Summary

The asphalt paver market size was valued at US$ 2.26 billion in 2023 and is projected to reach US$ 3.11 billion by 2031; it is expected to register a CAGR of 4.1% during 2023–2031.

On the basis of type, the global asphalt paver market is segmented as wheeled asphalt pavers, tracked asphalt pavers. Tracked asphalt pavers are projected to account for larger share of the market during the forecast period owing to its benefits. Some of the benefits of the tracked paver are higher precision, efficiency, traction and stability compared to wheeled pavers. Based on paving width, the global asphalt paver market is categorized as below 2.5-meter, 2.5 meter to 5 meter, above 5 meters.

The asphalt paver market in South America is segmented into Brazil, Argentina, and the Rest of South America. For the last few years, industrialization has been growing at a significant rate, which has contributed a major share of the region's economic growth. The growing construction industry in the region, with a rising number of commercial and infrastructure construction, is driving the asphalt paver market. Brazil and Argentina account for the majority of the demand for asphalt pavers in the region, owing to population increase, urbanization, economic growth, and government investments. Furthermore, owing to low-cost labor, trade liberalization, and favorable government regulations, foreign companies are establishing factories and distribution hubs in developing countries of SAM. In 2024, IDB Invest announced investments of US$ 125 million for Colombia’s 5th generation infrastructure project. In 2022, the Uruguayan road project received US$ 137 million in funding from Posadas to build a motorway in the Southern part of the country. Such developments are driving the demand for construction machines, ultimately increasing the growth of asphalt paver market in the region.

Suppliers play a crucial role by providing necessary components and parts for the assembly of industrial vehicles. This includes manufacturers of engines, transmissions, hydraulics, tires, and other essential components. Some of the engine, tire and hydraulic suppliers for the asphalt pavers are YANMAR, Kubota Corp., Kawasaki Heavy Industries, Ltd., Bosch Rexroth, Cummins, Bridgestone, and Superior Tire & Rubber Corp. among others. These parts are procured are by asphalt pavers manufacturers. After procurement the parts sent to engineering and assembly line. Once the asphalt pavers are manufactured, the machine are then transported to the dealers.

There are two types of dealers in the asphalt pavers industry. First are independent dealers and second type is OEM owned dealers. Some of the OEM appointed dealers of asphalt pavers in the US are Hills Machinery, RJV Equipment, Southeastern Equipment, Linder Industrial Machinery, Richmond Machinery & Equipment Company, Linder Industrial Machinery, George Associates, Inc., and Linder Industrial Machinery.

The asphalt paver market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. The asphalt paver market report emphasizes the key factors driving the market and depicts the developments of prominent players. 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 among the key players covered in the asphalt paver market report. The report includes growth prospects in light of current asphalt paver market trends and driving factors influencing the market.

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Table of Contents

TABLE OF CONTENTS

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