Dublin, July 23, 2024 (GLOBE NEWSWIRE) -- The "Agriculture, Construction and Mining Machinery Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global agriculture, construction and mining machinery market reached a value of nearly $702.08 billion in 2023, having grown at a compound annual growth rate (CAGR) of 4.05% since 2018. The market is expected to grow from $702.08 billion in 2023 to $980.9 billion in 2028 at a rate of 6.92%. The market is then expected to grow at a CAGR of 6.78% from 2028 and reach $1.36 trillion in 2033.
Growth in the historic period resulted from rising demand from the agricultural industry and growth in urbanization and infrastructure development. Factors that negatively affected growth in the historic period include import restrictions and export bans and rising construction costs.
Going forward, the increase in mining exploration and extraction activities, growth in the construction industry, rise in industrial manufacturing and strong economic growth in emerging markets will drive the market. Factors that could hinder the growth of the agriculture, construction and mining machinery market in the future include high initial investment costs.
This report describes and explains the agriculture, construction and mining machinery market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The agriculture, construction and mining machinery market is segmented by type into construction machinery, agricultural implement and mining and oil and gas field machinery. The construction machinery market was the largest segment of the agriculture, construction and mining machinery market segmented by type, accounting for 41.28% or $289.84 billion of the total in 2023. Going forward, the mining and oil and gas field machinery segment is expected to be the fastest growing segment in the agriculture, construction and mining machinery market segmented by type, at a CAGR of 7.33% during 2023-2028.
The agriculture, construction and mining machinery market is segmented by operation into autonomous, semi-autonomous and manual. The manual market was the largest segment of the agriculture, construction and mining machinery market segmented by operation, accounting for 69.16% or $485.54 billion of the total in 2023. Going forward, the semi-autonomous segment is expected to be the fastest growing segment in the agriculture, construction and mining machinery market segmented by operation, at a CAGR of 7.54% during 2023-2028.
The machinery market is segmented by capacity into small, medium and large. The medium market was the largest segment of the machinery market segmented by capacity, accounting for 40.17% or $282.0 million of the total in 2023. Going forward, the medium segment is expected to be the fastest growing segment in the machinery market segmented by capacity, at a CAGR of 7.36% during 2023-2028.
Asia-Pacific was the largest region in the agriculture, construction and mining machinery market, accounting for 32.97% or $231.45 billion of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the agriculture, construction and mining machinery market will be South America and Africa, where growth will be at CAGRs of 16.98% and 14.30% respectively. These will be followed by the Middle East and North America, where the markets are expected to grow at CAGRs of 9.72% and 6.51% respectively.
The global agriculture, construction and mining machinery market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 37.59% of the total market in 2023. AB Volvo was the largest competitor with a 11.12% share of the market, followed by Deere & Company with 7.60%, Caterpillar Inc with 5.55%, CNH Industrial N.V with 3.14%, Atlas Copco AB with 2.68%, Doosan Corporation with 2.11%, AGCO Corporation with 2.05%, Hyundai Heavy Industries Co Ltd with 1.33%, Yanmar Co Ltd with 1.06% and Claas KGaA with 0.95%.
The top opportunities in the agriculture, construction and mining machinery market segmented by type will arise in the construction machinery segment, which will gain $121 billion of global annual sales by 2028. The top opportunities in the agriculture, construction and mining machinery market segmented by operation will arise in the manual segment, which will gain $184.62 billion of global annual sales by 2028. The top opportunities in the agriculture, construction and mining machinery market segmented by capacity will arise in the medium segment, which will gain $120.31 billion of global annual sales by 2028. The agriculture, construction and mining machinery market size will gain the most in the USA at $52.83 billion.
Market-trend-based strategies for the agriculture, construction and mining machinery market include focus on innovative products to drive revenue in the market, development of electric and hybrid machinery, use of telematics to enhance operational efficiencies and strategic partnerships and acquisitions among major players.
