As the construction equipment industry continues to remain a consolidated landscape, the Asphalt Pavers Market represents dominance of a handful of prominent players. With their strong regional distribution network, Tier 1 players in the asphalt pavers market hold nearly 64 percent of the global market share. These players, including Fayat Group, Caterpillar, Astec Industry, Wirtgen Group (Vogele), Ammann, Zoomlion, Sakai and Sumitomo, are leveraging global expansion, pricing strategies and investments in R&D to maintain their market shares.
Expansion of distribution network in emerging countries is one of the prominent strategies adopted by asphalt pavers manufacturers. For instance, Dynapac (Fayat Group) resumed its business with the Bau Power Group, which will serve as the exclusive Dynapac importer partners in Australia and New Zealand.
Manufacturers Address Downtime
Construction companies that invest heavily in asphalt pavers continue to remain concerned about downtime of pavers, as costs can run into the millions of dollars. Since paving is the front line of road construction, the effects of downtime can extend to succeeding applications of rollers, trucks and mills, making it extremely expensive.
In a bid to address the downtime issues and lower operating costs, manufacturers are leveraging predictive maintenance systems that significantly reduce equipment downtime and repair costs. In addition, technologies used in predictive maintenance provide operator safety, reduce training time and increase the resale value of the equipment.
Screed Technology Upgrades
Screed plays a vital role in paving operations by delivering better asphalt quality as well as optimum density. Manufacturers in the asphalt pavers market are actively implementing new technology to deliver better quality asphalt mat and ultimately extend the life of the pavement.
Pre-compaction is a highly sought-after feature by end-users in asphalt pavers. An efficient pre-compaction helps achieve greater density in asphalt mat and maximizes air void reduction through rollers. Manufacturers deliver screed components with a combination of configurations such as screed weight, paving speed and temper bar amplitude that can be adjusted according to the users' requirements.
Global Infrastructure Efforts Underpin Market Growth
In a bid to achieve socioeconomic progress, with an increasing emphasis on strengthening transport infrastructure, road infrastructures are improving across the globe.
Significant investments are under way for new infrastructures and for the maintenance of existing infrastructure. For instance, World Bank, in March 2018, approved $ 210 million for the rural connectivity project in Madhya Pradesh, India.
In May 2018, World Bank approved National Road 13 Improvement and Maintenance Project in the Lao PDR.
Support from the World Bank and increasing public-private partnership is strengthening the connectivity between urban and rural markets through roads and highway connectivity. The essential requirement of construction equipment in such construction projects is expected to maintain the sustainability of asphalt pavers market in the future.
Stakeholders Target Convenience in Financing, Acquisitions
Steady economic growth combined with significant investments in construction projects is ensuring business optimism in the construction equipment marketplace, with technology further altering the business landscape as customer preferences change dynamically.