Cold Milling Machine Market to Grow at a Steady CAGR of 4% During 2020-2030: Fact.MR
Manufacturers are focusing on the development & implementation of improved products that employ the latest technologies which is boosting the market growth.
"Usage of cold milling machines in Middle East and Asia Pacific will counterbalance some of the loss of momentum in conventionally robust markets of Europe and US." says a Fact.MR analyst.
• Asia Pacific is anticipated to account for majority of market share in the global market, followed by North America.
• The large size category will be accounting for the largest share in the global market.
• Above 300 KW engine power segments is likely to remain dominant over the assessment period.
• Asphalt road segment will foresee high growth due to the rising demand for cold milling machines for maintaining and repairing asphalt roads.
• Construction of new roads systems in emerging regions to impel market growth.
• Growth in road construction projects due to the increasing traffic congestion will generate prospects for the market players during the forecast period.
• Upgradation of aging roads and pavements is projected to drive the market.
• Increased uptake of cold milling machine for concrete and asphalt roads will be fuelling market growth.
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• Higher cost of maintenance of cold milling machines remains a deterrent to the market growth
• Due to high initial cost has led to entry in the market for entrants not an easy proposition.
Anticipated Market Impact by COVID-19 Outbreak
The demand for cold milling machine market witnessed was severely affected on the onset of the COVID-19 outbreak. The market is mainly dependent on the construction industry. The industry was already encountering multiple challenges from lack of credit avenues and funds to bankruptcies;
Key players identified in the global cold milling machine market are Bomag GmbH, Astec Industries, Inc. (Roadtec.), Caterpillar Inc., Wirtgen group, CMI Roadbuilding Ltd, Xugong Group Construction Machinery Co., Ltd., Jiangsu Huatong Power Heavy Industry Co., Ltd., SANY GROUP, Liugong Machinery Co., Ltd. and Sakai Heavy Industries, Ltd.