Autonomous Heavy Equipment Market Analysis

Product Type (Earth Moving Equipment, Material Handling Equipment, Concrete, Road Construction Equipment)

The market is segmented and analyzed for demand and supply by product type into earth-moving equipment, material handling equipment, and concrete & road construction equipment. Out of the three types of autonomous heavy equipment, the earth-moving equipment segment is estimated to gain the largest market share of about 41% in the year 2037. The major factor for market growth in the region is the increased undertaking of commercial and residential construction projects by the Asia Pacific government is expected to encourage the usage of autonomous equipment. It is evident that the increase in construction projects is the result of the growing industrialization and urbanization of a region, which is expected to contribute to market growth indirectly. According to the World Bank, the urban population comprised 56% of the total world population in 2019. Furthermore, the escalation in the quarrying and mining activities for bridging the gap between oil and demand is also anticipated to make use of earthmoving equipment the most. Some mostly used earthmoving equipment include backhoe loaders, mini excavators, crawler excavators, and skid-steer loaders. All these factors couple up to contribute positively to segment growth.

Application (Road Construction)

The global autonomous heavy equipment market is also segmented and analyzed for demand and supply by application into road construction, building construction, and others. Amongst these three segments, the building construction segment is expected to garner a significant share of around 46% in the year 2037. One of the major factors for segment growth is the rising demand for building construction by the burgeoning population for sustenance and survival which requires efficient autonomous heavy equipment for the smooth conduction of building construction processes. Furthermore, with rapid urbanization, the need for building construction has considerably grown in the past few years. This has attracted the attention of the government and key players to boost economic growth in the future. As a result, high investments are made in the building construction sector which is subsequently anticipated to bring lucrative growth opportunities in the upcoming years. For instance, the government of India announced a raise in capital expenditure for infrastructure development in 2023-24 to an amount equivalent to USD 122 billion in its Union Budget 2023. This raise also included the highest to date outlay for railroads, which amounts to USD 29 billion.

Our in-depth analysis of the global market includes the following segments: