Rising Construction Activities Drive Autonomous Equipment Market to $22.31B by 2028 at 9.7% CAGR

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Autonomous Construction Equipment Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $22.31 billion In 2028 At A CAGR Of 9.7%:

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.

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Autonomous Construction Equipment Market Major Segments
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

Key Driver - Labor Shortages Drive Growth In The Autonomous Construction Equipment Market

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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Prominent Trend - Making Existing Equipment Autonomous In The Construction Industry

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.

Autonomous Construction Equipment Market Players
Major companies operating in the autonomous construction equipment market report are Caterpillar Inc, Komatsu Limited, Volvo Group, Hitachi Construction Machinery Co., Ltd., Doosan Corporation, CNH Industrial, Deere & Company, Royal Truck & Equipment, Autonomous Solutions Inc, Built Robotics, Inc., Yingchuang Building Technique Co., XMCG, Kobelco Construction Machinery Co. Ltd, Tadano Ltd, Liebherr, Sany Heavy Industry Co., Ltd, Xuzhou Construction Machinery Group Co., Ltd, Zoomlion India Pvt. Ltd., China Communications Construction Company, JCB India, Fastbrick Robotics, Fujita Corporation, Toyota Industries, Takeuchi Manufacturing, Lingong Heavy Machinery Co. Ltd, Wacker Neuson, Bobcat, SafeAI, Aecon, Case, Cummins, Hitachi

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the autonomous construction equipment market in 2023. North America was the second-largest region in the autonomous construction equipment market share. The regions covered in the autonomous construction equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Autonomous Construction Equipment Market Report Structure
3. Autonomous Construction Equipment Market Trends And Strategies
4. Autonomous Construction Equipment Market - Macro Economic Scenario
5. Autonomous Construction Equipment Market Size And Growth
…..
27. Autonomous Construction Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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