Construction Vehicles Market Key Trends, Drivers, Challenges and Standardization To 2020-2027

Construction vehicles are large and utilized for multiple tasks such as transport of goods, mining, excavation, and others. These vehicles are prone to accidents due to their large sizes and complicated applications. With a high number of blind spots, the safety concerns increase, which propel the use of radars in these vehicles to alert the driver of various threats. Safety and security have become the topmost priority for travelers and the government. There has been a shift in the auto industry toward advanced technologies and advanced driver assistance systems (ADAS), which is anticipated to drive the market growth over the forecast period.

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COVID-19 scenario analysis:

The global pandemic caused by the novel coronavirus came at a time when both the developing economies and the automotive industry were hoping for a recovery in the market. The absolute magnitude of the impact depends on the duration of the ongoing lockdown.

The onset of COVID-19 in India is expected to have a negative impact on the automotive industry. Even after lockdown, further decline in vehicle demand is expected with discretionary spend taking a backseat.

The supply chain is expected to adapt quickly as China is reviving faster than normal. Extended supply chain visibility at the highest level is the biggest risk mitigation factor that is expected to affect the productivity of companies.

COVID-19 is anticipated to impact almost all stakeholders in the value chain who will experience both short & medium-term impacts. This could range from a shortage of raw material, shifting of production to other countries, deferred launches, and shrinkage in consumer demand.

The impact of COVID-19 on the economy & automotive industry could vary depending on the intensity, duration, and spread of the outbreak. As a result, the economy may witness a recovery as per the impact.

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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The top impacting factors of the market are rise in the construction & infrastructure industry and growth in popularity toward robust & compact equipment. However, decreased deal value of construction equipment projects can hamper the growth of the market. Furthermore, electric and autonomous construction equipment is expected to create lucrative opportunities in the construction vehicles market over the forecast period.

The construction vehicles market trends are as follows:

Rise in the construction & infrastructure industry
The demand for autonomous driving vehicles has significantly increased, with increasing use of commercial vehicles and rise in safety concerns regarding these vehicles, thereby leading to the adoption of construction vehicles over the forecast period. In addition, there is increase in infrastructure investments due to significant demand for hospitals, other medical facilities, laboratories, and shipping & logistics infrastructure.

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Growth in popularity toward robust and compact equipment

The advanced driver assistance systems (ADAS) has significantly grown in the last few years with the ability to classify objects with features such as ACC, AEB, lane keep assist, and lane departure warning using a single-lens camera, which makes it cost-effective. This is also the primary reason that drives the growth of the construction vehicles market. Further, rise in urbanization across the world is increasing the demand to build infrastructure such as residential and transportation. Therefore, factors, such as strict government regulations and carbon emissions, are anticipated to restrain the construction vehicles market growth over the forecast period.

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