At 5.3% CAGR, Asia Pacific Asphalt Paver Market is Projected to be Worth US$ 1,365.82 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific asphalt paver market was valued at US$ 903.67 million in 2023 and is expected to reach US$ 1,365.82 million by 2031, registering a CAGR of 5.3% from 2023 to 2031. Development and emergence of electric asphalt paver and technological advancements in asphalt pavers are among the critical factors attributed to drive the Asia Pacific asphalt paver market growth.

The construction industry, associated with noise, emissions, and environmental impact, is undergoing a shift toward sustainability and a lower carbon footprint in response to the global call for greener building practices. Electric asphalt pavers can offer various benefits, such as reduced carbon emissions, reduced noise, and low maintenance costs. Several key companies in the market are engaged in the development of electric asphalt pavers. In April 2023, LeeBoy developed and introduced the first electric asphalt paver, named 8520C E-Paver, as a prototype model. This product is developed by the use of General Motors's (GM's) electric drive system. The prototype model runs on a 48-kWh battery and 150 kW electric drive motor.

In October 2022, Dynapac, the renowned construction equipment developer, announced the launch of SD1800W e with the electric drive system consisting of a highly efficient 3-phase permanent magnet synchronous motor. Hence, such initiatives towards the development of electric asphalt paver in the future are expected to be the key future trend in the asphalt paver market.

On the contrary, high cost of manufacturing asphalt pavers and high maintenance cost hampers the growth of Asia Pacific asphalt paver market.

Based on type, the Asia Pacific asphalt paver market is bifurcated into wheeled asphalt pavers and tracked asphalt pavers. The tracked asphalt pavers segment held 67.1% market share in 2023, amassing US$ 606.57 million. It is projected to garner US$ 939.36 million by 2031 to register 5.6% CAGR during 2023–2031.

In terms of paving width, the Asia Pacific asphalt paver market is categorized into below 2.5 meter, 2.5 to 5 meter, and above 5 meter. The above 5 meter segment held 37.9% share of Asia Pacific asphalt paver market in 2023, amassing US$ 342.57 million. It is anticipated to garner US$ 537.59 million by 2031 to expand at 5.8% CAGR during 2023–2031.

By country, the Asia Pacific asphalt paver market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 38.9% share of Asia Pacific asphalt paver market in 2023. It was assessed at US$ 349.05 million in 2023 and is likely to hit US$ 566.27 million by 2031, registering a CAGR of 6.2% during 2023–2031.

Key players operating in the Asia Pacific asphalt paver market are AB Volvo, Astec Industries Inc, Caterpillar Inc, Sany Heavy Industry Co Ltd, Sumitomo Corp, XCMG Construction Machinery Co Ltd, Deere & Co, FAYAT GROUP, S.P Enterprise, and Leeboy, among others.

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