Autonomous Construction Equipment Market Trends

Growth Drivers

• Growing Environmental Awareness – The market is expected to continue growing in the coming years due to increasing air pollution worldwide. A recent survey of 24 countries found that more than 50% of people are more aware of their environmental impact, and more than 30% will be more aware of their impact in 2021 to address environmental and sustainability issues. Also, they are ready to take personal action on the issues.
• Rise in Occupational Injuries – It is estimated that an increase in traffic accidents worldwide is driving market growth. Every year, worldwide, around 150 million work-related illnesses and about 320 million work-related injuries take place.
• Increasing Demand for Autonomous Technology – Rising awareness of human safety is expected to drive autonomous construction equipment market growth. By 2029, more than 70% of cars will be fully self-driving, making our roads safer by reducing accidents and saving more lives around the world.

Challenges

• High Cost of Equipment and its Maintenance – The high cost of equipment is expected to slow down the market expansion. For instance, technology deployment of these equipment comes with a significant implementation cost, which rises with the overall expense.
• Strict Government Standards
• Lack of Skilled Labour