Cold Milling Machines Market Growth Analysis | 2023-2028

Market Insights

The cold milling machines market was estimated at USD 2.27 billion in 2022 and is likely to grow at a CAGR of 4.47% during 2023-2028 to reach USD 2.95 billion in 2028.

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What is a cold milling machine?

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 machines pavement recyclers, and roto-mills are the other names of cold milling machines.

Key Players

Some of the key players in the market are-

• Wirtgen GmbH
• CMI Roadbuilding Ltd.
• Caterpillar Inc.
• Astec Industries
• XCMG
• BOMAG
• John Deere
• Jiangsu Huatong Kinetics Co Ltd
• Dynapac
• Liugong Machinery Co., Ltd.

Market Dynamics

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.

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Segment Analysis

By Product Type

Based on the product type, the market is segmented as wheel-type and crawler-type. The crawler-type product segment accounted for more than 75% share of the market in 2022 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.

By Application Type

Based on the application type, the market is segmented into asphalt roads and concrete roads. 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.

Regional Insights

In terms of regions, Asia-Pacific accounted for more than 35% share in 2022 and also dominates the 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.

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Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

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.

The cold milling machines market is segmented into the following categories.

By Product Type

• Wheel-Type
• Crawler-Type

By Engine Power Type

• Less than 155 kW
• 155 kW – 300 kW
• Above 300 kW

By Application Type

• Asphalt Road
• Concrete Road

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of a 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 books, press releases, journals, investor presentations, 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.

Report Features

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.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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