Overview and Scope
Electric construction equipment is any construction equipment powered by electricity. Construction equipment is a term for heavy-duty vehicles designed expressly for carrying out construction tasks, which often involve earthmoving activities. Electric construction equipment has many advantages for the business, including lower fuel costs, fewer CO2 emissions, and a quieter, safer environment.
Sizing and Forecast
The electric construction equipment market size has grown exponentially in recent years. It will grow from $9.2 billion in 2023 to $11.34 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to environmental sustainability initiatives, cost savings and operational efficiency, stringent emission standards, noise reduction and improved worksite conditions, government incentives and support.
The electric construction equipment market size is expected to see exponential growth in the next few years. It will grow to $24.93 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The growth in the forecast period can be attributed to infrastructure development and urbanization, advancements in battery technology, rise in construction industry digitization, global push for green and renewable practices, increased awareness and education. Major trends in the forecast period include integration with advanced manufacturing processes, emphasis on cost-effective and efficient bonding, focus on health and safety, shift towards bio-based and renewable materials.
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Segmentation & Regional Insights
The electric construction equipment market covered in this report is segmented –
1) By Product Type: Track Loaders, Excavators, Backhoe Loaders, Skid Steers, Wheel Loaders, Telehandlers
2) By Equipment Type: Electric Excavator, Electric Motor Grader, Electric Dozer, Electric Loader, Electric Dump Truck, Electric Load-Haul-Dump Loader
3) By Engine Capacity Type: Less Than 5 L, 5 to 10 L, Greater Than 10 L
4) By Power Output: 50 HP, 50-150 HP, 150-300 HP and, >300 HP
Europe was the largest region in the electric construction equipment market share in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric construction equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in construction activities around the globe is expected to propel the growth of the electric construction equipment market going forward. The construction sector refers to the sector of industry and trade that deals with creating, maintaining, and repairing infrastructures. The rise in the construction industry increases the demand for electric construction equipment as they are useful for various tasks and procedures carried out on a building site, including rehabilitation, assembly, and obtaining accurate measurements (rangefinder function) when installing any plumbing systems, and others. For instance, in June 2021, according to Statistics Canada, the organization charged by the Canadian government with creating data to aid in the understanding of Canada, its people, resources, economy, society, and culture, the Investment in the Canadian building construction increased by 2.7% to $20.9 billion in April 2022. Furthermore, according to The United States Census Bureau, a principal agency of the U.S. Federal Statistical System, responsible for producing data about the American people and economy, U.S. spending on construction increased by 9.3% from November 2020 to November 2021. Therefore, increasing construction industries across the globe are driving the growth of the electric construction equipment market.
Key Industry Players
Major companies operating in the electric construction equipment market report are Toyota Motor Corporation, Deere & Company, Caterpillar Inc., Guangxi Liugong Machinery Co., Ltd., Komatsu Ltd., CNH Industrial N.V., Yanmar Construction Equipment Co. Ltd., Kubota Corporation, Liebherr-International AG , Xuzhou Construction Machinery Group Co., Ltd., Hitachi Construction Machinery Co., Ltd., Bobcat Company , Zoomlion Heavy Industry Science and Technology Co., Ltd., SANY Heavy Industry Co., Ltd., J C Bamford Excavators Ltd, Terex Corporation, Hyster-Yale Materials Handling, Inc. , Hyundai Construction Equipment Co., Ltd. , Lovol Heavy Industry Co., Ltd., Manitou Group, Wacker Neuson SE, Shantui Construction Machinery Co., Ltd., Volvo Construction Equipment AB, Doosan Infracore Co., Ltd., Sunward Intelligent Equipment Co., Ltd., Haulotte Group, Shandong Lingong Construction Machinery Co., Ltd., Mustang Machinery Co., Ltd., Xtreme Manufacturing, King Machinery Co., Ltd.
The electric construction equipment market report table of contents includes:
1. Executive Summary
2. Electric Construction Equipment Market Characteristics
3. Electric Construction Equipment Market Trends And Strategies
4. Electric Construction Equipment Market – Macro Economic Scenario
5. Global Electric Construction Equipment Market Size and Growth
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32. Global Electric Construction Equipment Market Competitive Benchmarking
33. Global Electric Construction Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Construction Equipment Market
35. Electric Construction Equipment Market Future Outlook and Potential Analysis
36. Appendix
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