The autonomous construction equipment is equipped with onboard sensors, cameras, and LIDAR, which allows them to perform tasks and operate safely. The idea of autonomous construction equipment was sparkled by intense hype around self-driving cars. The global Autonomous construction equipment market reached at a market valuation of USD XXX Billion in 2018 and is estimated to grow at a CAGR of XX.X% during the forecast period, i.e., 2019-2024.
Growth Drivers – Autonomous Construction Equipment Market
With rapid urbanization and active infrastructure development in dire need of repair, demand for construction is robust across the globe. However, contractors are facing issues with finding qualified construction personals. This lack in the number of skilled employees leads to delays, higher prices, and often lower quality work. This labor shortage is poised to emerge as a crucial factor that is anticipated to encourage the demand for autonomous tractors. Contractors are willing to use autonomous heavy equipment in repetitive tasks as it is a cost-friendly alternative to the traditional methods.
Urbanization and Infrastructure Development
With rising population across the globe, the migration from rural to urban areas has also grown in recent years. The growing urban population has increased the demand for new houses and buildings, which in turn augmenting the need for heavy and efficient construction types of machinery. However, present labor and construction equipment are not enough to meet the demand for construction activities around the world. Use of autonomous construction equipment is allowing constructors to wrap their jobs in lower time as compared to old methods. Apart from this, the involvement of government entities in the constructions industry is also expected to result in greater adoption of autonomous construction equipment.
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Barriers – Autonomous Construction Equipment Market
The immense cost associated with the adoption of autonomous construction equipment and presence of non-autonomous equipment is two significant barriers in the growth of global independent construction equipment market.
Market Trends – Autonomous Construction Equipment Market
Manufacturers are spending significant capital on advancements of their autonomous construction equipment. Although existing autonomous construction equipment can work in required conditions, still it must overcome some significant technical issues to assure safety at the job site.
The free construction equipment market is segmented in different categories, including by equipment and by the level of automation. The market is segmented by equipment into earth moving equipment, construction vehicle, material handling equipment, concrete & road construction equipment, and others. Among this segment, the material handling construction equipment segment is expected to capture significant shares of the market in 2018. Global material handling construction equipment segment was totaled at USD XXX.X billion in 2018 and is projected to reach USD XXX.X billion in 2024 at a CAGR of XX.X% from 2019 to 2024. Moreover, based on the level of automation, the autonomous construction equipment market is further sub-segmented into partial and fully autonomous construction equipment.
Regionally, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. When it comes to autonomous construction equipment market, North America is the leader in the autonomous construction equipment market. The North America region has acquired significant market shares and is poised to continue its dominance in the coming years.
The report also covers detailed competitive analysis of major market players of the global Autonomous construction equipment market, such as Caterpillar Inc., Volvo Construction Equipment, Hitachi Construction Machinery Co., Ltd., and, Built Robotics, Inc. and other major & notable players. Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by business segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
- Earth moving Equipment
- Construction Vehicle
- Material Handling Equipment
- Concrete & Road Construction Equipment
By Level of Automation
- Partial Autonomous
- Fully Autonomous
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
The report profiles various major market players such as
- Caterpillar Inc.
- Volvo Construction Equipment
- Hitachi Construction Machinery Co., Ltd.
- Built Robotics, Inc.
- Other Major & Niche Players
The study also provides a company’s positioning and market share in Autonomous construction equipment market.
Timeline Considered for Analysis:
- 2018: Base Year
- 2019: Estimated Year
- 2019 to 2024: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global Autonomous construction equipment market by the following segments:
- Level of Automation
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Autonomous Construction Equipment Industry Report
- What is the overall market size in 2018? What will be the market growth during the forecast period i.e. 2019-2024?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?