Market Scope and Structure Analysis
Asphalt pavers are a type of construction equipment used to place asphalt on the roads, bridges, airport roads, and parking lots. Asphalt road surfaces are cost-efficient and offer many benefits. These asphalt pavers lay the asphalt flat with minor compaction before compressing with a roller. These pavers play an important role in road construction and development. Many roads in various regions are made with asphalt which use of asphalt pavers owing to increased number of advantages.
COVID-19 Impact Analysis
- COVID-19 pandemic has shut down the production of various products in the asphalt paver industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of the asphalt paver market significantly from last year, as is likely to continue during 2021.
- COVID-19 has already affected the sales of equipment and machinery in 2020 and is likely to impact the market growth throughout the year.
- The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by COVID-19, thereby halting the demand for equipment and machinery.
- Further, the potential impact of the lockdown is currently vague and the financial recovery of companies is based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond to immediate crises and new ways of working in post COVID-19.
Top Impacting Factors
The rise in construction activities globally in addition to the huge spending on the maintenance of roads and highways drives the development of the global asphalt paver market. In addition, a surge in focus on creating user-friendly, energy-efficient, and low-emission construction equipment is also expected to positively contribute to the asphalt paver market growth. Further, the surge in demand for asphalt pavers in the construction sector is driving the market growth. Moreover, increase in traffic with continuous improvement of roads and highways fuels the market growth. However, high maintenance and high heating issues of the machine are some harmful effects hamper the market growth of the product. On the other hand, technological advancements such as electrical pavers and the need of sustainable products are providing growth opportunities for the market.
- New products that contain improved capabilities have been launched by leading market players. They have taken necessary steps to improve the accuracy of devices and overall functionality as well. For instance, Volvo CE has released its 8 foot asphalt pavers with its new engine and with high productivity In January 2020. It has a new engine technology with a convenient service feature. The engine has very low vibrations with the quiet operation when compared to others.
- Moreover, business expansion strategies also assist in enhancing the geographic footprint of the company and help in gaining significant market share for mobile crane products. For instance, in June 2018, Caterpillar has expanded its operations in Africa by establishing a new distribution wing to focus on customer service and marketing in the region.
Key Benefits of the Report
- This study presents the analytical depiction of the asphalt paver along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the asphalt paver market share.
- The current market is quantitatively analyzed to highlight the asphalt paver market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed asphalt paver market analysis based on competitive intensity and how the competition will take shape in the coming years.
Asphalt Paver Market Report Highlights
By Paving Width
Key Market Players
Sany Group, AB Volvo, Ammann Group, Fayat Group, LeeBoy, Sumitomo Construction Machinery Co Ltd., Astec Industries, Inc., BOMAG GmbH, Caterpillar Inc., Wirtgen group