North America Asphalt Paver Market Forecast to 2031 - Regional Analysis - by Type (Wheeled Asphalt Pavers and Tracked Asphalt Pavers) and Paving Width (Below 2.5 Meter, 2.5 to 5 Meter, and Above 5 Meter)

List of Tables

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; it is estimated to register a CAGR of 3.6% from 2023 to 2031.

Rapid Urbanization Fuels North America Asphalt Paver Market

Urbanization results in the conversion of land for residential, commercial, industrial, and transportation use. According to the updated list of urban areas provided by the United States Census Bureau in December 2022, urban population in the US increased by 6.9% between 2010 and 2023. The West region of the US remained the most urban of the country's four census areas, with 88.9% of its inhabitants living in cities, followed by the Northeast region with 84.0% as of 2022. Apart from the US, Spain has also witnessed a notable rise in urbanization. According to United Nations in 2023, 82.0% of the population lived in cities. With a rapidly increasing urban population, the construction sector is growing at a rapid pace. Small-scale construction activities are upsurging across the world. 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.

North America Asphalt Paver Market Overview

The US, Canada, and Mexico are major nations contributing to the continuous development of the construction sector in North America. Government focus in the abovementioned countries on developing roads and bridges to advance connectivity in remote locations propels the demand for asphalt pavers in the region. For instance, in 2023, the Bipartisan Infrastructure Law by the Federal Transit Administration funded over US$ 300 billion for projects meant to rebuild and repair roads and bridges in the US. In addition, in 2023, it provided financial aid of US$ 25 billion to renovate and upgrade airports and US$ 17 billion to improve US ports and waterways. Thus, growing government inclination toward infrastructure development is anticipated to drive the growth of the asphalt paver market in the US.

The high presence of asphalt paver manufacturers such as Caterpillar Inc. and Astec Industries, Inc. (Roadtec) are also contributing to the growth of the asphalt paver market in North America. In 2022, Caterpillar Inc. declared updates to its high-end asphalt paver line. The new Cat AP600, AP1000, AP655, and AP1055 are a few of the asphalt pavers in the overall product line of Caterpillar. In 2023, LeeBoy and Portable Electric (PE) announced working together to electrify the asphalt paving industry.

North America Asphalt Paver Market Revenue and Forecast to 2031 (US$ Million)

North America Asphalt Paver Market Segmentation

The North America asphalt paver market is categorized into type, paving width, and country.

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 a larger market share in 2023.

In terms of paving width, the North America asphalt paver market is segmented into below 2.5 meter, 2.5 to 5 meter, and above 5 meter. The above 5 meter segment held the largest market share in 2023.

By country, the North America asphalt paver market is segmented into the US, Canada, and Mexico. The US dominated the North America asphalt paver market share in 2023.

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 are some of the leading companies operating in the North America asphalt paver market.

Product Code: BMIRE00031411

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:

4. North America Asphalt Paver Market Landscape

4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
- 4.3.1 List of Vendors in the Value Chain

5. North America Asphalt Paver Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Increasing Urbanization with Government Investments in Highways Construction Drives Market Growth
- 5.1.2 Rapid Urbanization
5.2 Market Restraints
- 5.2.1 High Cost of Manufacturing Asphalt Pavers and High Maintenance Cost Hinder the Market Growth
- 5.2.2 Additional Maintenance and Training Costs Also Hinder Market Growth
5.3 Market Opportunities
- 5.3.1 Technological Advancements in Asphalt Pavers
- 5.3.2 Key Strategic Initiatives by Market Players
5.4 Future Trends
- 5.4.1 Development and Emergence of Electric Asphalt Paver
5.5 Impact of Drivers and Restraints:

6. Asphalt Paver Market - North America Analysis

6.1 North America Asphalt Paver Market Revenue (US$ Million), 2021-2031
6.2 North America Asphalt Paver Market Forecast Analysis

7. North America Asphalt Paver Market Analysis - by Type

7.1 Wheeled Asphalt Pavers
- 7.1.1 Overview
- 7.1.2 Wheeled Asphalt Pavers: North America Asphalt Paver Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Tracked Asphalt Pavers
- 7.2.1 Overview
- 7.2.2 Tracked Asphalt Pavers: North America Asphalt Paver Market - Revenue and Forecast to 2031 (US$ Million)

8. North America Asphalt Paver Market Analysis - by Paving Width

8.1 Below 2.5 Meter
- 8.1.1 Overview
- 8.1.2 Below 2.5 Meter: North America Asphalt Paver Market - Revenue and Forecast to 2031 (US$ Million)
8.2 2.5 to 5 Meter
- 8.2.1 Overview
- 8.2.2 2.5 to 5 Meter: North America Asphalt Paver Market - Revenue and Forecast to 2031 (US$ Million)
8.3 Above 5 Meter
- 8.3.1 Overview
- 8.3.2 Above 5 Meter: North America Asphalt Paver Market - Revenue and Forecast to 2031 (US$ Million)

9. North America Asphalt Paver Market - Country Analysis

9.1 North America
- 9.1.1 North America: North America Asphalt Paver Market Breakdown, by Key Countries, 2023 and 2031 (%)
  - 9.1.1.1 North America: North America Asphalt Paver Market - Revenue and Forecast Analysis - by Country
  - 9.1.1.2 United States: North America Asphalt Paver Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.1.2.1 United States: North America Asphalt Paver Market Breakdown, by Type
    - 9.1.1.2.2 United States: North America Asphalt Paver Market Breakdown, by Paving Width
  - 9.1.1.3 Canada: North America Asphalt Paver Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.1.3.1 Canada: North America Asphalt Paver Market Breakdown, by Type
    - 9.1.1.3.2 Canada: North America Asphalt Paver Market Breakdown, by Paving Width
  - 9.1.1.4 Mexico: North America Asphalt Paver Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.1.4.1 Mexico: North America Asphalt Paver Market Breakdown, by Type
    - 9.1.1.4.2 Mexico: North America Asphalt Paver Market Breakdown, by Paving Width

10. Competitive Landscape

10.1 Company Positioning & Concentration
10.2 Heat Map Analysis

11. Industry Landscape

11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions

12. Company Profiles

12.1 AB Volvo
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 Astec Industries Inc
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
12.3 Caterpillar Inc
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
12.4 Sany Heavy Industry Co Ltd
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
12.5 Sumitomo Corp
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
12.6 XCMG Construction Machinery Co Ltd
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
12.7 Deere & Co
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
12.8 FAYAT GROUP
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
12.9 Leeboy
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments

13. Appendix

13.1 About The Insight Partners