The asphalt paver market continues to witness lucrative opportunity across the globe on the backdrop of increasing constructional activity worldwide according to the new Fact.MR study. Fact.MR published an exclusive report on the asphalt paver market for the forecast period of 2019-2029. The objective of this report is to provide insights on technological advancements, market scenario, and demand generators in the asphalt paver market. Also, the study on the asphalt paver market addresses the key dynamics that are expected to diversify the future prominence of the market. The growing demand for road and highway maintenance along with growing infrastructure across the globe have created sufficient growth opportunities for the asphalt paver market. Increasing road traffic will require continuous improvement and construction of roads, in both rural and urban areas, which will subsequently fuel the global asphalt paver market growth during the forecast period.
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Although asphalt paver has evolved since it was first manufactured. The asphalt paving equipment industry is observing different innovations and trends that are influencing both future and current asphalt paver manufacturing. Market players agreed that the trend for electrically heated screeds might be the biggest influence on paver manufacturing. The trend for electric screeds came about with increasing emphasis on fuel efficiency. Electric screeds eliminate resulting fumes and use of diesel fuels. These also offer an easier way to control heat and are cleaner, thus eliminating some maintenance issues associated with diesel heated screeds. Construction companies across the globe are increasingly focusing on sustainable development of projects for acquiring certifications apropos to energy efficiency. As these certifications need construction industries to reduce their pollution and emission footprint during the overall project lifecycle, manufacturers are shifting their focus towards the development of user-friendly, energy-efficient, and low-emission construction equipment, and asphalt pavers are no exception. Key manufacturers are introducing upgraded asphalt pavers models with extended variety of features for end users along with a high performance level. Construction equipment manufacturers are increasingly taking efforts for developing energy-efficient asphalt pavers ideal for multiple tasks such as road construction, dam construction, residential construction, & land maintenance.
Acquisitions/ Mergers and Expansion Remain Top Strategies of Key Market Players
Globally, the market of asphalt pavers is fragmented due to the presence of multiple market players. The asphalt paver market is highly competitive as there are quality players combating each other for maximum market revenue share. Manufacturers are launching new products in the market to remain in-sync with the demand. Availability of asphalt pavers at distribution channels creates variation in prices resulting increasing competition among market players. This would make a way for manufacturers to introduce and deliver more cost efficient, technologically advanced, and newer generation asphalt rammers during the forecast period.
To expand companies’ product portfolio and strengthen their position as technology leaders in the market, investments and research and development activities are key strategies implemented by market players. For example, at Intermat 2018, Volvo Construction Equipment showcased its advanced approach to machine management in the industry with an expanded range of intelligent machine control systems. Hosted in Paris, Volvo Construction Equipment introduced the full suite of Volvo Assist programs to the European market, which incorporates upgraded soil and asphalt compactors. In the same year, Volvo expanded its offerings in the road segment and introduced new P6820D paver at Intermat 2018. Among the prominent market players, Caterpillar was the largest player in the asphalt paver market in 2018 with a market share around 13% to 15% followed by Astec Industries with a market share range between 11.5% to 13.5%. Caterpillar continued its international expansion in Africa by establishing new distribution facility and planned to relocate its component manufacturing facility to Decatur, US. To enhance companies’ market growth, intense focus on innovation and quality of products, customer service, and marketing are key strategies followed by the maximum asphalt paver market players. For example, in BOMAG Innovation Days Asia 2018, Fayat Group presented its latest innovations in road equipment such as BOMAG 360 degrees compaction technology with intelligent compaction and in the same year, it acquired the road construction equipment division of Atlas Copco, which manufactures pavers, rollers for soil and asphalt applications, and planers. These products are known under the trade name Dynapac.
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Increasing Demand for Road Paving Works Creating Opportunities for the Asphalt Paver market
With the growth in infrastructural and industrial sectors in developing economies, there has been a significant expenditure on infrastructural projects and road maintenance activities, creating demand for asphalt pavers. According to Energy Technology Perspectives (ETP), it is estimated that the world will need to add nearly 25 million paved road lane kilometers as only up to 60 % of roads are paved globally. Asphalt paver has number of advantages as it is efficient and uses a simple method for paving the roads. It saves huge amount of time and effort against the traditional way. Asphalt pavers are used to lay asphalt on bridges, roads, highways and other places. Pavers lay asphalt and provides compaction before it is compacted by a roller. Increased demand for asphalt pavers in any road construction activities has created ample opportunities for the asphalt paver market. The adoption of asphalt pavers is picking up pace in large, as well as small scale road construction, which will automatically increase its demand in coming years owing to the increment in sales and market. Asphalt pavers saves time and decreases the labor cost and hence is more preferable in road construction activities.
Market Leaders Working to Stay on Top while New Entrants Focus on Enhancing Distribution Networks
The global market for asphalt pavers is estimated to raise over the forecast period as competitors are raising competition with existing players and it is estimated to grow in the next ten years. Manufacturers in the asphalt paver market are expected to expand their business portfolio with strategic developments, such as enhancing service offerings, expansion, collaborations and partnerships, and acquisitions and mergers. By using their experience and putting a lot of investment in research and development activities to meet the diverse needs of customers across the globe, key market players have launched extensive and diversified product line under their various brands. Market players are looking to develop high quality products and are working hard in this approach for greater operational excellence, further improvement in the quality of products, and services across all lines of business. In order to strengthen the position in the market, tier 2 companies are focusing on enhancing the supply distribution channel, different pricing strategies, and merger and acquisition activities with market leaders. To remain in the competition market players involved in the asphalt paver market have brought in different innovations to make it more convenient for the operator. The recent developments that have been added to Asphalt Pavers are expected to enhance the functionality with higher accuracy. For instance, addition of real time guidance to assist the operator is major technological enhancement in Asphalt Pavers. In order to meet the changing need of the European market coupled with increasing demand for higher levels of operator comfort and safety, manufacturers are continuously improving the operator's working environment by adding more comfort and safety features to their machines.
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BRICS Market to be the Major Growth Focus, as Investments in Road Construction Increases Unabated
Urbanization across the globe is expanding at a positive rate, especially in emerging economies such as China, India, Mexico, Argentina, and Brazil, which in turn is contributing to the growth of the construction industry. Construction activities in both commercial and residential domains are rising owing to increasing population and growing demands for roads & transport infrastructure, which is expected to drive the demand for Asphalt Pavers worldwide. The Asia Pacific region is expected to account for 60% of the global construction spending by the end of 2029, primarily driven by growing infrastructure development in China. China spent a significant amount on infrastructure and road construction from the total GDP contribution. Increase in Y-o-Y (%) growth in GDP, coupled with growing urbanization in countries such as China, India and Indonesia is expected to drive spending on public infrastructure. The market for South Asia asphalt pavers is estimated to grow at a significant value CAGR of around 5.5% over the forecast period. The South Asia asphalt paver market, includes country-level analysis for different countries such as India, Indonesia, Thailand, Malaysia, and rest others. The construction industry in Europe is growing with an annual growth rate of more than 2%. The market for Europe asphalt pavers is estimated to grow at a value CAGR of around 4%. Construction spending in Europe is expected to remain stagnant due to sluggish economic growth of the region. France, Germany and the U.K. are expected to be the fastest growing destinations for infrastructure investment in Western Europe, while Russia and Poland are projected to be the most preferred destinations in Eastern Europe.
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