Electric Construction Equipment Market - By Size, Share, Revenue, Trends And Drivers For 2024-2033
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
..................................
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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