Paver Market Size, Share, Growth, and Industry Growth by Type (Mechanical Pavers and Hydrostatic Pavers) By Application (Residential, Commercial, and Industrial), Regional Forecast To 2032

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Paver Market REPORT OVERVIEW

The Paver Market size was valued at approximately USD 5.6 billion in 2023 and is expected to reach USD 10.5 billion by 2032, growing at a compound annual growth rate (CAGR) of about 7.3% during forecast period.

Paver are construction equipment. The equipment is used to place asphalt on the parking, roads, bridges, lots and other places. The paver includes asphalt finishers, paver finisher, and paving machines.

High adoption of the equipment in construction activities and rise in need for constructing new roads. Rapid urbanization and growing demand for repair old roads. Further, launch of new highway projects and government regulations to develop road and connect interstates is anticipated to fuel market growth in the upcoming years. Increased investment by governments and high demand for the equipment among builders is expected to expand market development. Increased need for building new bridges to connect city from one place to another is estimated to flourish market growth in the upcoming years. The machine is a piece of construction equipment. It is used to lay asphalt on bridges, road, and parking lots. The equipment offers minor compaction before it is compacted by a roller. Further, the equipment is energy efficient, user-friendly, and low-emission. These features of the machine are anticipated to push market growth in the upcoming years. On the contrary, the higher cost of the construction machine is expected to minimize market progress in the forthcoming years.

COVID-19 Impact: Lower Need for Construction Equipment to Hinder Market Growth

Lower demand for construction equipment due to lockdown restrictions to halt production activities. Shutting of numerous industries and travel ban to affect market growth. Supply and chain disruption and economic crisis limited market growth.  Also, lower rate of labors and investment by market players across the globe restricted market growth. In addition, low income rate and reduce spending capacity to hamper market growth.

LATEST TRENDS

"High Investment in Infrastructure Sector to Push Market Growth "

Growing investment done by private and public sector for infrastructural development in the emerging economies is estimated to boost market progress. Rapid focus on infrastructural development by several governments is predicted to push market progress. . Further, launch of new highway projects and government regulations to develop road and connect interstates is anticipated to fuel market growth in the upcoming years. Increased investment by governments and high demand for the equipment among builders is expected to expand market development. Increased need for building new bridges to connect city from one place to another is estimated to flourish the paver market growth in the upcoming years.

Paver Market SEGMENTATION

• By Type

Based on type, the market is divided into mechanical pavers and hydrostatic pavers.

Mechanical pavers are expected to be the top part of the type segmentation

• By Application

Based on the application, the market is divided into residential, commercial, and industrial.

Commercial is expected to be the top part of application segmentation.

DRIVING FACTORS

"Several Advantages of the Equipment to Expand Market Progress"

The machine is a piece of construction equipment. It is used to lay asphalt on bridges, road, and parking lots. The equipment offers minor compaction before it is compacted by a roller. Further, the equipment is energy efficient, user-friendly, and low-emission. These features of the machine are anticipated to push market growth in the upcoming years. High adoption of the equipment in construction activities and rise in need for constructing new roads. Rapid urbanization and growing demand for repair old roads. Further, launch of new highway projects and government regulations to develop road and connect interstates is anticipated to fuel market growth in the upcoming years.

"Growing Construction Activities Globally to Stimulate Market Growth"

High need to build airport runways, taxiways, private roads, bridge decks are responsible to expand market progress. Huge adoption of the equipment in construction and residential areas is anticipated to surge market progress in the upcoming years.  Moderate growth in automotive sector coupled with high need for reliable roads. Huge construction activities in commercial and residential sectors, is estimated to increase market growth in the upcoming years. Introduction to technological pavers with advanced features is anticipated to boost market growth. Growing popularity of rental activities is estimated to fuel market growth.

RESTRAINING FACTORS

"Higher Cost of the Equipment to Limit Product Demand"

The higher cost of the construction machine is expected to minimize market progress in the forthcoming years.

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Paver Market REGIONAL INSIGHTS

"Presence of Leading Manufacturer and Joint Ventures in Asia Pacific to Drive Market Share "

Asia Pacific is anticipated to account for the largest paver market share owing to presence of joint ventures and acquisitions in the region. Ongoing R&D activities and governments funding to improve infrastructure projects are predicted to expand market growth in the upcoming years. Increased popularity of rentals and presence of leading manufacturer is anticipated to fuel market growth in the upcoming years. Further, launch of new highway projects and government regulations to develop road and connect interstates is anticipated to fuel market growth in the upcoming years. Increased investment by governments and high demand for the equipment among builders is expected to expand market development. Increased need for building new bridges to connect city from one place to another is estimated to flourish market growth in the upcoming years.

North America is estimated to grow significantly due to rise in government investments. High demand for modern technology. Also, availability of advanced road construction technologies is anticipated to expand market growth. Large-scale infrastructure projects and development of roads is projected to boost product in the region.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

LIST OF TOP PAVER COMPANIES

• Wirtgen Group (Germany)
• VOLVO (Sweden)
• Atlas Copco (Sweden)
• CAT (U.S.)
• FAYAT (France)
• SUMITOMO (Japan)
• ST Engineering (Singapore)
• HANTA (China)
• XCMG (China)
• SANY (China)
• JiangSu Huatong Kinetics (China)
• ZOOMLION (China)
• SCMC (China)
• Tsun Greatwall (China)
• Xinzhu Corporation (China)
• CCCC XI'AN ROAD (China)
• DingshengTiangong (China)
• LiuGong (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.