Lucintel's latest market report analyzed that smart construction equipment provides attractive opportunities in the residential, commercial, and infrastructure sectors. The smart construction equipment market is expected to reach $XX billion by 2028 with a CAGR of 4% to 6%. In this market, material handling equipment & cranes is the largest segment by equipment type, whereas residential is largest by application. Rapid industrialization, urbanization, and emergence of construction equipment rental services provides strategic growth path in this market.
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Based on equipment type, the smart construction equipment market is segmented into earthmoving, material handling equipment & cranes, concrete, road building, civil engineering, crushing & screening, and others. The material handling equipment & cranes segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to the rising infrastructure projects worldwide and increasing urban population.
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The Smart Construction Equipment Market is marked by the presence of several big and small players. Some of the prominent players offering smart construction equipment include Caterpillar, Komatsu, Deere, Volvo Construction Equipment, SANY Group Company Ltd., Hitachi Construction Machinery, and Doosan.
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