Global Autonomous Construction Equipment Market Set for Significant Growth, Forecasted to Reach $20.33 Billion by 2027

The Business Research Company's Autonomous Construction Equipment Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, December 12, 2023 /EINPresswire.com/ -- The global autonomous construction equipment market is poised for robust growth, with the market size projected to increase from $11.86 billion in 2022 to $14.05 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 18.5%. Looking ahead, the market is expected to reach $20.33 billion by 2027, maintaining a CAGR of 9.7%.

The global autonomous construction equipment market is witnessing substantial segmentation to meet diverse industry needs:
1. By Autonomy:
• Partial/Semi Autonomous
• Fully Autonomous

2. By Product Type:
• Earth Moving Equipment
• Construction Vehicles
• Material Handling Equipment
• Concrete & Road Construction Equipment

3. By Application:
• Road Construction
• Building Construction
• Other Applications

Key Driver: Combating Labor Shortages
Construction companies worldwide are grappling with heavy equipment operator shortages, leading manufacturers to focus on technology such as robotics and automation. The primary objectives include overcoming labor shortages, accelerating project completion, minimizing wastage, and achieving high yields with improved quality. Automation of construction equipment, especially in remote areas and for repetitive tasks in regions facing significant labor shortages, is viewed as a viable solution. The shortage of skilled labor is identified as a driving force behind the growth of the autonomous construction equipment market.

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Major Players Leading the Industry
Prominent players in the autonomous construction equipment market include 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.

Trends: Making Existing Equipment Autonomous
An emerging trend in the autonomous construction equipment market is the focus on making existing equipment autonomous. Construction companies are exploring ways to automate their machinery while avoiding high initial investments. Renting autonomous machines is becoming a popular strategy to leverage new technology without the financial barriers associated with equipment purchases. Built Robotics, for instance, offers a manufacturer-agnostic solution, enabling clients to automate their machines and make them autonomous without sacrificing manual operating capabilities.

Regional Dynamics: Asia-Pacific Leading Market
Asia-Pacific stands as the largest region in the autonomous construction equipment market in 2022, with North America following as the second-largest region. The regions covered in the global autonomous construction equipment market analysis report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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https://www.thebusinessresearchcompany.com/report/autonomous-construction-equipment-global-market-report

Autonomous Construction Equipment Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Autonomous Construction Equipment Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on autonomous construction equipment market size, autonomous construction equipment market drivers and trends, autonomous construction equipment market major players, competitors' revenues, market positioning, and market growth across geographies. The autonomous construction equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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