Road Milling Machine Market Size, Share, Growth, and Industry Analysis, By Type (Wheeled Road Milling Machine, Tracked Road Milling Machine), By Distribution (Road Construction, Public Engineering), Regional Insights and Forecast to 2031

Updated On: 08 April 2024

ROAD MILLING MACHINE MARKET REPORT OVERVIEW

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The global road milling machine market size was USD 1044 million in 2020 and the market is projected to touch USD 1531.1 million by 2027, exhibiting a CAGR of 4.6% during the forecast period.

The machinery used to remove a roadway's top layer is called road milling equipment, sometimes referred to as cool planers as well as pavement milling equipment. It effectively removes different imperfections including cracks, grooves, and potholes from the surface to give it a smoother appearance. This procedure contributes to increasing driving safety, prolonging the life of the road, and strengthening its structural integrity.

The road milling machine market growth is expected to increase steadily in the coming years, which is encouraging. One major driver driving market expansion is the growing requirement for roadway maintenance and repair, especially in industrialized nations. There is now a greater need for reliable, long-lasting, and effective road milling equipment due to aging infrastructure and increasing traffic congestion.

COVID-19 Impact: Production Shutdowns to Deplete Market Share

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The first part of 2020 saw a slightly negative influence on industrial growth due to the coronavirus pandemic. Market expansion was prevented by nationwide lockdowns, production shutdowns, and labor shortages. A fresh direction has been chosen in the renovation of roads, pavements, and other public transportation options due to rising vaccination campaigns and the economic recovery. Driven by rising costs associated with renovating these structurers, the prognosis for the milling machine business is expected to improve.

LATEST TRENDS

"Associated Technological Developments to Stimulate Market Development "

Furthermore, technological developments have produced sophisticated road milling equipment that provide improved accuracy, effectiveness, and adaptability. The need for these machines is further increased by the fact that they have automated features, sophisticated cutting tools, and computer-controlled systems. The adoption of environmentally conscious road milling equipment has also been prompted by environmental concerns, and this is expected to drive market expansion in the upcoming years.

ROAD MILLING MACHINE MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into wheeled road milling machine, tracked road milling machine.

Wheeled Road Milling Machine: When a road is being built or maintained, machinery used to remove and grind the road's asphalt or concrete layer is referred to as road milling equipment. Road milling equipment comes in two primary varieties: tracked and wheeled. Because it is mounted on wheels, wheeled road milling equipment can be more portable and convenient to move between job locations.

Tracked Road Milling Machine: On the contrary hand, track-mounted road milling machinery offers superior stability and traction, particularly on uneven surfaces. For the purpose of infrastructure development and transportation, both kinds of equipment are essential to maintaining smooth and secure roadways.

• By Application

Based on application the global market can be categorized road construction, public engineering.

Road Construction: Road milling equipment has been employed to remove old concrete or asphalt surfaces and preparing the road for renewal in public engineering and road construction projects. This machinery is necessary to guarantee smooth and secure roadways by eliminating cracks, uneven surfaces, and potholes. The efficient and effective excavation of roadways is largely dependent upon road milling equipment used in the road construction sector.

Public Engineering: In a similar vein, road milling equipment is necessary for public engineering projects such as constructing roadways, bridges, and tunnels in order to reach the required level of durability and quality for the road surface.

DRIVING FACTORS

"Rapid Industrialization to Support Market Expansion "

As per the prediction, the market for road milling equipment is anticipated to expand at a CAGR (compound annual growth rate) of % over the estimated period. Numerous factors, including the necessity for effective road maintenance, increased infrastructure spending, and an increase in road construction activities, can be contributed to this growth. Rapid industrialization and urbanization are projected to present attractive growth prospects in emerging economies, particularly in the Asia Pacific along with the Middle East.

"Increment in the Utilization of Automation to Foster Industry Progress "

A few new developments in the global market for road milling equipment include the increasing use of automation and telematics, two cutting-edge technologies, to boost production and efficiency. Additionally, the industry is seeing a trend toward sustainable practices, as evidenced by the rise in demand for energy- and eco-efficient road milling equipment. In addition, there is an increasing emphasis on product development and innovation to meet the evolving demands of the construction sector. Optimizing road milling processes and cutting costs are also anticipated to be greatly aided by the incorporation of machine learning and artificial intelligence capabilities.

RESTRAINING FACTOR

"High Ownership Cost to Stop Market Evolution "

One of the main things impeding the growth of the market is high ownership costs. Cold milling machines require a significant investment to buy, operate, and maintain, which could reduce sales. However, with improved infrastructure and resources, businesses have been attempting to increase production over time. Product costs may gradually start to decline as a result of greater production and deployment, allowing businesses to provide these goods at competitive yet appealing pricing and bolstering their market positions.

ROAD MILLING MACHINE MARKET REGIONAL INSIGHTS

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"Asia Pacific to dominate the Market Due to Building Development Sectors "

"The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa."

Asia Pacific is expected to emerge as a significant regional center for the road milling machine market share. Asia Pacific dominated the world in revenue share in 2021 with a substantial percent of the market, mostly because to an increase in landslides, typhoons, and earthquakes in countries including China and Japan. The market trends will be further propelled by the promising growth prospects of the regional infrastructure and building development sectors.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Wirtgen (India)

• Caterpillar (U.S.)

• XCMG (China)

• Bomag (Germany)

• Dynapac (Sweden)

• RoadTec (U.S.)

• CMI (India)

• Sany Group (China)

• Shantui (China)

• SAKAI HEAVY INDUSTRIES, LTD. (Japan)

• LiuGong (China)

• Xi'an Hongda (China)

INDUSTRIAL DEVELOPMENT

January 2023:The Wirtgen Group announced presented a milling machine during Bauma 2023. This fully redesigned small milling machine (F-series) can operate in a broad frequency range from 1,200 - 2,100 rpm. This model utilizes less fuel than traditional milling machines and is incorporated with the W100 Fi, W120 Fi, and W130 Fi.

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.