Asphalt Paver Market Expected to Witness the Highest Growth during the Forecast Period 2019-2029
Asphalt Paver Market research report Segmented By Product Type (Tracked Pavers, Wheeled Pavers), By Screed Type (Hydrostatic, Mechanical), By Paving Width (Up to 1.5 m, 1.5 - 2.5 m, 2.5 - 5m, More Than 5 m), By Operating Weight (5000-8000 Kg, 8000-12000 Kg, 12000-15000 Kg, More Than 15000 Kg), & by Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, MEA).
[ClickPress, Thu Sep 19 2019]
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.
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.
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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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