Agriculture, Construction and Mining Machinery Global Market Report 2024: Key Trends Include Emission Control Technologies, Enhanced Human-Machine Collaboration and Electric and Hybrid Solutions

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Mar 06, 2024, 11:00 ET

DUBLIN, March 6, 2024 /PRNewswire/ -- The "Agriculture, Construction, and Mining Machinery Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.

The agriculture, construction, and mining machinery market size has grown strongly in recent years, 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 market size is expected to continue to grow 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.

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.

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.

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.

Report Scope

Markets Covered:

By Type: Construction Machinery; Agricultural Implement; Mining and Oil and Gas Field Machinery
By Operation: Autonomous; Semi-Autonomous; Manual
By Capacity: Small; Medium; Large

Subsegments Covered: 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

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita

Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments

Companies Profiled

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

For more information about this report visit https://www.researchandmarkets.com/r/874ghk

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