Asphalt Paver Market Report By Insights, Size, and Growth - 2031

In 2023, the asphalt paver market was valued at approximately US$ 2,261.12 million and is anticipated to grow to around US$ 3,118.04 million by 2031, reflecting a compound annual growth rate (CAGR) of 4.1% from 2023 to 2031.

The global asphalt paver market is categorized based on type into wheeled and tracked asphalt pavers. It is expected that tracked asphalt pavers will dominate the market share during the forecast period due to their numerous advantages. These advantages include enhanced precision, efficiency, traction, and stability when compared to their wheeled counterparts. Additionally, the market is segmented by paving width into three categories: below 2.5 meters, between 2.5 meters and 5 meters, and above 5 meters.

In South America, the asphalt paver market is divided into Brazil, Argentina, and the Rest of South America. The region has experienced significant industrial growth in recent years, which has substantially contributed to its economic development. The expanding construction sector, characterized by an increase in commercial and infrastructure projects, is a key driver for the asphalt paver market. Brazil and Argentina are the primary consumers of asphalt pavers in this region, driven by factors such as population growth, urbanization, economic advancement, and government investments. Moreover, the presence of low-cost labor, trade liberalization, and supportive government policies have encouraged foreign companies to set up manufacturing and distribution facilities in developing nations within South America. For instance, in 2024, IDB Invest announced a US$ 125 million investment for a fifth-generation infrastructure project in Colombia. Similarly, in 2022, a road project in Uruguay received US$ 137 million in funding from Posadas to construct a motorway in the southern region of the country. Such initiatives are fueling the demand for construction machinery, thereby propelling the growth of the asphalt paver market in the area.

Suppliers are integral to the asphalt paver industry, providing essential components and parts necessary for assembling industrial vehicles. This supply chain includes manufacturers of engines, transmissions, hydraulics, tires, and other critical components. Notable suppliers of engines, tires, and hydraulics for asphalt pavers include YANMAR, Kubota Corp., Kawasaki Heavy Industries, Ltd., Bosch Rexroth, Cummins, Bridgestone, and Superior Tire & Rubber Corp., among others. These components are sourced by manufacturers of asphalt pavers, who then send them to engineering and assembly lines. Once the asphalt pavers are produced, they are distributed to dealers.

There are two primary categories of dealers in the asphalt paver sector: independent dealers and OEM-owned dealers. In the United States, some of the OEM-appointed dealers for asphalt pavers include Hills Machinery, RJV Equipment, Southeastern Equipment, Linder Industrial Machinery, Richmond Machinery & Equipment Company, George Associates, Inc., and others.

The forecast for the asphalt paver market is derived from a combination of secondary and primary research, which includes key company publications, data from associations, and various databases. The market report highlights the main factors propelling market growth and outlines the advancements made by leading companies. Key players in the asphalt paver market include AB Volvo, Astec Industries Inc., Caterpillar Inc., Sany Heavy Industry Co Ltd., Sumitomo Corp., S.P Enterprise, XCMG Construction Machinery Co Ltd., Deere & Co, FAYAT GROUP, and Leeboy. The report also discusses growth opportunities in light of current trends and the driving forces affecting the asphalt paver market.