PUBLISHER: Grand View Research | PRODUCT CODE: 1433603
PUBLISHER: Grand View Research | PRODUCT CODE: 1433603
The global construction equipment market is expected to reach USD 363.23 billion by 2030 and is anticipated to grow at a CAGR of 8.4% during the forecast period, according to a new report by Grand View Research, Inc. The increasing investments made by governments across the globe in the development of public infrastructure is one of the major factors expected to fuel the market growth. Additionally, the demand for construction equipment is predicted to rise owing to the increased residential and commercial construction activity caused by the growing population in emerging countries.
Due to stricter emissions rules and expensive fuel prices, the construction industry is rapidly shifting to electric solutions. International legislative challenges, the exponential growth of suppliers and services catering to the rising demand for electric construction equipment, and the emergence of new technologies such as advances in battery technology have reduced the price of manufacturing electric construction equipment, making it more affordable for OEMs of all sizes. For instance, the European (EU) Stage V Emission Regulations and the China VI Emission Standard serve as illustrations of the effort to reduce exhaust emissions from mobile equipment used off-road.
The introduction of advanced telematics systems represents a significant breakthrough for the construction industry. The latest telematics systems facilitate seamless remote monitoring and control of construction equipment. For instance, in April 2023, Bobcat Company announced the launch of its latest innovation, the Machine IQ telematics system, which allows users to access the information of their machines anytime, anywhere, and using any device. By leveraging Bobcat Company's Machine IQ telematics system, users can remotely monitor the health of their machines; track vital data; and optimize maintenance, security, and performance to maximize productivity while safeguarding their valuable investment.
Manufacturers are focusing on enhancing operator comfort, productivity, safety, and visibility by integrating innovative technologies in wheel loaders. For instance, in June 2023, DEVELON, a brand of HD Hyundai Infracore, introduced 7 Series wheel loaders in North America at CONEXPO-CON/AGG 2023. The loader provide enhanced operator productivity, safety, and visibility. The loader is equipped with technologies such as object detection Around View Monitor (AVM) camera system and transparent bucket.