Cold Milling Machine Market
Cold Milling Machine Market Size, Share Analysis by Size (Small, Medium, Large), by Engine Power (Less than 155 KW, 155 KW – 300 KW, Above 300 KW), by Application (Asphalt Road, Concrete Road) & Regional Forecast, 2020-2030
Analysis of Cold Milling Machine market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Cold Milling Machine Market Outlook
The global cold milling machine market is witnessing significant growth. The growth of the market is attributable mainly to the rise in construction, especially non-residential construction projects.
From small to large scale, the adoption of the cold milling machine is gaining pace in road construction. The cold milling machine minimizes need of labor, while accomplishing projects in a quicker time.
The global cold milling machines market is moderately consolidated with the presence of fewer market players. The market players are focusing on the development and implementation of better products that use the latest technologies which is further boosting the global market.
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Growing Investment in Road Rehabilitation
The global cold milling machine market will witness steady growth during the forecast period. With governments consistently investing funds to update old and aging roads, it is expected to create lucrative opportunities for the market players in the coming years.
Cold milling machine manufacturers are coming up with efficient marketing policies to achieve a competitive edge in the market. Fact.MR foresees the shift of focus of stakeholders in the cold milling machine market towards improving cutter drum, size, horsepower, local size, and weight restrictions during the deployment of these machines.
Besides, companies are expected to focalize on enhancing the overall performance of their machines and minimize the maintenance cost which is the major challenge market is dealing with. The notable growth of traffic congestion worldwide is forecast to progress the construction of new road systems, which, in turn, will create significant opportunities and demand for cold milling machines during the projection period.
The higher maintenance cost of cold milling machines continues to be a deterrent. Moreover, the higher initial cost means that market entry isn’t an easy proposition.
COVID-19 Impact on Cold Milling Machine Market
The ongoing COVID-19 pandemic has impacted every sector. From disrupting supply chains to administration activities, the global cold milling machine market also suffered due to the pandemic. Demand for cold milling machines was severely affected, especially during the initial phases of the COVID-19 outbreak.
The global cold milling machine market is primarily dependent on the construction sector. The construction sector was already shaping with multiple challenges from lack of funds and credit avenues to bankruptcies; COVID-19 marred it further. This, in turn, resulted in limiting the growth of the market.
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Cold Milling Machine Market Analysis by Category
Based on the size, the large segment is projected to remain dominant during the forecast period. Following large size, the second spot is held by medium size in terms of market value.
By engine power, above 300 KW segment will account for the largest share of the global market. The segment currently leads the market and its growth is attributable to the high milling performance and greater reliability it offers to the users.
The asphalt road segment is expected to lead the global market through the assessment period. The growth of the segment is attributable to the growing demand for cold milling machines for repairing and maintaining asphalt roads.
The demand for machines is forecast to be relatively higher in the case of asphalt roads than that for concrete roads as asphalt roads are easier to repair. Moreover, with a significant rise in the construction of concrete roads across emerging nations like India, China, and Malaysia, the demand for cold milling machines for concrete roads is expected to observe a progressive growth.
Regional Outlook of Cold Milling Machine Market
Asia Pacific accounts for the lion’s share of the global cold milling machine market. The region is most attractive in the global market owing to the rise in population and developments in transport infrastructure in Asia Pacific.
Manufacturers are penetrating the Asia Pacific region to augment their market share which is, in turn, propelling growth. Governments in Asia-Pacific are increasing their investment in infrastructure which is projected to have a positive impact on the global cold milling market. Increased urbanization in the region is leading to investments and making governments spend in emerging economies which is resulting in the growth of the cold milling machine market.
North America is one of the prominent regions holding a sizeable share of the market. The growth of the region is mainly due to the growing accident cases in countries like the U.S. leading to the construction of new roadways and repairing aged ones. The governments are consistently working to strengthen the construction sector creating lucrative opportunities for players in the region. Moreover, the growing digital penetration in the region has enabled the manufacturers to come up with products having greater capabilities and enhanced performances.
Following North America, Europe is another lucrative market for cold milling machines globally. The growth of the region is due to the strict government administration in the region and their changing approach towards more public-private partnerships in road construction.
Know thy Competitors
Competitive landscape highlights only certain players
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The global cold milling machine market is fragmented owing to the presence of a considerable number of key players. The continuously growing government initiatives are further intensifying competition. The key manufacturers are launching new products in the market to remain in sync with the demand in every situation and maintain their position.
For instance, in Japan, road lanes constantly need to be milled off flush to kerb on both sides without the cold milling machine performing any turning maneuvers. Wirtgen's W 200 Hi is the perfect choice for this work. It gives two zero-clearance sides. Moreover, the W 200 Hi features state-of-the-art engine technology to comply with the stringent specifications of emission standard US Tier 4f applicable in Japan.
The availability of the machines at the distribution channels further develops price variations attributable to an uptick in the competition among the local players. This is expected to lead manufacturers to deliver more cost-effective, newer generation, and technologically superior cold milling machines during the forecast period.
The Analysts Viewpoint
"Use of cold milling machines in Asia Pacific and Middle East is likely to offset some of the loss of momentum in traditionally strong markets of US and Europe.”
Cold Milling Machine Market: About the Report
Fact.MR has recently published an exclusive in-depth forecast report on the cold milling machine market for 2020 and 2030. The principal objective of this report is to outline key insights on the market scenario, demand generators, and competitive landscape in the market. Also, the study speaks key dynamics that are anticipated to increase the sales and future possibilities for the market. The report on the cold milling machine market offers detailed insights on the market.
The report further proceeds with the taxonomy of the cold milling machine market, elaborating on key segments. Also, the report outlines detailed insights on the dynamics of the market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key factors favoring investment within the market.
Supply chain analysis and pricing analysis of the market have also been incorporated in the report, to help readers clearly understand the product framework map in the market.
Cold Milling Machine Market: Segmentation
Fact.MR has studied the cold milling machine market with detailed segmentation on the basis of by size, engine power, application and key region.
- FAQs -
The Cold Milling Machine Market is projected to grow at a CAGR of 4% in the forecast period of 2020-2030.
Asia-Pacific to Attract Manufacturers’ Attention in the Cold Milling Machine Market through 2031.