The global paver vehicle market is anticipated to grow at a CAGR of 4.31% during the forecast period (2022-2028). Smart city efforts are driving demand for vehicle pavers, due to improved government expenditure on high-quality roads and highways enabling quick transportation of products and passengers even from remote regions to all major cities across the globe to improve the quality and extent of roads and highwaysthat is boosting the market growth.
Additionally, ongoing initiatives by the companies are boosting market growth. For instance, in January 2020, Volvo CE introduced 8-Foot Asphalt Pavers in North America with high productivity, innovative engine technology, and convenient service features on two new pavers that make laying a high-quality mat simple. The Volvo engines are low-vibration and exceptionally quiet, with a weighted decibel level of roughly 79.2. (dBa). Furthermore, in May 2020, Trimble Roadworks introduced the 2-D paving control platform for Asphalt Pavers an autonomous screed control system that can improve accuracy and productivity in asphalt paving operations. The major goal is for paving contractors to be able to reduce the waste of expensive asphalt material, ensure ideal rideability, and complete projects on time and on budget.
With the rising rate of urbanization and the expansion of industrial activity across the globe, particularly in emerging countries. The need for good roads, highways, and bridges is at the top of the government’s priority list. Increased expenditure on roads, highways, and expressways to facilitate the rapid and smooth flow of industrial items across the region, as well as the movement of people from outlying areas to large cities where these products can be consumed or exported. For instance, The Indian government has allotted USD 13.14 billion for road and highway building in the union budget for the financial year 2020-21, up from USD 11.84 billion in the previous fiscal year. Likewise, the Chinese government raised highway spending by roughly 3% this year, spending 1.81 trillion yuan in the first ten months of 2019.
Developmental activities such as the building of airports and railways are boosting the market. Airports are expanding across the globe, necessitating new airport parking lots, taxiways, and runway pavement, among other things. Due to the rapid development in these areas, pavement vehicles wear out quickly due to exposure to heavy traffic, prompting airport owners or operators to purchase new pavements at regular intervals, increasing demand for bitumen products and their application across this industrial vertical.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- AB Volvo, Atlas Copco Group, FAYAT, Sumitomo Chemical Co., Ltd., Wirtgen Group, among others.
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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Global Paver Vehicle Market Report by Segment
By Type
- Mechanical Pavers
- Hydrostatic Pavers
By Application
- Construction
- Road
- Other
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