The Autonomous Construction Equipment by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Autonomous Construction Equipment, The autonomous construction equipment market size has grown strongly in recent years. It will grow from $14.05 billion in 2023 to $15.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing infrastructure development, an increased need for safety in construction and a rise in industrialization.
The autonomous construction equipment market size is expected to see strong growth in the next few years. It will grow to $22.31 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to rapid urbanization, a rise in construction activities and increasing government support . Major trends in the forecast period include focus on advanced construction equipment, rising investments, focus on autonomous robot construction, iot (internet of things)-based autonomous construction machinery, new product launches, focus on technology advancement and strategic partnerships and collaborations.
Most construction companies are facing heavy equipment operator shortages throughout the world. Manufacturers are more focused on technology such as robotics and automation primarily to combat labor shortages along with finishing up their tasks faster, reducing wastage, and providing high yields with improved quality. Experts believed that one of the best solutions to combat labor shortages is to automate construction equipment, especially in remote areas, for repetitive tasks and in locations with significant labor shortages. Therefore, a shortage in labor or skilled workforce is driving the growth of the Autonomous construction equipment market.
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The autonomous construction equipment market covered in this report is segmented –
1) By Product Type: Earth Moving Equipment, Construction Vehicles, Material Handling Equipment, Concrete And Road Construction Equipment
2) By Autonomy: Partial Or Semi-Autonomous, Fully Autonomous
3) By Application: Road Construction, Building Construction, Other Applications
Making existing equipment autonomous is a growing trend in the autonomous construction equipment market. Companies are interested in automation but the implementation cost for deployment of technology is high. Therefore, construction companies are planning to rent autonomous machines to stay competitive by using new technology without the potential barriers of high investments. This is mainly avoiding costs associated with purchasing construction equipment. For instance, the cost of owning a commercial truck may add up to roughly $8,500 annually according to the statistics. To reduce the overall expenses, they are working on solutions to make their existing equipment autonomous. Built Robotics, is providing a manufacturer-agnostic solution to clients that wants to automate their machine by which customer could make their machinery autonomous without sacrificing manual operating capabilities. With more machines to be likely to become autonomous in the future, promising developments are on the horizon.
The autonomous construction equipment market report table of contents includes:
1. Executive Summary
2.Autonomous Construction Equipment Market Characteristics
3.Autonomous Construction Equipment Market Trends And Strategies
4.Autonomous Construction Equipment Market analysis
5.Autonomous Construction Equipment Market Size And Growth
6.Autonomous Construction Equipment Segmentation
7.Autonomous Construction Equipment Regional And Country Analysis
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27.Autonomous Construction Equipment Competitive Landscape And Company Profiles
28.Autonomous Construction Equipment Key Mergers And Acquisitions
29.Autonomous Construction Equipment Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Caterpillar Inc.
- Komatsu Limited
- Volvo Group
- Hitachi Construction Machinery Co.
- Doosan Corporation
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