Autonomous Construction Equipment Global Market Report 2023
Major players in the autonomous construction equipment market are Komatsu Ltd, Caterpillar Inc, Hitachi Construction Machinery Co, Ltd, Volvo Construction Equipment, Built Robotics, Inc, Cyngn, Royal Truck & Equipment, Case Construction Equipment, and Deere and Company.
New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Autonomous Construction Equipment Global Market Report 2023" - https://www.reportlinker.com/p06282468/?utm_source=GNW
The global autonomous construction equipment market will grow from $11.86 billion in 2022 to $14.05 billion in 2023 at a compound annual growth rate (CAGR) of 18.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The autonomous construction equipment market is expected to grow to $20.33 billion in 2027 at a CAGR of 9.7%.
The autonomous construction equipment market consists of sales of excavators, backhoe loaders, bulldozers, and skid-steer loaders.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The autonomous construction equipment refers to equipment includes sensors such as lidar and cameras in order to recognize humans and obstacles, and the system also uses geofencing to keep machinery within the construction sites.
Asia-Pacific was the largest region in the autonomous construction equipment market in 2022.North America was the second-largest region in the autonomous construction equipment market.
The regions covered in the autonomous construction equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main product types of autonomous construction equipment are earth moving equipment, construction vehicles, material handling equipment, concrete, and road construction equipment.Earthmoving equipment is large machinery, mainly heavy-duty vehicles designed for earthwork construction tasks.
The autonomous construction equipment is partial/semi-autonomous and fully autonomous. The various applications involved are road construction, building construction, and other application.
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 Autonomous construction equipment market.
Safety and cyber security issues have always been a major challenge in the autonomous construction equipment market.To automate construction equipment, regardless of the control system used, cybersecurity always remains a key concern as it is challenging to control the potential damage that could be caused by the hacking of heavy equipment.
It presents remote access for hackers to exploit system vulnerabilities of communication systems between vehicles and infrastructure. Threats associated with the protection and safety of personal information are always being a major concern, limiting the growth of the Autonomous construction equipment market.
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 $8,500 annually according to the statistics.To reduce the overall expenses, they are working on solutions to make their existing equipment autonomous.
Built Robotics, is providing a manufacturer-agnostic solution to clients that wants to automate their machine by which customer could make their machinery autonomous without sacrificing manual operating capabilities. With more machines to be likely to become autonomous in the future, promising developments are on the horizon.
In February 2022, Bell Trucks America, a U.S.-based manufacturing company providing articulated off-road dump trucks announced a partnership with a California-based developer of autonomous technology mainly for articulated dump trucks, Pronto. Articulated trucks are often used in small construction sites and underground mines. As part of the partnership, Pronto would make its advanced autonomous driving and driver safety technologies available to all Bell customers in the United States and Mexico on both new Bell trucks and existing fleets via BTA’s network of more than 75 dealerships and service centers.
The countries covered in the autonomous construction equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The autonomous construction equipment market research report is one of a series of new reports that provides autonomous construction equipment market statistics, including autonomous construction equipment industry global market size, regional shares, competitors with an autonomous construction equipment market share, detailed autonomous construction equipment market segments, market trends and opportunities, and any further data you may need to thrive in the autonomous construction equipment industry. This autonomous construction equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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