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Construction Equipment Market: Opportunities and Challenges

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Construction Equipment Market: Opportunities and Challenges

October 09
21:41 2019
Construction Equipment Market: Opportunities and Challenges

Major players covered in the construction equipment market study are Caterpillar (US), Komatsu (Japan), Terex (US), CNH Industrial (the Netherlands), Liebherr (Switzerland), JCB (UK), and Hitachi Construction Machinery (HCM).
The construction equipment market is projected to grow at a CAGR of 4.52%, to reach a market size of USD 199.18 Billion by 2025.

The construction equipment market is projected to grow at a CAGR of 4.52% during the forecast period, to reach a market size, in terms of value, of USD 199.18 Billion by 2025 from USD 140.53 Billion in 2017.

Autonomous construction equipment to bring changes in the construction industry during the forecast period

The construction equipment is an important requirement of the construction business. It is required to perform several infrastructural activities. To revolutionize this product, the concept of self-driving or autonomous equipment is gaining traction in the recent years. The autonomous concept will allow the operators to manage the machines instead of just working on the field. The autonomous equipment is equipped with GPS devices, sensors (radar and LiDAR), and video cameras to control the functioning of the vehicle remotely with the help of a tablet or smartphone. The self-driving equipment can do several tasks. Safety is another major reason why contractors are responding well to the automated equipment. The autonomous equipment works with the help of high-end technology such as LiDAR, RADAR, advanced telematics, and sensor-based solutions, which increases the incremental cost of technology and implementation.

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Big players such as Komatsu, Caterpillar, Hitachi, and Volvo are already working toward the development of this project.

The constant R&D efforts by construction equipment manufacturers to modernize the industry will offer favorable opportunities for manufacturers and propel the market of the autonomous construction equipment in the coming years.

Lack of standardization and high production cost are major challenges for manufacturers

The local or regional manufacturers in the construction equipment market must abide by the norms or emission standards regulated by the governing body. However, as emission regulations vary in different regions, a lack of standardization for engine technology hampers the export of these systems. For instance, while the reduction of emission is a mandatory requirement in Europe, the developing countries such as South Africa have no such requirement. Sometimes, this lack of standardization prevents manufacturers from sourcing raw materials or inventory, which also hampers the export business. The manufacturers thus produce a low volume, which results in high manufacturing cost. On the other hand, the European Commission and EPA have mandated the upgrading of engine technology to stage III/IV/V and Tier 3/4. This has increased the demand for aftertreatment devices such as SCR and DPF, which comply with the upgraded technology.

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Also, the demand for equipment depends on the new construction activities or the approval of the infrastructural projects. Thus, the cost of production is high due to the low volume of production. Thus, a lack of standardized technical norms and the high cost of manufacturing are hindering the construction equipment market.

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