Global Connected Construction Machine Shipments Grew 6.7% YoY in 2022

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Press releases
/Apr 27, 2023
/ Soumen Mandal

Onein three construction machines sold in 2022 had embedded connectivity.
The connected construction machinery market is expected to see an annual growth rate of 11% over the next eight years.
The top five players – Caterpillar, XCMG, Sany, Komatsu and Volvo – captured 60% of connected construction machine shipments in 2022.

San Diego, Buenos Aires, London, New Delhi, Hong Kong, Beijing, Seoul – April 27, 2023

Global connected construction machine shipments grew 6.7% YoY in 2022 despite a decline in overall construction machine shipments, according to Counterpoint’s latestGlobal Connected Construction Machine Marketreport. One in three construction machines sold had embedded connectivity. The slowdown in China’s construction activity impacted the shipments of Chinese players and overall global shipments. However, due to a 10% YoY increase in the average selling price (ASP) in 2022, construction machine revenues grew 3% YoY to reach$213 billion. The ASP increased due to supply shortages and addition of features likeelectrificationandconnectivity.

Construction machines refer to equipment, machinery and vehicles specially designed for construction tasks such as excavation, loading and unloading, moving materials, material handling and demolition. The construction machinery also includes mining machinery applications like rock drilling, rock cutting, crushing and tunneling. Engineering and construction projects are complex and difficult to manage. Connected machines help measure construction activity, which is regarded as a barometer of economic prosperity for any region.

Commenting on connected construction machine brand dynamics,SeniorResearch AnalystSoumen Mandal工程机械是一个高度concentr说。ated market with the top five players –Caterpillar,XCMG,Sany,KomatsuandVolvo– capturing 60% of connected construction machine shipments in 2022. Smaller players likeLiebherr目标是通过提供connectivi进军ty in a larger proportion of their SKUs.JCBandHitachicater to the lower end of the market by offering cost-effective solutions and have fewer machines with connectivity. We expect significant growth opportunity for connectivity for these brands in the coming years.”

The demand for connectivity is driven by theft prevention, predictive maintenance, automated operations, distance monitoring,AR/VR-based simulation and usage-based applications like insurance, vehicle financing and rental services. The tracking of machine assets also helps schedule construction operations in a better way and complete projects on time.Orbcomm,Teltonika,Calamp,syniotec,Machinemax,Trackunit,VisionTrack,Tenna,TrimbleandDPL Telematicsare a few among many players embeddingconnectivityin heavy construction machines while offering complimentary services like connectivity and device managementplatforms.

Commenting on the market outlook,Associate DirectorMohit Agrawalsaid, “Global construction machine shipments are likely to remain flat and reach2.33millionunits by 2030. The current downtrend is expected to last another two to three years. We expect the market to rebound from 2025 onwards. The scarcity of skilled technicians, laborers and drivers will fuel the growth ofautomatedmachines. We expect nearly75%of construction machines to have embedded connectivity by 2030 as the industry shifts towards electrification and autonomous operations. Further, we expect the connected construction machinery market to see an annual growth rate of11%over the next eight years. Currently, 4G is the leading technology in the connected construction machine market but we expect5Gto be the most preferred technology by the end of the forecast period.”

The comprehensive and in-depth ‘Global Connected Construction Machine Market 2022的报告现在有售report.www.arena-ruc.com.

Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the technology, media and telecom (TMT) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts

Soumen Mandal

Mohit Agrawal

Counterpoint Research

press@www.arena-ruc.com

Related Reports

Soumen Mandal

Soumen is a Senior Research Analyst who is tracking IoT, Automotive and Telecommunication ecosystem at Counterpoint Technology Market Research. He is interested in IoT applications, connections, components, electric vehicles, connected cars, autonomous vehicles, semiconductors, shared mobility, services and emerging technologies. He started his career as an Energy Analyst with Manikaran Power Ltd. He has experience in working with DISCOMs and SLDCs in Indian power and energy industry. He is currently based in Gurgaon. He holds an Electrical Engineering degree and MBA in Marketing & Finance.

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