Agriculture, Construction, And Mining Machinery Market: Enhancing Operational Efficiencies And Reducing Production Costs
Agriculture, Construction, And Mining Machinery Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Growth Trajectory Is The Agriculture, Construction, And Mining Machinery Market Expected To Follow?
The global agriculture, construction, and mining machinery market has been showing a consistent surge over the recent years. Market projections estimate a growth from $732.9 billion in 2023 to $790.98 billion in 2024, with a compound annual growth rate CAGR of 7.9%. The strong growth during the historic period can largely be ascribed to global population growth, the rise in mechanized agriculture, increasing urbanization, widespread mining exploration and extraction, rigid environmental regulations, and expansion of globalization and trade.
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What Are The Key Drivers And Trends Fueling The Growth Of Agriculture, Construction, And Mining Machinery Market?
Looking ahead, the agriculture, construction, and mining machinery market size is slated for more growth in the immediately following years. It is predicted to surge to $1055.79 billion in 2028 at a compound annual growth rate CAGR of 7.5%. This growth forecast can primarily be linked to advancements in autonomous machinery, launch of robust infrastructure development projects, circular economy practices, adoption of energy-efficient construction practices, and a heightened focus on safety standards. The major trends in this period involve emission control technologies, human-machine collaboration, industry-specific customization, electric and hybrid solutions, and mining automation and robotics. These market drivers are effectively supplemented by predictable economic growth in many developed and developing countries.
For instance, the International Monetary Fund IMF, a US-based financial agency, has reported that China’s gross domestic product GDP increased from $17.75 trillion in 2021 to $18.1 trillion in 2022. Furthermore, the emerging markets and developing economies signaled a growth of 6.1% in 2022, up from 3.9% in 2020. As commodity prices recover from a significant historic decline, it is further expected to fuel the market growth. Developed economies are also slated for stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow at rates slightly higher than developed markets during the same period. Stable economic growth is expected to stimulate investments in end-user markets, thereby driving the market during the forecast period.
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Who Are The Key Players In The Market?
The agriculture, construction, and mining machinery market is home to industry titans such as 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, and Atlas Copco AB. Others include 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, and Schnieder-Werkerle GmbH.
Are There New Industry Innovations?
In an interesting trend, agriculture equipment companies are offering telematics systems to farmers. This facilitates wireless transfer of data between the equipment and its users. Telematics technology enables the collection of data from farm equipment operating in a field and its real-time transfer to customers via the internet. This function allows farmers to remotely gather and manage information from their field equipment, boost operational efficiencies, and cut production costs. An example of this approach was seen in April 2023 when Bobcat, a U.S.-based manufacturer of farm and construction equipment, introduced the Machine IQ telematics system, giving customers 24/7 access to their machine information from any device. Users could check their machines' health and remotely track data to improve maintenance, security and performance from their smart devices or laptops.
How is the Market Segmented?
The agriculture, construction, and mining machinery market presented in this report is segmented by type into Construction Machinery, Agricultural Implement, Mining And Oil And Gas Field Machinery. By operation, the market is divided into Autonomous, Semi-Autonomous, Manual. It is further analyzed by capacity into Small, Medium, Large segments. Notable subsegments include Earthmoving, Material Handling, Building & Road Construction Equipment, Farm Machinery And Equipment, Sanitary Paper Product, Stationery Products, Paper Bag And Coated And Treated Paper, Oil & Gas Field Machinery And Equipment, Mining Machinery And Equipment.
Regional Insights
In 2023, the Asia-Pacific region emerged as the largest player in the agriculture, construction, and mining machinery market. Closely trailing it, Western Europe became the second-largest region of the market. The comprehensive report covers the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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