Cold Milling Machines Market Report
Cold Milling Machines Market Size, Share, Trend, Forecast, & Industry Analysis:2022-2028
Cold Milling Machines Market is likely to grow from USD 2.16 billion in 2021 to USD 2.95 billion by 2028 at a CAGR of 4.46% during the forecast period.
Cold milling machine is a heavy construction equipment. It is mainly employed for removing old asphalt pavements from road surfaces, creating a level foundation. Pavement planers, cold planers, mill or asphalt milling machine pavement recyclers and roto-mills are the other names of cold milling machine.
Cold milling machines are in high demand owing to the growing construction industry. As cold milling machines are mostly used to remove pavements and create flat surfaces, increasing urbanization and a spike in building expenditure are expected to drive the market growth over the forecast period.
Based on the product type, the market is segmented as wheel-type and crawler-type. The crawler-type product segment accounted for more than 78% share of the market in 2021 and is expected to register higher growth during the forecast period. The growth of the segment is owing to crawler-type cold milling machines being mostly used for all types of land surface areas.
Based on the application type, the market is segmented as asphalt road and concrete road. The asphalt road segment is anticipated to register higher growth in the market during the forecast period. The growing road construction sector has further advanced the market demand for asphalt roads, thereby driving the growth of the segment over the forecast period.
In terms of regions, Asia-Pacific accounted for more than 39% share in 2021 and also dominates the global cold milling machines market. Because of the rising population and improvements in transportation infrastructure, the region is most attractive in the worldwide market. Manufacturers are penetrating into the region in order to increase their market share, which is fueling the regional market growth. Governments across Asia-Pacific are increasing infrastructure expenditure, which is expected to benefit the growth of the market over the forecast period. Also, North America holds a substantial share of the market. The growth of the region’s market is owing to the growing number of accidents in countries such as the U.S., leading to the construction of new roadways and repairing of the aged ones. Governments are consistently working to strengthen the construction industry, creating attractive prospects for players in the region over the forecast period.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Cold Milling Machines Market Research Report - Features
No. of Figures & Tables
The cold milling machines market is segmented into the following categories.
Some of the key players in the cold milling machines market are-
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
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The cold milling machines market is expected to witness an impressive growth of 4.46% CAGR in the coming years.
Wirtgen GmbH, CMI Roadbuilding Ltd., Caterpillar Inc., Astec Industries, XCMG, BOMAG, John Deere, Jiangsu Huatong Kinetics Co Ltd, Dynapac, and Liugong Machinery Co., Ltd are among the key players in the cold milling machines market.
The crawler-type product segment is expected to register higher growth in the cold milling machines market in the next five years.
The asphalt road segment is expected to register higher growth in the cold milling machines market in the coming five years.
Asia-pacific dominates the cold milling machines market.
The growing construction industry, increasing urbanization and a spike in building expenditure are the factors driving the growth of cold milling machines market.