Groowe Groowe BETA / Newsroom
⏱ News is delayed by 15 minutes. Sign in for real-time access. Sign in

$18.91 Bn Asphalt and Concrete Equipment Global Market Trends, Opportunities and Strategies, 2019-2024, 2025-2029F, 2034F

globenewswire.com
CAT Caterpillar is mentioned as the leading company in the asphalt and concrete equipment market with a 7.54% share, indicating a strong position in a growing industry projected for significant expansion. VMC Volvo Construction Equipment AB is mentioned as a notable competitor in the asphalt and concrete equipment market. While not directly providing sentiment, its inclusion suggests it's a significant player in a growing sector.

Dublin, Jan. 08, 2026 (GLOBE NEWSWIRE) -- The "Asphalt and Concrete Equipment Global Market Opportunities and Strategies to 2034" has been added to ResearchAndMarkets.com's offering.

The asphalt and concrete equipment market is poised for significant growth over the coming years. The market, which reached a valuation of $11.82 billion in 2024, is projected to grow to $15.13 billion by 2029 at an annual growth rate of 5.07%. By 2034, the market is anticipated to hit $18.91 billion, driven by a CAGR of 4.56% from 2029. Such expansion reflects the increasing demand fueled by public infrastructure investment, government-backed housing projects, and rising construction standards.

During the historic period from 2019 to 2024, the market's growth was propelled by smart city initiatives and the need for replacing aging infrastructure, despite challenges like high maintenance costs and labor shortages. In the forecast period up to 2029, the market's expansion is expected to be moderated by factors like power dependency and the implications of trade policies.

Regionally, the Asia Pacific was the largest market in 2024, contributing 34.13% or $4.03 billion of the total industry value. The fastest-growing regions include Africa and Asia Pacific, with projected CAGRs of 7.43% and 6.04%, respectively. North America and the Middle East are also expected to experience significant growth, albeit at a slower pace.

The market is fragmented, with numerous small players vying for market share. In 2024, the top ten companies accounted for 23.68% of the market, with Caterpillar leading at 7.54% share. Other notable competitors include Komatsu Ltd, Volvo Construction Equipment AB, and Wirtgen Group.

Market segmentation reveals that the asphalt batch mix plant holds the largest share by type, worth $3.6 billion in 2024. However, the self-loading concrete mixer machine is predicted to be the fastest-growing segment, with a CAGR of 6.52% from 2024 to 2029.

In terms of power source, the diesel segment dominates, representing 71.95% or $8.5 billion of the market in 2024, while electric-powered equipment is set to be the fastest-growing segment moving forward.

Looking at the equipment size, large-scale machinery takes precedence, yet portable equipment is expected to grow most rapidly with a 6.65% CAGR. By application, road construction accounted for 49.16% market share in 2024, though parking lots construction is anticipated to grow swiftly at 5.51% CAGR.

In terms of end-users, infrastructure development takes the lead at 44.65% or $5.27 billion, yet residential construction is projected to grow fastest at 5.63% CAGR through 2029. Opportunities abound, particularly within asphalt batch mix plants and diesel-powered equipment. The USA is poised to benefit substantially from these trends, with projected gains of $785.73 million.

Key market strategies include automation integration, developing advanced compaction machines, adoption of dry-cast systems, and introducing eco-friendly, zero-emission machinery. Players are also pursuing business growth through strategic partnerships and innovations. To capitalize on these opportunities, companies are advised to focus on advanced automation, high-efficiency equipment, zero-emission solutions, and targeted marketing efforts contributing to visibility and demand within emerging markets.

Key Attributes:

Chapters Include:

Markets Covered:

Companies Featured

For more information about this report visit https://www.researchandmarkets.com/r/i78az

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment