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NEW YORK , March 21, 2022 /PRNewswire/ -- The pervious pavement market size is expected to increase by USD 6.72 billion between 2021 and 2026, expanding at a CAGR of 6.7% during the forecast period. The report offers detailed insights on the recent developments, new product launches, major revenue-generating segments, and market behavior across geographies.
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The 120-page report with TOC segments the pervious pavement market by material (pervious asphalt, pervious concrete surfaces, block and concrete modular pavers, and grid pavers) and geography (Europe , North America , APAC, South America , and Middle East and Africa ).
The market is driven by increasing construction activities globally. In addition, the application of pervious concrete in designing pervious road pavement is anticipated to boost the growth of the pervious pavement market.
The improvements in economic conditions have increased the per capita income of consumers, especially in developing countries such as China , India , and South Africa . This has increased consumer spending on property purchase, which has also increased the number of first-time property buyers. Also, the rising disposable incomes of consumers have increased the spending on traveling and other leisure activities, which has created the demand for commercial properties such as shopping complexes, pubs, and restaurants. Such factors have fueled the growth of the global construction industry, which, in turn, has subsequently boosted the demand for pervious pavement.
Major Pervious Pavement Market Companies:
The global pervious pavement market is fragmented with the presence of several vendors. During the forecast period, many new players are expected to enter the market and intensify the competition among vendors. Technavio identifies the following vendors as dominant players in the market.
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Pervious Pavement Market Material Outlook (Revenue, USD billion, 2021-2026)
The pervious asphalt segment generates maximum revenue in the market. The increasing use of pervious asphalt in parking lots has been driving the growth of the segment. Also, the quick groundwater absorption properties of pervious asphalt pavement will be contributing to the growth of the segment. The market growth in the segment will be significant during the forecast period.
Pervious Pavement Market Geography Outlook (Revenue, USD bn, 2021-2026)
Europe generated maximum revenue in the market in 2020. The region currently holds 40% of the global market share and is expected to continue its dominance over the forecast period. The high economic improvement in countries such as Germany and Italy has been crucial in driving the growth of the regional market. In addition, the increasing demand for modern and sustainable construction materials in the construction industry will be contributing to the growth of the pervious payment market in Europe .
Germany and Belgium are the key markets for pervious pavement in Europe . Countries such as the US, Canada , and China are also expected to emerge as major markets for pervious pavement during the forecast period.
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Accelerate at a CAGR of 6.7%
Europe, North America, APAC, South America, and Middle East and Africa
US, Canada, China, Germany, and Belgium
Leading companies, competitive strategies, consumer engagement scope
Balfour Beatty Plc, BASF SE, Boral Ltd., CEMEX SAB de CV, Chaney Enterprise LP, CRH Plc, LafargeHolcim Ltd., Raffin Construction Co., Sika AG, and UltraTech Cement Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period.
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