphalt Paver Market – Key Market Dynamics
5.1 Asphalt Paver Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Increasing Urbanization with Government Investments in Highways Construction Drives Market Growth
5.2.2 Increase in Investments in Road Infrastructure Development
5.3 Market Restraints
5.3.1 High Cost of Manufacturing Asphalt Pavers and High Maintenance Cost Hinder the Market Growth
5.4 Market Opportunities
5.4.1 Technological Advancements in Asphalt Pavers
5.4.2 Key Strategic Initiatives by Market Players
5.5 Future Trends
5.5.1 Development and Emergence of Electric Asphalt Paver
5.6 Impact of Drivers and Restraints:
6. Asphalt Paver Market – Global Market Analysis
6.1 Overview
6.2 Asphalt Paver Market Revenue (US$ Million), 2021-2031
6.3 Asphalt Paver Market Forecast Analysis
7. Asphalt Paver Market Analysis – by Type
7.1 Wheeled Asphalt Pavers
7.1.1 Overview
7.1.2 Wheeled Asphalt Pavers: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Tracked Asphalt Pavers
7.2.1 Overview
7.2.2 Tracked Asphalt Pavers: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
8. Asphalt Paver Market Analysis – by Paving Width
8.1 Below 2.5 Meter
8.1.1 Overview
8.1.2 Below 2.5 Meter: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
8.2 2.5 to 5 Meter
8.2.1 Overview
8.2.1 2.5 to 5 Meter: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Above 5 Meter
8.3.1 Overview
8.3.2 Above 5 Meter: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9. Asphalt Paver Market – Geographical Analysis
9.1 Overview
9.2 North America
9.2.1 North America Asphalt Paver Market Overview
9.2.2 North America: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.2.3 North America: Asphalt Paver Market Breakdown, by Type
9.2.3.1 North America: Asphalt Paver Market – Revenue and Forecast Analysis – by Type
9.2.4 North America: Asphalt Paver Market Breakdown, by Paving Width
9.2.4.1 North America: Asphalt Paver Market – Revenue and Forecast Analysis – by Paving Width
9.2.5 North America: Asphalt Paver Market – Revenue and Forecast Analysis – by Country
9.2.5.1 North America: Asphalt Paver Market – Revenue and Forecast Analysis – by Country
9.2.5.2 United States: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.2.5.2.1 United States: Asphalt Paver Market Breakdown, by Type
9.2.5.2.2 United States: Asphalt Paver Market Breakdown, by Paving Width
9.2.5.3 Canada: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.2.5.3.1 Canada: Asphalt Paver Market Breakdown, by Type
9.2.5.3.2 Canada: Asphalt Paver Market Breakdown, by Paving Width
9.2.5.4 Mexico: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.2.5.4.1 Mexico: Asphalt Paver Market Breakdown, by Type
9.2.5.4.2 Mexico: Asphalt Paver Market Breakdown, by Paving Width
9.3 Europe
9.3.1 Europe Asphalt Paver Market Overview
9.3.2 Europe: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.3.3 Europe: Asphalt Paver Market Breakdown, by Type
9.3.3.1 Europe: Asphalt Paver Market – Revenue and Forecast Analysis – by Type
9.3.4 Europe: Asphalt Paver Market Breakdown, by Paving Width
9.3.4.1 Europe: Asphalt Paver Market – Revenue and Forecast Analysis – by Paving Width
9.3.5 Europe: Asphalt Paver Market – Revenue and Forecast Analysis – by Country
9.3.5.1 Europe: Asphalt Paver Market – Revenue and Forecast Analysis – by Country
9.3.5.2 United Kingdom: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.3.5.2.1 United Kingdom: Asphalt Paver Market Breakdown, by Type
9.3.5.2.2 United Kingdom: Asphalt Paver Market Breakdown, by Paving Width
9.3.5.3 Germany: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.3.5.3.1 Germany: Asphalt Paver Market Breakdown, by Type
9.3.5.3.2 Germany: Asphalt Paver Market Breakdown, by Paving Width
9.3.5.4 France: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.3.5.4.1 France: Asphalt Paver Market Breakdown, by Type
9.3.5.4.2 France: Asphalt Paver Market Breakdown, by Paving Width
9.3.5.5 Italy: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.3.5.5.1 Italy: Asphalt Paver Market Breakdown, by Type
9.3.5.5.2 Italy: Asphalt Paver Market Breakdown, by Paving Width
9.3.5.6 Russia: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.3.5.6.1 Russia: Asphalt Paver Market Breakdown, by Type
9.3.5.6.2 Russia: Asphalt Paver Market Breakdown, by Paving Width
9.3.5.7 Rest of Europe: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.3.5.7.1 Rest of Europe: Asphalt Paver Market Breakdown, by Type
9.3.5.7.2 Rest of Europe: Asphalt Paver Market Breakdown, by Paving Width
9.4 Asia Pacific
9.4.1 Asia Pacific Asphalt Paver Market Overview
9.4.2 Asia Pacific: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.4.3 Asia Pacific: Asphalt Paver Market Breakdown, by Type
9.4.3.1 Asia Pacific: Asphalt Paver Market – Revenue and Forecast Analysis – by Type
9.4.4 Asia Pacific: Asphalt Paver Market Breakdown, by Paving Width
9.4.4.1 Asia Pacific: Asphalt Paver Market – Revenue and Forecast Analysis – by Paving Width
9.4.5 Asia Pacific: Asphalt Paver Market – Revenue and Forecast Analysis – by Country
9.4.5.1 Asia Pacific: Asphalt Paver Market – Revenue and Forecast Analysis – by Country
9.4.5.2 Australia: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.4.5.2.1 Australia: Asphalt Paver Market Breakdown, by Type
9.4.5.2.2 Australia: Asphalt Paver Market Breakdown, by Paving Width
9.4.5.3 China: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.4.5.3.1 China: Asphalt Paver Market Breakdown, by Type
9.4.5.3.2 China: Asphalt Paver Market Breakdown, by Paving Width
9.4.5.4 India: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.4.5.4.1 India: Asphalt Paver Market Breakdown, by Type
9.4.5.4.2 India: Asphalt Paver Market Breakdown, by Paving Width
9.4.5.5 Japan: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.4.5.5.1 Japan: Asphalt Paver Market Breakdown, by Type
9.4.5.5.2 Japan: Asphalt Paver Market Breakdown, by Paving Width
9.4.5.6 South Korea: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.4.5.6.1 South Korea: Asphalt Paver Market Breakdown, by Type
9.4.5.6.2 South Korea: Asphalt Paver Market Breakdown, by Paving Width
9.4.5.7 Rest of APAC: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.4.5.7.1 Rest of APAC: Asphalt Paver Market Breakdown, by Type
9.4.5.7.2 Rest of APAC: Asphalt Paver Market Breakdown, by Paving Width
9.5 Middle East and Africa
9.5.1 Middle East and Africa Asphalt Paver Market Overview
