Report Code: A10124 | Nov 2023 | Pages: NA | ||
Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Construction Vehicles Market
Request Now !Construction vehicles are large and utilized for multiple tasks such as transport of goods, mining, excavation, and others. These vehicles are prone to accidents due to their large sizes and complicated applications. With a high number of blind spots, the safety concerns increase, which propel the use of radars in these vehicles to alert the driver of various threats. Safety and security have become the topmost priority for travelers and the government. There has been a shift in the auto industry toward advanced technologies and advanced driver assistance systems (ADAS), which is anticipated to drive the market growth over the forecast period.
COVID-19 scenario analysis:
The top impacting factors of the market are rise in the construction & infrastructure industry and growth in popularity toward robust & compact equipment. However, decreased deal value of construction equipment projects can hamper the growth of the market. Furthermore, electric and autonomous construction equipment is expected to create lucrative opportunities in the construction vehicles market over the forecast period.
The construction vehicles market trends are as follows:
The demand for autonomous driving vehicles has significantly increased, with increasing use of commercial vehicles and rise in safety concerns regarding these vehicles, thereby leading to the adoption of construction vehicles over the forecast period. In addition, there is increase in infrastructure investments due to significant demand for hospitals, other medical facilities, laboratories, and shipping & logistics infrastructure.
The advanced driver assistance systems (ADAS) has significantly grown in the last few years with the ability to classify objects with features such as ACC, AEB, lane keep assist, and lane departure warning using a single-lens camera, which makes it cost-effective. This is also the primary reason that drives the growth of the construction vehicles market. Further, rise in urbanization across the world is increasing the demand to build infrastructure such as residential and transportation. Therefore, factors, such as strict government regulations and carbon emissions, are anticipated to restrain the construction vehicles market growth over the forecast period.
Key benefits of the report:
Questions answered in the market research report:
Construction Vehicles Market Report Highlights
Aspects | Details |
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By Solution |
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By Equipment |
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By Type |
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By Application |
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By Region |
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By Industry |
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Key Market Players | Liebherr-International AG, Komatsu Ltd., CNH Industrial N.V., Caterpillar Inc., J C Bamford, Xuzhou Construction Machinery Group Co. Ltd., Doosan Infracore Co. Ltd., Deere & Company, AB Volvo, Hitachi Ltd. |
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