Player-adopted strategies in the agriculture, construction and mining machinery market include focus on strengthening business capabilities through strategic acquisitions and focus on strategic partnerships to improve business expertise.
To take advantage of the opportunities, the analyst recommends agriculture, construction and mining machinery companies to focus on product innovation to drive revenue, focus on electric and hybrid machinery, focus on implementing telematics systems for enhanced operational efficiency, focus on semi-autonomous and autonomous machinery segments, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and acquisitions for market expansion, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on leveraging mining growth to drive machinery demand and target construction industry companies.
Markets Covered:
1) by Type: Construction Machinery; Agricultural Implement; Mining and Oil and Gas Field Machinery
2) by Operation: Autonomous; Semi-Autonomous; Manual
3) by Capacity: Small; Medium; Large
Key Companies Mentioned: AB Volvo; Deere & Company; Caterpillar Inc.; CNH Industrial N.V.; Atlas Copco AB
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; agriculture, construction and mining machinery indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 471 |
| Forecast Period | 2021-2031 |
| Estimated Market Value (USD) in 2021 | $702.08 Million |
| Forecasted Market Value (USD) by 2031 | $1361.6 Million |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
A selection of other major companies mentioned in this report includes, but is not limited to:
- Doosan Corporation
- AGCO Corporation
- Hyundai Heavy Industries Co. Ltd.
- Yanmar Co. Ltd.
- Claas KGaA
- Hosver
- XCMG
- Horizon Construction Equipment
- SANY
- Balwaan Krishi
- Kawasaki Motors Corporation
- Kubota Corp
- Mahindra & Mahindra Limited
- LG Electronics Inc
- Tata Hitachi Construction Machinery Company Pvt Ltd
- Mitsubishi Agricultural Machinery
- Komatsu Mining Corp
- LiuGong Machinery Corp
- Shandong Juming Machinery Limited Company
- New Holland
- Sany UK
- Sandvik
- EXOR Group
- Case New Holland (CNH Industrial NV)
- Scania AB
- Liebherr Group
- Atlas Copco AB
- Sauer-Danfoss GmbH
- Ascom Group S.A.
- Poclain S.A.
- Bomag GmbH
- Huta Stalowa Wola (HSW)
- Bell Equipment
- Bobcat
- FAMUR Group
- Ursus
- Case IH
- Pronar
- Liebherr-Mining Equipment Colmar SAS
- General Electric Company
- Bell Trucks America
- Pronto AI
- Eclipse Automation Inc.
- Marble Robot Inc.
- Cummins Inc.
- Honeywell International Inc.
- Stanley Black & Decker Inc.
- Bourgault Industries Ltd.
- Waycon Manufacturing Ltd.
- Parker Hannifin Corporation
- Alpek Machine Works Inc.
- K.A. Group
- Buhler Industries Inc
- Agrale
- Industrias Romi SA
- Epiroc AB
- XCMG Group
- Mining Tag S.A.
- Randon S.A.
- WEG Industries
- Embraer S.A.
- Italbronze Ltda.
- Al-Bahar
- Al-Futtaim Auto & Machinery Company
- Jaidah Group
- Global Equipment Trading
- Olayan Financing Company
- Saudi Diesel Equipment Company
- Galadari Trucks & Heavy Equipment Co. Ltd.
- United Motors & Heavy Equipment Co. LLC.
- Mantrac Group
- Rema Tip Top Middle East
- Ivanhoe Electric Inc.
- Atlas Copco Middle East
- BHBW South Africa (Pty) Ltd
- Weco Proprietary Limited
- Hinduja Group
- John Deere Africa
- Massey Ferguson Africa (AGCO)
- Barloworld Equipment
- ELB Equipment
- Hitachi Construction Machinery Africa
- Sandvik Mining and Rock Technology
- Komatsu Africa Holdings
- Epiroc South Africa
For more information about this report visit https://www.researchandmarkets.com/r/kzkstt
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