9.5.2 Middle East and Africa: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.5.3 Middle East and Africa: Asphalt Paver Market Breakdown, by Type
9.5.3.1 Middle East and Africa: Asphalt Paver Market – Revenue and Forecast Analysis – by Type
9.5.4 Middle East and Africa: Asphalt Paver Market Breakdown, by Paving Width
9.5.4.1 Middle East and Africa: Asphalt Paver Market – Revenue and Forecast Analysis – by Paving Width
9.5.5 Middle East and Africa: Asphalt Paver Market – Revenue and Forecast Analysis – by Country
9.5.5.1 Middle East and Africa: Asphalt Paver Market – Revenue and Forecast Analysis – by Country
9.5.5.2 South Africa: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.5.5.2.1 South Africa: Asphalt Paver Market Breakdown, by Type
9.5.5.2.2 South Africa: Asphalt Paver Market Breakdown, by Paving Width
9.5.5.3 Saudi Arabia: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.5.5.3.1 Saudi Arabia: Asphalt Paver Market Breakdown, by Type
9.5.5.3.2 Saudi Arabia: Asphalt Paver Market Breakdown, by Paving Width
9.5.5.4 United Arab Emirates: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.5.5.4.1 United Arab Emirates: Asphalt Paver Market Breakdown, by Type
9.5.5.4.2 United Arab Emirates: Asphalt Paver Market Breakdown, by Paving Width
9.5.5.5 Rest of Middle East and Africa: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.5.5.5.1 Rest of Middle East and Africa: Asphalt Paver Market Breakdown, by Type
9.5.5.5.2 Rest of Middle East and Africa: Asphalt Paver Market Breakdown, by Paving Width
9.6 South and Central America
9.6.1 South and Central America Asphalt Paver Market Overview
9.6.2 South and Central America: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.6.3 South and Central America: Asphalt Paver Market Breakdown, by Type
9.6.3.1 South and Central America: Asphalt Paver Market – Revenue and Forecast Analysis – by Type
9.6.4 South and Central America: Asphalt Paver Market Breakdown, by Paving Width
9.6.4.1 South and Central America: Asphalt Paver Market – Revenue and Forecast Analysis – by Paving Width
9.6.5 South and Central America: Asphalt Paver Market – Revenue and Forecast Analysis – by Country
9.6.5.1 South and Central America: Asphalt Paver Market – Revenue and Forecast Analysis – by Country
9.6.5.2 Brazil: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.6.5.2.1 Brazil: Asphalt Paver Market Breakdown, by Type
9.6.5.2.2 Brazil: Asphalt Paver Market Breakdown, by Paving Width
9.6.5.3 Argentina: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.6.5.3.1 Argentina: Asphalt Paver Market Breakdown, by Type
9.6.5.3.2 Argentina: Asphalt Paver Market Breakdown, by Paving Width
9.6.5.4 Rest of South and Central America: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
9.6.5.4.1 Rest of South and Central America: Asphalt Paver Market Breakdown, by Type
9.6.5.4.2 Rest of South and Central America: Asphalt Paver Market Breakdown, by Paving Width
10. Competitive Landscape
10.1 Company Positioning & Concentration
10.2 Heat Map Analysis
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions
12. Company Profiles
12.1 AB Volvo
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Astec Industries Inc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Caterpillar Inc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Sany Heavy Industry Co Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Sumitomo Corp
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 S.P Enterprise
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 XCMG Construction Machinery Co Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Deere & Co
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 FAYAT GROUP
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Leeboy
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
List of Tables
Table 1. Asphalt Paver Market Segmentation
Table 2. List of Vendors
Table 3. Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 5. Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million) – by Paving Width
Table 6. North America: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 7. North America: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 8. North America: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 9. United States: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 10. United States: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 11. Canada: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 12. Canada: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 13. Mexico: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 14. Mexico: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 15. Europe: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 16. Europe: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 17. Europe: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 18. United Kingdom: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 19. United Kingdom: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 20. Germany: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 21. Germany: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 22. France: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 23. France: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 24. Italy: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 25. Italy: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 26. Russia: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 27. Russia: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 28. Rest of Europe: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 29. Rest of Europe: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 30. Asia Pacific: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 31. Asia Pacific: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 32. Asia Pacific: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 33. Australia: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 34. Australia: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 35. China: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 36. China: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 37. India: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 38. India: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 39. Japan: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 40. Japan: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 41. South Korea: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 