The cold milling machine market is anticipated to expand at a steady CAGR of 4% during the projected period of 2020-2030. The market expansion is mainly attributable to the increase in construction, particularly non-residential construction projects. As per Fact.Mr recent study, while the market has suffered a glitch on the onset of COVID-19, motivational measures by governments and restoration of construction activities is poised to generate notable propsects for market players in the long run.
“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.
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- 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.
- 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; the onset of COVID-19 marred it further. This, consecutively, ensued in restraining the growth of the market.
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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.
The accessibility of the machines at the distribution channels develops price variations due to a rise in the competition amid the local players. This is projected to lead players to deliver more cost-efficient, technologically superior and new-gen cold milling machine amid the assessment period.
More on the Report
The Fact.MR’s market research report provides in-depth insights into the cold milling machine market. The market is scrutinized on the basis of size (small, medium and large), engine power (less than 155 kW, between 155 kW to 300 kW and above 300 kW), application (asphalt road and concrete road), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).