March 12, 2019 by Steve Blade
Fact.MR shows that expansion and improvements in road infrastructure are the prime fillips responsible for asphalt paver sales in the construction equipment market. Airport paving projects are other prominent consumers of asphalt pavers wherein construction equipment companies are focusing on the procurement of big-ticket projects.
According to Fact.MR estimations, the asphalt pavers market will witness volume sales of over 34,600 units in 2018, a marginal growth from 2017. Overall growth of the market is driven by,
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“Growing emphasis on prolonging the lifespan of existing road and highway infrastructures and increasing public and private investments are major factors fuelling the demand for asphalt pavers. As construction companies are vying for low operating costs and higher productivity, the asphalt pavers market has witnessed the introduction of some of the excellent, high-performance models of asphalt pavers in past half a decade,” says a senior analyst at Fact.MR.
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Asphalt Pavers’ Stakeholders Target Customer Convenience in Financing Options and Equipment Acquisitions
A steady economic growth combined with significant investments in construction projects is ensuring business optimism in the construction equipment marketplace. Inclusion of disruptive technologies is further changing the equipment landscape wherein customer preferences are changing dynamically.
Equipment finance companies are adopting innovative and tailored financing options to meet unique customer demand. Use of different platforms to perform periodic hardware diagnostics and innovative service agreements is fueling increasing equipment acquisitions in the asphalt pavers market.
In the consolidated landscape of the construction equipment industry, the asphalt pavers market presents the dominance of a handful of market player wherein Fact.MR valuation finds that Tier 1 players hold over 64% of the total market share. Leading players in the asphalt pavers market are leveraging acquisition, new product launch and expansion strategies to increase their revenue share in the global asphalt pavers market.
Procurement of big-ticket projects continues to remain prominent strategies of Tier 1 companies in the asphalt pavers market. For instance, construction equipment fleet of over 50 machines from Wirtgen Group is being utilized in the New Istanbul Airport, world’s biggest airport project. Another instance is of Dynapac wherein a fleet of Dynapac machine is utilized by Kuwait’s largest construction company Galfar Engineering and Contracting to aid road and infrastructure projects in Kuwait.
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