REPORT OVERVIEW
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The global road paver market size was worth US$ 2142.6 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the road paver market experiencing higher-than-anticipated/lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a CAGR of 3.3% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Road paver is known as paving machine, road paver finisher or asphalt fisher. 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.
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.
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 road paver market growth in the upcoming years.
SEGMENTATION
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- By Type
Based on type, the market is divided into mechanical road pavers and hydrostatic road pavers.
Mechanical road pavers are expected to be the top part of the type segmentation
- By Application
Based on the application, the market is divided into metropolitan and countryside.
Metropolitan 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. 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.
REGIONAL INSIGHTS
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"Presence of Leading Manufacturer and Joint Ventures in Asia Pacific to Drive Market Share "
Asia Pacific is anticipated to account for the largest road 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 Market Players Profiled
- 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.
Frequently Asked Questions
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What is the leading region in the road paver market?
The leading region in road paver market is Asia Pacific.
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What are the driving factors help pushing the road paver market?
The driving factors of road paver market are several advantages of the equipment and growing construction activities globally.
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Which are the key player or most dominating companies functioning in the road paver market?
Wirtgen Group, VOLVO, Atlas Copco, CAT, FAYAT, SUMITOMO, ST Engineering, HANTA, XCMG, SANY, JiangSu Huatong Kinetics, ZOOMLION, SCMC, Tsun Greatwall, Xinzhu Corporation, CCCC XIAN ROAD, DingshengTiangong, and LiuGong are the key player or most dominating companies functioning in the road paver market.
