Global Cold milling machine Market Research Report: Information by Type (Wheel Type and Crawler Type), Milling Width (0-1.3 m, 1.3 - 2.0 m and Above 2.0 m), Application (Concrete Pavement and Asphalt Pavement) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2025
The Global Cold Milling Machine Market size was valued at USD 1.37 billion in 2018, which is expected to witness 4.17% CAGR during the forecast period.
The global market for cold milling machine has witnessed substantial growth in the past couple of years. The demand for asphalt milling is expected to be driven by the rising demand for road planner surfaces. Moreover, the growth in the number of non-residential construction projects across the globe is further expected to increase the cold milling machines demand. Globally the cold milling machines market is moderately concentrated, with the presence of less market players. The top five players accounted for 65% of market share in global cold milling machine market. The market players are also focused on the development of newer and products, which is likely to have a positive impact on the global market.
Moreover, the rise in road construction projects owing to the rise in traffic congestion is expected to create opportunities for the market players in the near future. However, higher initial cost is expected to restrain the global cold milling machine market.
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The prominent players in the Global Cold Milling Machine Market include Wirtgen Group (Germany), CMI Roadbuilding Limited (UK), Caterpillar (US), Astec Industries (US), XCMG (China), Bomag (Germany), John Deere (US), Huatong Kinetics (China), Dynapac (Sweden), and LiuGong (China).
Asia-Pacific is estimated to be the fastest growing market in the global cold milling machine market during the forecast period: MRFR
By region, the global cold milling machine market is segmented as North America, Asia-Pacific, Europe, South America, and Middle East & Africa. Asia-Pacific is likely to hold a majority of the market share in the global cold milling machine market.
The construction sectors is growing at a steady pace in Asian countries owing to the growing infrastructure. The Asian countries including India, China, and Indonesia are expected to hold up relatively well in constrcution sector. The presence of leading manufacturers coupled with growing construction industry has led to a high demand for cold milling machines in Asia-Pacific. Asia-Pacific is currently one of the most dynamic regions globally, with construction and building projects flourishing, creating a demand for new and more advanced construction equipment, leading to the market growth. China dominated in terms of market share in 2018 and is likely to be the fastest growing market, which will continue its presence by the end of 2025. Mostly, the builders/contractors rely on rental construction equipment for their short-term projects, which has further supported the market demand for cold milling machines.
North America region is likely to hold second largest share followed by Europe, the demand in North America region is mainly driven by construction equipment rental market. The US is projected to be the fastest growing market in North America. The higher demand is attributed to recent boom in non-residential construction. The Europe region shows decent growth rate, the demand being driven by slowly growing non-residential construction.
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