Richmond, Feb. 21, 2024 (GLOBE NEWSWIRE) -- According to a research report "Electric Construction Equipment Market”, by Product Type (Track Loaders, Excavators, Backhoe Loaders, Skid Steers, Wheel Loaders, Telehandlers, Others), Equipment (Electric Excavator, Electric Compactors, Electric Dump Truck, Skid Steer Loaders, Others), Engine Capacity (Less Than 5 L, 5 To 10 L, Greater Than 10 L, Others) and Region - Global Forecast to 2030.
Global Electric Construction Equipment Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 9.7 Billion |
| Market size value in 2030 | USD 42.4 Billion |
| CAGR (2023-2030) | 23.5% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Product Type, Equipment, Engine Capacity and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Electric Construction Equipment Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The electric construction equipment market has been experiencing extraordinary growth and transformation. With a strong importance on sustainability and environmental concerns, there has been a significant shift towards electric-powered machinery in the construction sector. Electric construction equipment have cost savings over traditional diesel-powered alternatives, with lower fuel and maintenance expenses contributing to long-term financial benefits for construction companies. Innovations in battery technology as enhanced energy density and quicker charging capabilities, have bolstered the efficiency and reliability of electric construction equipment, prompting higher adoption rates. The electric construction equipment market includes a diverse array of machinery like excavators, loaders, bulldozers, and cranes. Manufacturers are heavily investing in research and development to broaden their range of electric equipment offerings and meet the evolving demands of the construction sector. The electric construction equipment market shows promising growth prospects, challenges as high initial costs, limited infrastructure for charging, and concerns regarding battery life and durability remain areas of focus for industry stakeholders.
Major Vendors in the Global Electric Construction Equipment Market:
- AB VOLVO
- Caterpillar Inc.
- Deere & Company
- Doosan Infracore Co., Ltd
- Groupe Mecalac S.A.S
- Haulotte Group
- Hitachi Construction Machinery Co., Ltd
- Kobelco Construction Machinery Co. Ltd
- Komatsu Ltd.
- Lovol Heavy Industry Co., Ltd
- Takeuchi Mfg. Co. Ltd.
- Terex Corporation
- TOYOTA MOTOR CORPORATION
- Yanmar Construction Equipment Co. Ltd
- Zoomlion Heavy Industry Science and Technology Co. Ltd
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Developing in Urbanization and Infrastructure Projects
The growth and advancement of the electric construction equipment market are closely tied to urbanization and infrastructure projects. As urban areas expand and progress, there is a heightened demand for construction machinery that is not only efficient but also environmentally friendly. In densely populated urban regions, air quality positions a important issue. Electric construction equipment, emitting zero emissions during operation, helps in enhancing air quality and reducing pollution levels in urban surroundings. Additionally, electric construction machinery operates with notably reduced noise levels in comparison to traditional diesel-powered equipment. This feature not only benefits urban areas by minimizing noise pollution but also supports construction companies in adhering to regulatory standards, thus avoiding potential fines or penalties. With the ongoing expansion and modernization of cities, there is an anticipated increase in demand for efficient and environmentally friendly construction equipment. This trend is expected to drive further innovation and adoption of electric technologies within the construction industry.
Market Dynamics
Drivers:
- Developing in Urbanization and Infrastructure Projects
- Embracing in Electric Technology, Construction and Increasing Productivity
- Development of Facilities and Networks for Charging Electric Vehicles and Equipment
- Decreasing Emissions and Noise Levels
Opportunities:
- Growing Demand for Environmentally Friendly Construction
- Enhanced Performance and Efficiency
- Rise of Construction Equipment Powered by Hydrogen
Growing Demand for Environmentally Friendly Construction
The increasing need for environmentally sustainable construction practices is driving the demand for electric construction equipment. As environmental concerns become more prominent, there is a growing emphasis on reducing carbon ways and minimizing pollution in the construction industry. Electric construction equipment offers a cleaner alternative to traditional diesel-powered machinery, as it produces zero emissions at the point of use. This supports with the goals of environmentally conscious construction projects and regulatory requirements focused on reducing air and noise pollution. The use of electric construction equipment contributes to improved air quality and reduced noise levels in urban areas, where construction activities can have a significant impact on residents and the surrounding environment. As a result, there is a rising demand for electric construction equipment from construction companies, developers, and governments aiming to promote sustainable development and meet environmental targets. This trend is expected to drive further growth and innovation in the electric construction equipment market.
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Asia Pacific dominates the market for Electric Construction Equipment Market.
The Asia Pacific region leads the Electric Construction Equipment Market for several reasons. Rapid urbanization and industrialization in the region have heightened the need for construction machinery. Governments across many Asia Pacific countries are enforcing strict regulations to reduce productions and advance sustainable development, launch faster adoption of electric construction equipment. The Asia Pacific market benefits from the presence of major manufacturers and suppliers of electric construction equipment, particularly in countries like China, Japan, and South Korea. These factors combined position the Asia Pacific region as a dominant player in the Electric Construction Equipment Market.
The region holds a well-established construction sector with a significant need for modern and environmentally friendly equipment. Systematic productions regulations and environmental policies enforced by North American governments have driven the uptake of electric construction equipment as a greener substitute for conventional diesel-powered machinery. North America is home to several leading manufacturers and suppliers of electric construction machinery, contributing to its dominance in the market. These factors, combined with a strong importance on sustainability and technological innovation, establish North America as a leader in the Electric Construction Equipment Market.
The Track Loaders Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global Electric Construction Equipment Market, the Product type segment comprises various categories such as Track Loaders, Excavators, Backhoe Loaders, Skid Steers, Wheel Loaders, Telehandlers, and Others. Track loaders are versatile and well-suited for a wide range of construction applications, including excavation, material handling, and landscaping, making them highly sought after by construction companies. Track loaders offer enhanced maneuverability and stability, particularly in rough or uneven terrain, compared to other types of construction equipment. The growing trend towards urbanization and infrastructure development, especially in emerging economies, is expected to drive the demand for track loaders as they are indispensable for various construction projects. These factors contribute to the anticipated dominance of the Track Loaders segment in the electric construction equipment market during the forecast period.
Segmentations Analysis of Electric Construction Equipment Market: -
- By Product Type
- Track Loaders
- Excavators
- Backhoe Loaders
- Skid Steers
- Wheel Loaders
- Telehandlers
- Others
- By Equipment Type
- Electric Excavator
- Electric Compactors
- Electric Dump Truck
- Skid Steer Loaders
- Others
- By Engine Capacity
- Less Than 5 L
- 5 To 10 L
- Greater Than 10 L
- Others
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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