According to our latest market study on " Asphalt Paver Market Forecast to 2031 - Global Analysis - by Type and Paving Width," the market is expected to grow from US$ 2,261.12 million in 2023 to US$ 3,118.04 million by 2031; it is expected register a CAGR of 4.1% from 2023 to 2031.
Increasing investment towards road infrastructure development across the globe is expected to drive market growth in the coming years. For instance, in November 2021, the Infrastructure Investment and Jobs Act provided the largest long-term investment of about US$ 550 billion for the years 2022-2026 in roads, bridges, water infrastructure, and others. In addition, in 2022, the Indian government provided funding of about US$ 33 billion for road and highway construction in India. The Ministry of Road Transport and Highways accomplished more than 6,000 km of national highways in FY-2023. The rise in investments in road infrastructure development across the world fuels the growth of asphalt paver market.
Tracked pavers are developed for large road construction projects such as highways, expressways, and others that require high precision and efficiency. These pavers are powered by tracks, providing better traction and stability on uneven surfaces as compared to wheeled pavers. Tracked pavers are also used for working on steeper slopes and soft surfaces. In Q4 2023, the construction of the Tower Hill Road project in the US started with a projected cost of US$ 35.8 million and is anticipated to finish construction by 2026. In addition, there are rising investments in road construction or tunnel projects in the Himalayan region in India. Thus, an increase in investments in the construction of highways or tunnels in hill areas with steep grades fuels the demand for tracked asphalt pavers.
Key Findings of Market Study:
The global asphalt paver market is broadly segmented into five major regions-North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Australia has a total road network of 877,651 km long that connects states and provinces. The National government, state, and territory governments of Australia continuously invest in the development and upgradation of road networks. It creates lucrative opportunities for the contractors and construction machine providers to expand their business in the country. In 2024, the government of Australia announced investments of US$ 1.9 billion for road and rail infrastructure development in Sydney and US$ 12 million for the intersection road upgrade in Victoria. In addition, in the 2022 Federal Budget of the country, the government announced US$ 182 million for road upgradation in Victoria, US$ 786.4 million for Highway upgradation in Queensland, US$ 260 million for construction of off-ramps and crossroads in South Australia, and US$ 540 million to upgrade and expand road corridors and highways in Tasmania. Such initiatives are boosting the demand for road construction machines, which drives the asphalt paver market in Australia.
The asphalt paver market forecast can help stakeholders plan their growth strategies. Advanced Trenchless Inc., Roto-Rooter Group Inc., Silverlining Holding Corporation, Nu Flow Corporate, Perma-Liner Industries LLC, RPB Inc, Specialized Pipe Technologies, Pipe Restoration Solutions, and Aegion Corporation are among the prominent players profiled in the asphalt paver market report. Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the asphalt paver market. The market initiative is a strategy adopted by companies to expand their footprint across the world and to meet the growing customer demand.
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