DELRAY BEACH, Fla., Nov. 12, 2024 /PRNewswire/ -- The Autonomous Construction Equipment Market is projected to grow from USD 4.43 billion in 2024 to USD 9.86 billion by 2030, at a CAGR of 14.3%, according to a new report by MarketsandMarkets. The growth of the autonomous construction equipment market can be attributed to rising labor costs and their advantages in remote environments. This equipment also come with benefits such as cost efficiency, improved workplace safety, and a shift towards low-emission equipment. Alternatively, higher initial investments, regulatory compliance challenges, and infrastructure limitations are a few restraining factors that hinder the widespread adoption of autonomous construction equipment.
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Farm Tractors are estimated to have the largest market share in the autonomous construction equipment.
Farm tractors are projected to lead the equipment segment for autonomous construction equipment. The demand is mainly driven by the shortage of skilled workforce, leading to increased labor costs, the need for these equipment mainly in vineyards, and a growing emphasis on precision agriculture. These tractors are effective for various applications, including crop tillage, seeding, and precision harvesting. Smaller tractors (<30 hp) are widely offered with autonomous functionality for crops such as grapes and strawberries. The most important reason is the high cost of labor in vineyards. According to certain secondary sources, it can be as high as $1000 per acre. Autonomous tractors can enhance efficiency and reduce dependency on manual labor. The transition from traditional farming methods to organized and contractual farming will likely reduce dependence on manual labor. Also, the gap in each row for these crops is narrow, usually 6-8 feet, due to which these lightweight, small autonomous tractors reduce the soil compaction, operate precisely without damaging these cash crops used in vineries, and boost crop production.
Additionally, the growing emphasis on efficiency, productivity, and advancements in agricultural technology is expected to boost the demand for autonomous tractors.
Electric autonomous construction equipment are projected to be the fastest-growing segment.
Electrically driven semi- & fully autonomous construction equipment will grow fastest by 2030. The focus on improved productivity and worker safety and developing environmentally sustainable vehicles drive this market growth. Electric excavators and loaders are a few prime electric construction equipment with autonomous features like automated digging, automated grade control systems, etc. Furthermore, equipment like excavators & haul trucks operate with zero noise, which is critical in urban localities, and interact with respective equipment at the working site while monitored and managed from a centralized onsite control room. Additionally, electric propulsion of other equipment like farm tractors, haul trucks, and dozers with autonomous technology may bring promising growth opportunities. Though the adoption of electrically-propelled autonomous construction equipment is in the infancy stage, ongoing key developments in battery technology, enabling longer operational ranges and faster charging times, may help fuel the adoption. The integration of complex sensors and software required for autonomous functions in electric powered vehicles are easy compared to ICE powertrain due to simpler powertrain structure. Further, autonomous driving can help optimize the energy consumptions in EVs with different autonomous features which will lead to increase in efficiency. Also, advancements in cameras, sensors, and data compression technology can enhance performance and efficiency, spurring the market demand for electric autonomous construction equipment.
Americas will hold the largest market share during the forecast period.
Americas is estimated to have the largest market share in the autonomous construction equipment market during the forecast period. Key driving factors supporting the Americas market dominance include significant investments in research and development by OEMs & technology providers, favorable regulatory environments, and the rising need for automation to address labor shortages. The region has a robust infrastructure and a growing demand for mined materials such as metal, gold, copper, lithium, etc. This has prompted improved process efficiency and drawn the attention of fleet operators and OEMs to invest & develop automated equipment, primarily repetitive tasks. Prominent manufacturers such as Caterpillar and John Deere and players from other regions like Komatsu, Volvo, Hyundai, and Liebherr are transforming by continuously enhancing their product offerings with advanced technologies like artificial intelligence and machine learning. Hence, the strategic collaboration between leading equipment manufacturers and technology giants to support the growing demand for efficient operations in industries like construction, mining, and agriculture is accelerating the market growth of the autonomous construction equipment market in the region.
Key Market Players Autonomous Construction Equipment Industry:
The major players in the autonomous construction equipment market are Deere & Company (US), CNH Industrial (UK), Caterpillar (US, Komatsu Ltd (Japan), Liebherr Group (Switzerland), Hitachi Construction Machinery Co., Ltd (Japan), Volvo Construction Equipment (Sweden), Doosan Bobcat (South Korea), Built Robotics (Us), HD Hyundai (South Korea), and Sandvik (Sweden)
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This report provides insights on:
- Analysis of key drivers (Growth in infrastructure development and mining activities, and rising automation in vineyards), restraints (high initial investment), opportunities (Advancements in AI and Machine learning), and challenges (Cybersecurity Risks).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the autonomous construction equipment market.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the autonomous construction equipment market
- Competitive Assessment: In-depth assessment of market share analysis, growth strategies, and product offerings of leading players in the autonomous construction equipment market, such as Deere & Company (US), CNH Industrial (UK), Caterpillar (US, Komatsu Ltd (Japan), Liebherr Group (Switzerland), Hitachi Construction Machinery Co., Ltd (Japan), Volvo Construction Equipment (Sweden), Doosan Bobcat (South Korea), Built Robotics (Us), HD Hyundai (South Korea), and Sandvik (Sweden).
Related Reports:
Construction Equipment Market - Global Forecast to 2030
Electric Construction Equipment Market - Global Forecast 2030
Industrial Vehicles Market - Global Forecast to 2030
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