  We use the results from the ALMA large program ASPECS, the spectroscopic
survey in the Hubble Ultra Deep Field (HUDF), to constrain CO luminosity
functions of galaxies and the resulting redshift evolution of $\rho$(H$_2$).
The broad frequency range covered enables us to identify CO emission lines of
different rotational transitions in the HUDF at $z>1$. We find strong evidence
that the CO luminosity function evolves with redshift, with the knee of the CO
luminosity function decreasing in luminosity by an order of magnitude from
$\sim$2 to the local universe. Based on Schechter fits, we estimate that our
observations recover the majority (up to $\sim$90%, depending on the
assumptions on the faint end) of the total cosmic CO luminosity at $z$=1.0-3.1.
After correcting for CO excitation, and adopting a Galactic CO-to-H$_2$
conversion factor, we constrain the evolution of the cosmic molecular gas
density $\rho$(H$_2$): this cosmic gas density peaks at $z\sim1.5$ and drops by
factor of $6.5_{-1.4}^{+1.8}$ to the value measured locally. The observed
evolution in $\rho$(H$_2$) therefore closely matches the evolution of the
cosmic star formation rate density $\rho_{\rm SFR}$. We verify the robustness
of our result with respect to assumptions on source inclusion and/or CO
excitation. As the cosmic star formation history can be expressed as the
product of the star formation efficiency and the cosmic density of molecular
gas, the similar evolution of $\rho$(H$_2$) and $\rho_{\rm SFR}$ leaves only
little room for a significant evolution of the average star formation
efficiency in galaxies since $z\sim 3$ (85% of cosmic history).
