Global Autonomous Construction Equipment Market To Reach Value Of $14 Billion In 2023 At Growth Rate Of 18.45%

The global autonomous construction equipment market is expected to decline from $9.53 billion in 2019 to $8.46 billion in 2020 at a rate of -11.28%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities. The market is then expected to recover and reach $14.05 billion in 2023 at a rate of 18.45%. Shortage in labor or skilled workforce is driving the autonomous construction equipment market. However, safety and cyber security issues have always been a major challenge in the autonomous construction equipment market.

The autonomous construction equipment market consists of sales of autonomous construction equipment which works on wireless communication technologies, receiving commands and reporting status. The equipment includes hardware retrofit and sensors added to get machine and process feedback, as well as knowledge of position and the surroundings. It assures benefits like improved safety, increased productivity, and reduced unscheduled maintenance.

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The global autonomous construction equipment market is further segmented based on type and geography.
By Autonomy: Partial/Semi-Autonomous
By Product Type: Earth Moving Equipment; Construction Vehicles; Material Handling Equipment; Concrete & Road Construction Equipment
By Application: Road Construction; Building Construction; Others
By Geography: The global autonomous construction equipment market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American autonomous construction equipment market accounts for the largest share in the global autonomous construction equipment market.

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Trends In The Autonomous Construction Equipment Market
Making existing equipment autonomous is the growing trend in autonomous construction equipment market. Companies are interested in automation, but implementation cost for deployment of technology is high. Therefore, construction companies are planning to rent autonomous machines – to stay competitive by using new technology without the potential barriers of high investments.
Autonomous Construction Equipment Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides autonomous construction equipment market overviews, analyzes and forecasts autonomous construction equipment market size and growth for the global autonomous construction equipment market, autonomous construction equipment market share, autonomous construction equipment market players, autonomous construction equipment market size, autonomous construction equipment market segments and geographies, autonomous construction equipment market trends, autonomous construction equipment market drivers and autonomous construction equipment market restraints, autonomous construction equipment market’s leading competitors’ revenues, profiles and market shares. The autonomous construction equipment market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.