North America Asphalt Paver Market Forecast to 2031 - Regional Analysis - by Type and Paving Width

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.

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