Market Trends of Asphalt Pavers Industry
Track Pavers Segment Holds the Highest Share in the Market
Track pavers have been widely accepted compared to wheeled pavers owing to their superior traction for jobs that require wide pulls or large mix-delivery vehicles. In addition, track pavers are more mobile and easily shipped to the desired locations where road construction projects are undergoing. Players in the segment are offering reliable and technologically advanced track pavers to achieve elevated sales bars. For instance,
- In October 2023, Power Pavers launched a new full-width, four-track concrete slipform paver, the SF-3404. The machine is said to offer an array of improvements in technology, providing smooth operation for contractors.
- In July 2023, Vögele launched its smallest pavers, the MINI 500 tracked paver and the MINI 502 wheeled paver, in Europe.
The increasing spending on roads, highways, and expressways for swift and smooth movement of industrial products is driving the market. Considering these factors and developments, the demand for track pavers is expected to witness a high growth rate during the forecast period.
Asia-Pacific Region Holds the Highest Share
Asia-Pacific was the largest market for asphalt pavers in 2023. The region is expected to witness further growth over the forecast period due to factors like the high rate of road and highway construction.
- India, China, and ASEAN are the epicenters of increased road construction, elevating the demand for asphalt pavers. In the long term, increased public and private investment in road and highway construction is expected to remain a key growth enabler for asphalt paver demand in the region.
- With the rise in urban population, urbanization is expected to happen at a faster pace and create more demand for mid-end and affordable housing units. According to NITI Aayog, India’s population is projected to reach 1.64 billion by 2047, and an estimated 51% of India’s population is likely to be living in urban centers.
- Under the National Project Scheme, India allocated a budget of USD 1.4 trillion in infrastructure by 2025, boosting the demand for pavers. Smart city projects seek to enhance infrastructure and quality of life through core infrastructure provision and services, including electric and adequate water supply, efficient mobility and public transport, sanitation, affordable housing, digitalization, and effective governance.
The major players in the region are spending heavily on R&D to increase the rate of road construction. Considering these developments and factors, the demand for asphalt pavers in Asia-Pacific is expected to witness a high growth rate in the coming years.
