Cold Milling Machine Market Size

Cold Milling Machine Market Size

Cold Milling Machine Market size valued at USD 2 billion in 2021 and is expected to grow at over 4.5% CAGR from 2022 to 2030. Increasing highway and roadway reconstruction projects will fuel the industry growth.

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Roadway rehabilitation is a prominent project undertaken at periodic intervals to ensure smooth and efficient transportation. The rising need to eliminate asphalt & concrete surfaces quickly and efficiently will increase the demand for cold milling machines. These products, when used to remove asphalt/concrete surfaces, create a foundation with the required width and depth specifications that help to pave new uniform asphalt/concrete surfaces.

Increasing government expenditure on new road construction activities across developed & developing economies will have a profound impact on the market for cold milling machines. For instance, in November 2021, the U.S. Congress passed an infrastructure bill that aims to set aside close to USD 240 billion toward new road construction, road refurbishment, and rebuilding of airports, railways, bridges & other modes of public transit.

Technological advancements will transform the cold milling machine market outlook. Companies are integrating 3D modeling, telematics, and other advanced technologies with these products to enhance their functioning. Additionally, companies benefit from advanced leveling systems that help in efficient machine handling and precise milling.

Increased investments and maintenance costs may restrain industry progression

High ownership cost is a major factor restraining the cold milling machine market growth. A substantial investment is necessary to purchase, use, and maintain cold milling machines, which may slow down sales. Nonetheless, manufacturers have been working on increasing production over time with better resources and infrastructure.

With increased production and deployment, product costs may eventually witness a slowdown and companies will be able to sell these products at competitive but attractive prices, thereby strengthening their market statistics.

Crawlers accounted for more than 80% of the cold milling machine market share in 2021. The demand for crawler cold milling machines will increase substantially through 2030 given that they are equipped with advanced & powerful engines. These products also possess the ability to eliminate asphalt and concrete surfaces quickly & efficiently and exhibit high milling performance in different working conditions.