PUBLISHER: The Business Research Company | PRODUCT CODE: 1435260
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435260
Agriculture, construction, and mining machinery encompass machinery specifically designed for use in the agriculture, construction, and mining industries.
The primary types of agriculture, construction, and mining machinery include construction machinery, agricultural implements, and mining and oil and gas field machinery. The construction machinery market pertains to equipment related to construction, involving various operations such as autonomous, semi-autonomous, and manual. Additionally, these machines come in various capacities, ranging from small to medium and large.
The agriculture, construction, and mining machinery market research report is one of a series of new reports from The Business Research Company that provides agriculture, construction, and mining machinery market statistics, including agriculture, construction, and mining machinery industry global market size, regional shares, competitors with agriculture, construction, and mining machinery market share, detailed agriculture, construction, and mining machinery market segments, market trends and opportunities, and any further data you may need to thrive in the agriculture, construction, and mining machinery industry. This agriculture, construction, and mining machinery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The agriculture, construction, and mining machinery market size has grown strongly in recent years. It will grow from $732.9 billion in 2023 to $790.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed during the historical period can be attributed to factors such as global population growth, the increase in mechanized agriculture, urbanization trends, mining exploration and extraction activities, the impact of environmental regulations, and the influence of globalization and trade.
The agriculture, construction, and mining machinery market size is expected to see strong growth in the next few years. It will grow to $1055.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be attributed to advancements in autonomous machinery, ongoing infrastructure development projects, the adoption of circular economy practices, the implementation of energy-efficient construction practices, and a heightened focus on safety standards. Major trends expected in the forecast period encompass the integration of emission control technologies, enhanced human-machine collaboration, customization tailored for specific industries, the increasing use of electric and hybrid solutions, and the growth of mining automation and robotics.
The agriculture, construction, and mining machinery manufacturing market is anticipated to experience growth, supported by the projected stable economic growth in both developed and developing nations. Notably, China's gross domestic product (GDP) showed an increase from $17.75 trillion in 2021 to $18.1 trillion in 2022, according to the International Monetary Fund (IMF). The emerging markets and developing economies are forecasted to grow, contributing to increased investments in end-user markets and fostering market expansion. Additionally, the recovery of commodity prices post a historic decline is expected to further boost market growth.
Anticipated growth in the construction industry is poised to drive the agriculture, construction, and mining machinery market. The construction sector's expansion creates a domino effect, leading to heightened demand for heavy machinery, technological advancements, customization for specific applications, modernization, and increased support for global infrastructure projects. In 2021, the UK's construction sector witnessed a significant annual increase of 12.7%, with a 2.0% monthly rise in construction output in December 2021. This growth contributes to the overall expansion of the agriculture, construction, and mining machinery market.
The COVID-19 pandemic acted as a substantial restraint on the agriculture, construction, and mining machinery manufacturing market in 2020. Disruptions in supply chains due to trade restrictions and a decline in manufacturing activity amid global lockdowns negatively impacted the market. Despite these challenges, the market is expected to recover over the forecast period, considering the pandemic as a 'black swan' event unrelated to fundamental weaknesses in the market or the global economy.
In response to evolving agricultural needs, equipment companies are introducing telematics systems that facilitate wireless data transfer between equipment and users. This technology enables farmers to collect and manage real-time data remotely, enhancing operational efficiency and reducing production costs. For example, Bobcat launched the Machine IQ telematics system, providing customers with continuous access to their machine information for maintenance, security, and performance enhancement.
Major companies in the agriculture, construction, and mining machinery market are focusing on innovation, developing electric and hybrid machinery to maintain their market position. Electric and hybrid equipment offers environmentally friendly alternatives to traditional internal combustion engines. Sany UK introduced the SY19E, an electric mini excavator, while Caterpillar launched a hybrid wheel loader, both aimed at reducing fuel consumption and emissions. These innovations align with the industry's commitment to sustainability and efficiency.
Major companies operating in the agriculture, construction, and mining machinery market report are LG Electronics Inc., Caterpillar Inc., Deere & Company, Zoomlion Heavy Industry Science and Technology Co. Ltd., Volvo AB, EXOR Group, Komatsu Ltd., Case New Holland, CNH Industrial NV, Scania AB, Kubota Corp., Mahindra & Mahindra Limited, Liebherr Group, Atlas Copco AB, AGCO Corporation, Massey Ferguson Limited, Sauer-Danfloy GmbH, Alamo Group Incorporated, Sany Group, Astec Industries Inc., Kawasaki Motors Corporation, Berco S.p.A., Scyscaps, Ascom Group S.A., Poclain S.A., Bennington Company, Bomag GmbH, Seppi, SampoRlei SpA, Schnieder-Werkerle GmbH
The Asia-Pacific was the largest region in the agriculture, construction, and mining machinery market in 2023. Western Europe was the second largest region in the agriculture, construction, and mining machinery market. The regions covered in the agriculture, construction, and mining machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the agriculture, construction, and mining machinery market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The agriculture, construction, and mining machinery market consist of sales of machinery including farm machinery and equipment, power mowing equipment, and other powered home lawn and garden equipment, construction machinery, surface mining machinery, logging equipment, and oil and gas field and underground mining machinery and equipment. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Agriculture, Construction, And Mining Machinery Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on agriculture, construction, and mining machinery market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for agriculture, construction, and mining machinery ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The agriculture, construction, and mining machinery market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.