New York, Jan. 24, 2023 (GLOBE NEWSWIRE) -- According to a market study conducted by PMR, the net worth of the total sales of compact electric construction equipment is estimated to be around US$ 52.4 Bn in 2022. By 2032, the global Compact Electric Construction Equipment Market is poised to be worth around US$ 177.8 Bn and is expected to register at a significant CAGR of 13%.
As urbanisation spreads in developing countries, the demand for more infrastructure, such as residences, schools, hospitals, sports facilities, office buildings, and runways, is growing. As a result, the need for small construction machinery that can operate in confined locations, are portable, and have low maintenance and operating costs is growing exponentially and is anticipated to accelerate the target market's expansion.
In the market for The demand for fresh investments in the real estate business is being fuelled by a consistent rise in residential property prices and a growth in housing supply.
To save on the costs of purchasing and maintaining the machinery, buyers often choose to rent industrial machinery which has created new opportunities for the distributors of compact electric construction equipment. As a result, the rental sector's higher demand for electric mini excavators, electric compact loaders, and forklifts is anticipated to support the target market's key trends and opportunities.
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Key Takeaways from the Compact Electric Construction Equipment Market Study Report
- The forklift category earns over 65% of the market's revenue and it is expected to remain the dominant product type segment over the forecast years.
- The sub-segment of 5-Ton had the major revenue share based on capacity through the year previous following years, with a contribution of around 40%.
Competitive Landscape for the Compact Electric Construction Equipment Market
- Caterpillar
- JCB
- HAULOTTE GROUP
- Wacker Neuson SE
- Toyota Motor Corporation
- Hyster-Yale Group, Inc.
- SANY Group
- Volvo CE
- Hyundai CE
- Bobcat and more
among others are some of the major players in the global compact electric construction equipment market.
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The global market for compact electric construction equipment is characterized by a large number of regional and worldwide competitors, creating a competitive scenario. Comparatively small-scale or regional players make up a sizable portion of the market along with the top key players.
Recent developments in the Compact Electric Construction Equipment Industry
- Volvo CE, a producer of electric construction equipment, announced the introduction of a 2.5-ton battery-powered compact Volvo electric excavator in the Asian market in March of 2022. The corporation anticipates that the product introduction would increase sales and popularize the brand value in western economies as well.
- A Japanese company called Takeuchi Mfg. Co., Ltd. stated in February of this year that it will be releasing the TB20e, which is a fully electric mini excavator, in North America. The business hopes that the new introduction would improve its standing in North America compact electric construction equipment market as well as its regional markets.
- In order to improve the sales rights of earthmoving equipment in Ontario, CanLift Equipment Ltd. has extended its product range for electric construction machinery equipment through a strategic relationship with the industry's top manufacturer, Xuzhou Construction Machinery Group Co., Ltd. Additionally, this partnership inked in January 2022 is expected to create opportunities for new connections inside the construction machinery sector.
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Compact Electric Construction Equipment Industry Segmentation-
- Compact Electric Construction Equipment Market by Product Type - Forklift, Loader, Excavator ( Mini, Midi), AWP ( Telehandler, Boom, Scissor)
- Compact Electric Construction Equipment Market by Ton Type - Below 5 Ton, 6 to 8 Ton, 8 to 10 Ton
- Compact Electric Construction Equipment Market by Region - North America Market, Europe Market, Asia-Pacific Market, Middle East & Africa Market, South America Market
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