42. South Korea: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 43. Rest of APAC: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 44. Rest of APAC: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 45. Middle East and Africa: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 46. Middle East and Africa: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 47. Middle East and Africa: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 48. South Africa: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 49. South Africa: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 50. Saudi Arabia: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 51. Saudi Arabia: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 52. United Arab Emirates: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 53. United Arab Emirates: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 54. Rest of Middle East and Africa: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 55. Rest of Middle East and Africa: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 56. South and Central America: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 57. South and Central America: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 58. South and Central America: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 59. Brazil: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 60. Brazil: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 61. Argentina: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 62. Argentina: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
Table 63. Rest of South and Central America: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 64. Rest of South and Central America: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million) – by Paving Width
List of Figures
Figure 1. Asphalt Paver Market Segmentation, by Geography
Figure 2. PEST Analysis
Figure 3. Ecosystem Analysis
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Asphalt Paver Market Revenue (US$ Million), 2021–2031
Figure 6. Asphalt Paver Market Revenue (US$ Million), 2021–2031
Figure 7. Asphalt Paver Market Share (%) – by Type (2023 and 2031)
Figure 8. Wheeled Asphalt Pavers: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Tracked Asphalt Pavers: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Asphalt Paver Market Share (%) – by Paving Width (2023 and 2031)
Figure 11. Below 2.5 Meter: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12..5 to 5 Meter: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Above 5 Meter: Asphalt Paver Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Asphalt Paver Market Breakdown by Region, 2023 and 2031 (%)
Figure 15. North America: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 16. North America: Asphalt Paver Market Breakdown, by Type (2023 and 2031)
Figure 17. North America: Asphalt Paver Market Breakdown, by Paving Width (2023 and 2031)
Figure 18. North America: Asphalt Paver Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 19. United States: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 20. Canada: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 21. Mexico: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 22. Europe: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 23. Europe: Asphalt Paver Market Breakdown, by Type (2023 and 2031)
Figure 24. Europe: Asphalt Paver Market Breakdown, by Paving Width (2023 and 2031)
Figure 25. Europe: Asphalt Paver Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 26. United Kingdom: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 27. Germany: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 28. France: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 29. Italy: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 30. Russia: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 31. Rest of Europe: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 32. Asia Pacific: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 33. Asia Pacific: Asphalt Paver Market Breakdown, by Type (2023 and 2031)
Figure 34. Asia Pacific: Asphalt Paver Market Breakdown, by Paving Width (2023 and 2031)
Figure 35. Asia Pacific: Asphalt Paver Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 36. Australia: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 37. China: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 38. India: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 39. Japan: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 40. South Korea: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 41. Rest of APAC: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 42. Middle East and Africa: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 43. Middle East and Africa: Asphalt Paver Market Breakdown, by Type (2023 and 2031)
Figure 44. Middle East and Africa: Asphalt Paver Market Breakdown, by Paving Width (2023 and 2031)
Figure 45. Middle East and Africa: Asphalt Paver Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 46. South Africa: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 47. Saudi Arabia: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 48. United Arab Emirates: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 49. Rest of Middle East and Africa: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 50. South and Central America: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 51. South and Central America: Asphalt Paver Market Breakdown, by Type (2023 and 2031)
Figure 52. South and Central America: Asphalt Paver Market Breakdown, by Paving Width (2023 and 2031)
Figure 53. South and Central America: Asphalt Paver Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 54. Brazil: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 55. Argentina: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 56. Rest of South and Central America: Asphalt Paver Market – Revenue and Forecast to 2031(US$ Million)
Figure 57. Company Positioning & Concentration
Figure 58. Heat Map Analysis
The List of Companies - Asphalt Paver Market
- AB Volvo
- Astec Industries Inc.
- Caterpillar Inc.
- Sany Heavy Industry Co Ltd.
- Sumitomo Corp.
- S.P Enterprise
- XCMG Construction Machinery Co Ltd.
- Deere & Co
- FAYAT GROUP
- Leeboy
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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