What is the Historical Analysis of the Electric Construction Equipment Market Size?
The electric construction equipment market has seen considerable growth due to a variety of factors.
• The dimension of the electric construction equipment market has experienced a significant upsurge lately. The projections suggest an increase from $11.26 billion in 2024 to $13.85 billion by 2025, with a compound annual growth rate (CAGR) of 23.0%.
Factors attributing to this growth during the historic period include initiatives towards environmental sustainability, operational efficiency and cost savings, strict emissions standards, enhanced work environment through noise reduction, along with government incentives and backing.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Electric Construction Equipment Market?
The electric construction equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of electric construction equipment is anticipated to undergo exponential growth in the coming years, reaching $30.06 billion by 2029 with a compound annual growth rate (CAGR) of 21.4%.
The growth during this forecasted period could be credited to infrastructure enlargement, urbanization, technological progress in batteries, rising digitization in the construction industry, global push towards eco-friendly practices, and improved awareness and education. The predominant trends expected during this phase entail integration into sophisticated manufacturing procedures, a concentration on cost-effective and efficient bonding, a focus on health and safety aspects, and a transition towards bio-based and renewable materials.
What Are The Essential Drivers Behind The Growth Of The Electric Construction Equipment Market?
The anticipated surge in worldwide construction activities is likely to fuel the expansion of the electric construction equipment market. The construction sector is an industry that involves the creation, upkeep, and restoration of infrastructure. Rising activity in the construction industry naturally hikes up the demand for electric construction equipment, which play an integral role in several tasks and processes performed at a construction site, such as reconstruction, assembly, and precise measurement taking (rangefinder functionality) during the installation of plumbing systems, among others. For instance, from data provided by the Office for National Statistics, the executive branch of the UK Statistics Authority, November 2023 saw a rise in total new work by $19781.69 million in 2022, marked by growth in both the private and public sectors, experiencing an increase of 16.8% and 13.1% respectively, compared to 2021. Consequently, the expansion of construction industries on a global scale is propelling the growth of the electric construction equipment market.
What Are The Key Segments Within The Global Electric Construction Equipment Market?
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
Subsegments:
1) By Track Loaders: Compact Track Loaders, Large Track Loaders
2) By Excavators: Mini Excavators, Midi Excavators, Full-Size Excavators
3) By Backhoe Loaders: Standard Backhoe Loaders, Mini Backhoe Loaders
4) By Skid Steers: Wheeled Skid Steers, Compact Skid Steers
5) By Wheel Loaders: Small Wheel Loaders, Medium Wheel Loaders, Large Wheel Loaders
6) By Telehandlers: Compact Telehandlers, Heavy-Duty Telehandlers
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How Are New Trends Impacting The Size Of The Electric Construction Equipment Market?
The latest trend gaining traction in the electric construction equipment market is product innovation. Major participants in this sector are honing their focus on the creation of innovative devices to fulfill customer needs. For example, Hitachi Construction Machinery Co., Ltd. – a Japanese firm specializing in construction equipment – unveiled a five-ton, battery-operated excavator named the ZX55U-6EB in July 2022. This upgraded model from the ZX55U-6 series boasts exceptional maneuverability even in confined spaces due to its shorter tail swing. This product versatility allows clients to use the ZX55U-6EB for a plethora of applications, ranging from urban infrastructure and residential construction projects to managing waste material in areas where environmental conservation is a major concern.
Who Are the Key Players in the Electric Construction Equipment Market?
Major companies operating in the electric construction equipment market include:
• Deere & Company
• Caterpillar Inc.
• Komatsu Ltd.
• CNH Industrial N.V.
• Yanmar Construction Equipment Co. Ltd.
• Kubota Corporation
• Liebherr-International AG
• 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
• Hyundai Construction Equipment Co. Ltd.
• Manitou Group
• Wacker Neuson SE
• Volvo Construction Equipment AB
• Doosan Infracore Co. Ltd.
• Sunward Intelligent Equipment Co. Ltd.
What are the Regional Insights into the Electric Construction Equipment Market?
Europe was the largest region in the electric construction equipment market share in 2024. 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.
