Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Electric Construction Equipment Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The accelerating global movement towards sustainable construction practices and the increasing adoption of electric construction equipment are central to the anticipated market growth over the next decade. The insights drawn from a comprehensive market analysis now available highlights the immense potential for the global electric construction equipment market, which is projected to expand significantly to reach nearly $39.87 billion by 2032.
According to the analysis covering the period from 2017, it was observed that this market grew robustly to a valuation of approximately $7.08 billion in 2022. A robust expansion is expected from 2022 to 2027, with a growth rate of 16.66%, followed by a further surge at a CAGR of 21.10% until 2032.
Historical growth in the sector has been spurred by a plethora of factors, including burgeoning construction activities, infrastructure development, and robust economic growth, especially in emerging economies. Despite the remarkable progress, challenges such as productivity losses due to lengthy charging times of electric equipment have been observed, which had a dampening effect on the sector’s expansion during the historic period.
As we look forward, factors such as governmental initiatives, increasing demand for environmentally sustainable construction projects, and the industrialization trend are expected to fuel the market. Nonetheless, a significant challenge looming large is the high cost associated with electric construction machinery—an aspect that could potentially restrain market growth.
The market is segmented by equipment type, with excavators leading the charge, representing the largest segment and accounting for over 41.3% of the market share in 2022. However, loaders are forecasted to experience the fastest growth up to 2027, with an impressive CAGR of 25.22%. Tonnage segmentation reveals the dominance of equipment up to 5 tons, which constituted the largest market share at 40.4% in 2022, while the 5-15 tons segment is projected to grow at the quickest pace.
Geographically, the Asia-Pacific region dominates the market, and trends indicate that Western Europe and North America will be the fastest-growing regions, with compelling CAGRs of 20.32% and 18.82%, respectively. These regions are followed by Asia-Pacific and Eastern Europe in terms of growth rate.
The market exhibits a high concentration of major players, with the leading ten companies comprising nearly 79.04% of the market in 2022. These industry giants are continually adapting through strategies such as acquisitions, partnerships, and product innovation.
The comprehensive analysis suggests that to capitalize on upcoming opportunities, companies should focus on leveraging lithium-ion battery technology in the construction of electric excavators and introducing products that minimize environmental impacts. Additionally, firms should consider expanding into emerging markets, continuously targeting developed markets, and engaging in strategic partnerships.
For industry stakeholders, this report elucidates the strategic imperatives and actionable insights required to navigate a rapidly evolving marketplace, primed for advancements in both technology and sustainability.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 214 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $7.1 Billion |
| Forecasted Market Value (USD) by 2031 | $39.9 Billion |
| Compound Annual Growth Rate | 18.9% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Doosan Corporation
- Volvo AB
- Deere & Company
- Hitachi Construction Machinery Co., Ltd.
- Komatsu Ltd.
- Xuzhou Construction Machinery Group Co., Ltd
- J C Bamford Excavators Ltd
- Caterpillar, Inc.
- Wacker Neuson SE
- Sany Heavy Industry Co.,Ltd
- Shandong Lingong Construction Machinery Co Ltd
- Hyundai CE (Hyundai Construction Equipment)
- Komatsu Ltd
- Toyota Motor Corporation
- Yanmar Construction Equipment Co Ltd
- ACE (Action Construction Equipment)
- Limach
- Mecalac
- HMS Group
- Case Construction Equipment
- Terex
- Grupo VIMAR
- ESMA Maquinaria
- Cameco S.A. de C.V
- Liebherr Chile
- Hidromek Israel
- Vermeer Israel
- Al Naboodah Group Enterprises
- Topland Equipment
- Kanoo Machinery
- Zahid Tractor and Heavy Machinery Co Ltd
- Jaidah Heavy Equipment
- Mohammed Abdulrahman Al-Bahar
- Arabian International Company (AIC)
- Mantrac Egypt
- Banrut Rolls Nigeria Limited
- Bell Equipment
For more information about this report visit https://www.researchandmarkets.com/r/surjyi
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