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
Find out more here: Autonomous Construction Equipment Global Market Opportunities and Strategies to 2032
