The autonomous heavy equipment market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Increasing investment in the construction and manufacturing unit and rapid urbanization is expected to fuel this market's progress. The growth of the market can also be attributed to the increasing innovation in the field of technology, for instance, involvement of robots. Mortenson, a U.S.-based, leading renewable energy contractor and developer, in June 2019 has declared a strategic partnership with a San Francisco-based developer of autonomous robotic equipment technology to build robotics. Robotics upgrade kits for common construction equipment such as skid steers, bulldozers, and excavators.
Covid-19 has impacted the market due to shortage in supply chain, shortage in skilled labour and various restriction from government. However, improvement in economy post COVID-19 are expected to drive the market.
On the basis of type, the market is segmented into partial/semi-Autonomous and fully autonomous. Out of which, partial/semi-autonomous holds the highest share in the market due to its lower cost and less maintenance. Although, with the increasing technology, fully autonomous is also expanding its business. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of product type, the market is segmented into earth moving equipment, material handling equipment, and concrete and road construction equipment, out of which earth moving equipment holds the highest revenue in the market because they exhibit a wide range of earthworks like removing dirt and rocks, demolition works, laying foundations, and grading soil. There are various types of earth-moving equipment like excavators, backhoe loaders, bulldozers, skid-steer loaders, and trenchers.
On the basis of application, the market is segmented into road construction, building construction and others. However, building construction holds a major share in the market. Increasing population, increasing investment in industrialization, and rapid urbanization is to fuel the market. Although, with all this, road construction is also expanding its business.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period, while India is projected to be the fastest-growing country in the region for the heavy construction equipment market owing to the increasing population, rapid urbanization and increasing investment of government and private organization in industrialization. The Indian government introduced various schemes like Housing for all by 2022, PMAY, and Smart Cities Mission which are increasing the demand of autonomous heavy equipment market in India.
Although, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, followed by Europe. Due to the presence of large companies in the region.
The global autonomous heavy equipment market is further classified on the basis of region as follows:
Our in-depth analysis of the global autonomous heavy equipment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing investment in the construction and manufacturing unit and rapid urbanization are major factors of growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
High cost of equipment, high maintenance and strict government laws are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing population, increasing industrialization and rapid urbanization.
The major players dominating the autonomous heavy equipment market are 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 and among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by automation level, product type, by application and region.
With respect to application, the buiding construction segment is anticipated to hold the largest market share owing to the growing population, and rapid urbanization.
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