Portland, OR , Sept. 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global road marking machine market generated $7.02 billion in 2021, and is projected to reach $17.21 billion by 2031, growing at a CAGR of 9.3% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $7.02 billion |
| Market Size in 2031 | $17.21 billion |
| CAGR | 9.3% |
| No. of Pages in Report | 323 |
| Segments covered | Operation type, material capacity, application, distribution channel, and region. |
| Drivers | Surge in the number of road accidents |
| Government expenditure on developing road infrastructure | |
| Opportunities | Increase in the number of vehicles on roads |
| Development of smart cities | |
| Restrains | Conservative approach of road contractors |
| Fluctuating raw material prices |
COVID-19 Scenario:
- The outbreak of COVID-19 had a negative impact on the growth of the global road marking machine market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of various manufacturing facilities including those of road marking machines negatively impacted its demand during the pandemic. In addition, all sorts of activities in heavy & civil engineering construction sector were stopped. This was majorly due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic.
- Thus, the overall production and sales were adversely impacted due to the temporary shut down of industries. In addition, strict bans on import and export of raw materials were imposed, which further aggravated market growth.
- However, the market is expected to recoup soon.
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The report offers a detailed segmentation on the global road marking machine market based on operation type, material capacity, application, distribution channel, and region.
Based on operation type, the manual segment held the largest market share in 2021, garnering more than 94% of the global market, and is expected to maintain its leadership status during the forecast period. The semi-automatic/fully automatic segment, on the other hand, is expected to cite the fastest CAGR of 17.1% during the forecast period.
Based on material capacity, the 251 Ltr - 750 Ltr segment held the dominating market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. The 100 Ltr - 250 Ltr segment, on the other hand, is expected to cite the fastest CAGR of 11.4% during the forecast period.
Based on distribution channel, offline segment held the largest market share in 2021, holding more than four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The online segment, on the other hand, is predicted to cite the fastest CAGR of 12.9% during the forecast period.
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Based on application, the road segment held the largest market share in 2021, garnering nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The report also analyses other segments such as car park, anti-skid, and others.
Based on region, the market across Asia-Pacific region held the dominating market share in 2021, garnering nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is predicted to cite the fastest CAGR of 11.1% during the forecast period.
The key players analyzed on the global road marking machine market report include Nanjing Roadsky Traffic Facility Co., Ltd, Road Marking Equipment (RME), Road Marking Services, STiM, Tatu Highway Group Co., ltd., dvanced Striping Equipment, Automark, Borum, Dayu Road Marking Co., Ltd., EZ Liner, Hawk Pumps, HOFMANN, Graco Inc., M-B Companies, MRL Equipment Company, Inc., Titan Tool Inc., and Zhengzhou Dayu Machinery Co., Ltd.
The report analyzes these key players of the global road marking machine market. These market players have made use of remarkable startegies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to significantly strengthen their foothold in the industry. The report is further helpful in analyzing and determining recent developments, product portfolio, business performance and operating segments by prominent players of the market.
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