(MENAFN- GlobeNewsWire - Nasdaq) Dublin, June 08, 2023 (GLOBE NEWSWIRE) -- The "autonomous construction equipment global market opportunities and strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The global autonomous construction equipment market reached a value of nearly $11,862.88 million in 2022, having grown at a compound annual growth rate (CAGR) of 9.1% since 2017. The market is expected to grow from $11,862.88 million in 2022 to $20,330.80 million in 2027 at a rate of 11.4%. The market is then expected to grow at a CAGR of 9.4% from 2027 and reach $31,840.99 million in 2032.
Growth in the historic period resulted from strong economic growth in emerging markets, increasing infrastructure development, an increased need for safety in construction and a rise in industrialization.
Going forward, rapid urbanization, a rise in construction activities and increasing government support will drive market growth. Factors that could hinder the growth of the autonomous construction equipment market in the future include a rise in interest rates, a lack of skilled workers, the Russia-Ukraine war and safety and cyber security issues.
The autonomous construction equipment market is segmented by autonomy into partial or semi-autonomous and fully autonomous. The partial or semi-autonomous market were the largest segment of the autonomous construction equipment market segmented by autonomy accounting for 94.9% of the total in 2022. Going forward, and fully autonomous market is expected to be the fastest growing segment in the autonomous construction equipment market segmented by autonomy, at a CAGR of 41.9% during 2022-2027.
The autonomous construction equipment market is segmented by product type into earth moving equipment, construction vehicles, material handling equipment, and concrete and road construction equipment. The earth moving equipment market was the largest segment of the autonomous construction equipment market segmented by product type accounting for 41.3% of the total in 2022. Going forward, the earth moving equipment market is expected to be the fastest growing segment in the autonomous construction equipment market segmented by product type, at a CAGR of 12.2% during 2022-2027.
The autonomous construction equipment market is segmented by application into road construction, building construction and other applications. The building construction market was the largest segment of the autonomous construction equipment market segmented by application accounting for 47.8% of the total in 2022. Going forward, the other applications market is expected to be the fastest growing segment in the autonomous construction equipment market segmented by application, at a CAGR of 9.6% during 2022-2027.
Asia Pacific was the largest region in the autonomous construction equipment market, accounting for 36.8% of the total in 2022. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the autonomous construction equipment market will be North America and Western Europe, where growth will be at CAGRs of 29.5% and 21.2% respectively. These will be followed by the Middle East and Eastern Europe, where the markets are expected to grow at CAGRs of 4.9% and 4.1% respectively.
The autonomous construction equipment market is concentrated, with large players. The top ten competitors in the market made up to 78.79% of the total market in 2021. Caterpillar Inc was the largest competitor with 28.69% share of the market, followed by Komatsu Limited with 23.20%, Volvo Group with 10.58%, Hitachi Construction Machinery Co., Ltd. with 6.76%, Doosan Corporation with 6.00%, CNH Industrial with 2.46%, Deere & Company with 0.94%, Royal Truck & Equipment with 0.05%, Autonomous Solutions Inc with 0.05% and Built Robotics, Inc. with 0.05%.
The top growth potential in the autonomous construction equipment market segmented by autonomy will arise in the partial or semi-autonomous segment, which will gain $5,583.6 million of global annual sales by 2027. The top growth potential in segment by type of product type will arise in the earth moving equipment segment, which will gain $3,811.5 million of global annual sales by 2027. The top growth potential in segment by application will arise in the other applications segment, which will gain $4,316.9 million of global annual sales by 2027. The autonomous construction equipment market size will gain the most in China at $2,113.0 million.
Market-trend-based strategies for the autonomous construction equipment market 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.
Player-adopted strategies in the autonomous construction equipment market include focus on strengthening business operations through strategic acquisitions, developing new products and solutions in the civil engineering and construction industries through strategic collaborations and partnerships, strengthening autonomous construction equipment business through the development of innovative solutions and strengthening business operations through strategic investments.
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Description:
Where is the largest and fastest growing market for autonomous construction equipment? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The autonomous construction equipment market global report answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider autonomous construction equipment market; and compares it with other markets.
The report covers the following chapters
Introduction and Market Characteristics
Brief introduction to the segmentations covered in the market, definitions, and explanations about the autonomous construction equipment market.
Highlights the major trends shaping the global autonomous construction equipment market. This section also highlights likely future developments in the market.
Global Market Size and Growth
Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
Contains the market values (2017-2032) and analysis for each segment by autonomy, by product type and by application in the market.
Regional Market Size and Growth
Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Key Mergers and Acquisitions
Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
Market Opportunities and Strategies
Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
Conclusions and Recommendations
This section Includes recommendations for autonomous construction equipment providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Key Attributes:
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