At 2.8% CAGR, Europe Asphalt Paver Market is Projected to be Worth US$ 719.81 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe asphalt paver market was valued at US$ 575.63 million in 2023 and is expected to reach US$ 719.81 million by 2031, registering a CAGR of 2.8% from 2023 to 2031. Rapid urbanization and increasing urbanization with government investments in highways construction drives market growth are among the critical factors attributed to drive the Europe asphalt paver market growth.

Urbanization results in the conversion of land for residential, commercial, industrial, and transportation use. According to the data provided by the German government in 2022, the country witnessed a 1.2% growth in urban population from 2021 to 2022. In contrast, in 2019, the country witnessed a 0.31% increase in urban population from 2018. The rapid growth of urban populations is increasing the demand for improved transportation infrastructure, such as roads, highways, and urban transit systems. As cities expand, there is a heightened need for efficient road construction and paving equipment to accommodate the rising demand for mobility.

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

Based on type, the Europe asphalt paver market is bifurcated into wheeled asphalt pavers and tracked asphalt pavers. The tracked asphalt pavers segment held 68.3% market share in 2023, amassing US$ 393.00 million. It is projected to garner US$ 501.89 million by 2031 to register 3.1% CAGR during 2023-2031.

In terms of paving width, the Europe asphalt paver market is bifurcated into below 2.5 meter, 2.5 to 5 meter, and above 5 meter. The above 5 meter segment held 42.4% share of Europe asphalt paver market in 2023, amassing US$ 243.91 million. It is anticipated to garner US$ 291.03 million by 2031 to expand at 2.2% CAGR during 2023-2031.

By country, the Europe asphalt paver market is segmented into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 24.2% share of Europe asphalt paver market in 2023. It was assessed at US$ 139.17 million in 2023 and is likely to hit US$ 168.47 million by 2031, registering a CAGR of 2.4% during 2023-2031.

Key players operating in the Europe 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, and Leeboy, among others.

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