At 3.6% CAGR, North America Asphalt Paver Market is Projected to be Worth US$ 686.85 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America asphalt paver market was valued at US$ 517.19 million in 2023 and is expected to reach US$ 686.85 million by 2031, registering a CAGR of 3.6% from 2023 to 2031. Increasing urbanization with government investments in highways construction drives market growth and rapid urbanization are among the critical factors attributed to drive the North America asphalt paver market growth.

Growing urbanization with significant investments in infrastructure rebuilding across the world is the major driving factor for the asphalt paver market. According to the updated list of urban areas provided by the US Census Bureau in December 2022, the urban population in the US increased by 6.4% between 2010 and 2020. Urban areas have become denser, with an average population density rising from 2,343 in 2010 to 2,553 in 2020. The West region of the US remained the most urbanized region among the country's four census areas, with 88.9% of its inhabitants living in cities, followed by the Northeast region with 84.0%. According to the figures revealed by the United Nations, the percentage of the population that resided in cities was 80.8% (i.e., accounting for 37.5 million people), which increased to 82% in 2023. Such a rapid increase in urban population has created a massive demand for road development in urban cities. Asphalt pavers play a major role in the development of road infrastructure in urban areas. Increased government budget allocation for road infrastructure development across the globe is a major driving factor for the asphalt paver market. Countries such as the US, China, India, and Germany are growing at a rapid pace owing to increased government funding for road and highway infrastructure developments. These countries have been observed as having a major share of the growth of asphalt paver and other road construction equipment market owing to increased private and public investments in road and highway infrastructure development in this region. Various countries' governments are investing and allocating budgets for road development is driving the demand for asphalt paver products market growth. Further, according to the National Asphalt Pavement Association, total spending by the US government on highway development, such as new highway construction, re-construction, re-surfacing, renovation, and rehabilitation, was around US$ 105 billion in 2022. Also, the US federal government invests more than US$ 4.8 billion per year in the Airport infrastructure development Program. Also, the US Federal government planned to provide US$ 550 billion during the fiscal years 2022-2026. This investment was for infrastructure development, including roads, bridge construction, mass transit, water infrastructure, and others. Such increasing investment by various countries' governments for road infrastructure development has created a massive demand for the asphalt pavers market growth during the forecast period.

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

Based on type, the North America asphalt paver market is bifurcated into wheeled asphalt pavers and tracked asphalt pavers. The tracked asphalt pavers segment held 66.5% market share in 2023, amassing US$ 344.04 million. It is projected to garner US$ 466.23 million by 2031 to register 3.9% CAGR during 2023-2031.

In terms of paving width, the North America 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 36.4% share of North America asphalt paver market in 2023, amassing US$ 188.18 million. It is anticipated to garner US$ 238.82 million by 2031 to expand at 3.0% CAGR during 2023-2031.

By country, the North America asphalt paver market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 73.9% share of North America asphalt paver market in 2023. It was assessed at US$ 384.24 million in 2023 and is likely to hit US$ 510.84 million by 2031, registering a CAGR of 3.6% during 2023-2031.

Key players operating in the North America 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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