Construction Equipment Market Trends

Growth Drivers

• Growing Installation of Construction Equipment in Infrastructure Sector - Increasing urbanization, population growth, technical progress, a need for modernization of infrastructure, and increased focus on developing environmentally sustainable projects are driving the development of an industrial sector. In addition, the market for construction equipment has continued to rise steadily in line with an increase in new purchases as a result of increasing construction projects and proposed new investments in the building sector. The demand for construction equipment is expected to increase over the forecast period due to these planned investments and a growing infrastructure development activity.
• Government Orders Telematics and E-Call Services - Many technological developments are being made in the construction equipment market to produce more dependable and optimal goods. Due to the repetitious, time-sensitive, and physically exact nature of the activities, the off-highway industry is gradually adopting autonomous technology. Construction equipment now requires more automation as a result of this. Manufacturers are harnessing radio waves from other gadgets to create wireless, autonomous construction machines that can block communication, receive commands, and report situations. It promises more safety, less unscheduled maintenance, and increased production. As a result, the sector would have a profit opportunity as autonomous construction equipment gained popularity.
• Adoption of Technologically Advanced Equipment - Technological improvement and more fuel-efficient equipment are called for by consumers around the globe to supplement their construction activities. Improved equipment will reduce labor costs, monitor the work carried out at all stages of the process, and result in lower operational costs. In view of new values that fully exploit ICT and Internet of Things (IoT) technologies, players are looking for ways to expand their business domain through the provision of products, services, or solutions. In addition, they take part in the design and deployment of sophisticated equipment that can satisfy their customers' needs as well as solve problems related to society and the environment.

Challenges

• Limited Battery Capacity in Electric Equipment - The battery is the most extensive component of an electrical construction vehicle, which can have a significant effect on machine performance and maneuverability due to its size and weight. The bigger batteries can extend the duration of operation by adding weight but also make it harder for the machine to move and maneuver. Moreover, the adoption of electric construction equipment remains a major barrier to battery costs. Lithium-ion batteries have been declining over the past several years, but they remain too costly to compete with existing diesel engines. Moreover, the time involved in charging electric construction equipment might be a major inconvenience. It can take a few hours to charge an entire battery, according to its capacity and charger power. It can make it hard to use electrical construction equipment on long or ongoing projects. Consequently, it is expected that the battery threats for electrical construction equipment will pose a challenge to this market.
• Strict Regulations and International Trade Policies May Hinder the Growth of the Market
• Concerns Regarding Environmental Imbalance While Using Construction Equipment May Hamper the Market Growth