New York, United States, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The Global Cold Milling Machine Market size is to grow from USD 2.08 billion in 2022 to USD 3.29 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period.
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A cold milling machine, also known as a pavement profiler, is a heavy-duty construction equipment used for removing the top layer of asphalt or concrete surfaces. It features a large rotating drum with cutting teeth or bits that grind and remove the pavement material. This process prepares the surface for resurfacing or repair work. Cold milling machines are commonly used in road construction and maintenance projects to improve surface quality, restore proper drainage, and create a smooth base for new pavement layers. They offer high productivity, versatility, and precision, minimizing disruptions to traffic flow. Advanced models may include automated controls and GPS systems for enhanced efficiency and accuracy during operation.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on the "Global Cold Milling Machine Market Size, Share, and COVID-19 Impact Analysis, By Type (Crawler and Wheel), By Power (Below 300 kW, 300 kW to 500 kW, and Above 500 kW), By Application (Concrete Rehabilitation and Asphalt Rehabilitation), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032."
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The wheel segment is expected to grow at a CAGR of around 4.9% during the forecast period
Based on type, the global cold milling machine market is segmented into crawler and wheel. The wheeled cold milling machine type segment is expected to witness growth in the forecast period due to several key factors. The wheeled machines offer greater mobility and flexibility on smooth surfaces, making them suitable for urban road projects and highways. The advancements in wheeled cold milling machine designs, such as improved engine efficiency and operator comfort, enhance their appeal to contractors and construction companies. Additionally, wheeled machines are often preferred for shorter projects or areas with less challenging terrains, driving their demand in various regions. As infrastructure development continues, the demand for wheeled cold milling machines is projected to rise, contributing to their growth in the forecast period.
The below 300 kW segment held the largest market share with more than 45.4% in 2022.
Based on the power, the global cold milling machine market is segmented into below 300 kW, 300 kW to 500 kW, and above 500 kW. The below 300kW segment has taken the lead in the cold milling machine market. This segment refers to machines with a power rating below 300 kilowatts. Several factors contribute to its dominance, including its suitability for a wide range of applications, cost-effectiveness, and versatility. These machines are often preferred for smaller to medium-sized projects that do not require excessive power. Additionally, advancements in technology have improved the performance and efficiency of below 300kW machines, further driving their market share. The demand for these machines is expected to continue growing due to their practicality and competitive pricing.
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Europe is predicted to grow at a significant CAGR of around 4.8% over the projected period
Based on region, Europe is expected to drive the demand for cold milling machines in the forecast period. One of the key factors is the region's focus on infrastructure maintenance and development, particularly in mature economies. Aging road networks require regular repair and resurfacing, which necessitates the use of cold milling machines. Additionally, stringent regulations regarding road quality and sustainability further fuel the demand. Europe's strong construction industry, supported by government investments and initiatives, also contributes to the market growth. Moreover, technological advancements in cold milling machine designs, such as improved efficiency, automated features, and eco-friendly options, cater to the demands of the European market. These factors combined make Europe a significant driving force for the cold milling machine market in the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the global cold milling machine market include Deere & Company, Caterpillar Inc., Astec Industries Inc., SANY Group, Fayat Group, CMI Roadbuilding Limited, Sakai Heavy Industries Limited, Komatsu Ltd., CNH Industrial NV, Simex SRL, Kubota Corporation, Volvo Construction Equipment, Liugong Machinery Co., Ltd., and J C Bamford Excavators Ltd and Others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global cold milling machine market based on the below-mentioned segments:
Cold Milling Machine Market, By Type
- Crawler
- Wheel
Cold Milling Machine Market, By Power
- Below 300 kW
- 300 kW to 500 kW
- Above 500 kW
Cold Milling Machine Market, By Application
- Concrete Rehabilitation
- Asphalt Rehabilitation
Cold Milling Machine Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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