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Market Overview:
The Electric Construction Equipment Market size is estimated to reach $41.9 billion by 2030, growing at a CAGR of 22.4% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Electric Construction Equipment Market – By Vehicle Type (Excavators, Loaders, Cranes, Compactors, Forklifts, Dozers, Graders, Dumpers and Others), By Battery Capacity (<50 KwH, 50-200 KwH, 200-500 KwH and >500 KwH), By Propulsion (Hybrid-Electric, Battery-Electric), By Battery Type (Lithium-Ion, Lead Acid and Others), By Product (50 HP, 50-150 HP, 150-300 HP and >300 HP), By End User (Residential, Construction, Industrial, Mining, Agriculture and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Reduced noise levels of electric equipment make them suitable for urban and residential areas and Stricter emissions regulations drive the demand for electric construction equipment are the main drivers of market expansion and are fueling the growth of the Electric Construction Equipment industry during the forecast period.
Asia Pacific Dominated the Market in 2023:
Asia Pacific accounted for the largest share of 34% of the Electric Construction Equipment Market in 2023 followed by North America and Europe. The Asia-Pacific electric construction equipment market is driven by stringent environmental regulations, increasing urbanization, technological advancements, and government incentives. According to the Ministry of the Environment, Japan's commitment to sustainable infrastructure included significant efforts to achieve net-zero GHG emissions by 2050, with a 46% reduction target by FY 2030 from FY 2013 levels. Rising demand for sustainable infrastructure and corporate sustainability goals further propel the adoption of electric construction machinery in the region.
Electric Construction Equipment Market: Key Takeaways
Growing Investment in Electric Vehicle Technology by Major Construction Equipment Manufacturers:
Growing investment in electric vehicle technology by major construction equipment manufacturers is significantly driving the electric construction equipment market. Leading companies are channeling resources into developing advanced electric machinery, focusing on enhanced performance, efficiency, and sustainability. These investments are fueled by the need to comply with stringent environmental regulations and the rising demand for eco-friendly solutions. Furthermore, manufacturers are leveraging technological advancements in battery systems and powertrains to produce reliable and high-performing equipment. This strategic shift not only underscores a commitment to innovation but also positions these companies at the forefront of the evolving construction industry, catering to the increasing preference for green technologies.
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Increased Urban Development Projects Requiring Clean and Efficient Machinery:
Increased urban development projects are driving demand for clean and efficient machinery in the electric construction equipment market. In 2023, China renovated 53,700 old residential communities, benefiting nearly 9 million households, according to the Ministry of Housing and Urban-Rural Development. As cities grow and modernize, there is a strong emphasis on sustainability and reducing environmental impact. Electric construction equipment addresses these needs with zero-emission operation and quieter performance, crucial for urban settings. Regulatory pressures and public demand for eco-friendly construction practices further accelerate the adoption of electric machinery. This trend aligns with the broader objectives of sustainable urban development and technological innovation in construction.
Scope of the Report:
Recent Developments:
• Volvo CE launched the EC230 Electric, its largest electric excavator, in Japan at the CSPI-EXPO in May 2024. This model, marking Volvo's first larger electric excavator in Asia, follows successful introductions in North America and Europe and responds to strong local demand for zero-emission construction machinery.
• In July 2023, Komatsu launched a new 3-ton class electric mini excavator with a lithium-ion battery in Europe, marking a significant step in their push towards carbon neutrality by 2050. This upgraded model enhances operational efficiency with zero emissions, reduced noise, and a more compact design, addressing increasing demand for eco-friendly construction equipment.
• In May 2022, JCB has launched India’s first fully electric excavator, the JCB 19C-1E, at Excon 2022, marking a significant step in their ‘Road to Zero’ initiative focused on sustainability and innovation. Additionally, JCB introduced a range of new products, including a 22-ton hydraulic excavator, and a natural gas genset, underscoring their commitment to reducing environmental impact and enhancing infrastructure development.
Electric Construction Equipment Market: Competitive Landscape
Key companies profiled in the Electric Construction Equipment Market are Caterpillar, Komatsu Ltd., AB Volvo, Deere & Company, Escorts Kubota Limited, Hitachi Construction Machinery Co., Ltd., J C Bamford Excavators Ltd., Kobelco Construction Machinery Co., Ltd., Liebherr-International AG, Manitou BF, Cummins Inc., Wacker Neuson SE, XCMG Group, Liebherr, HD Hyundai Construction Equipment Co., Ltd. and others.
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