Electric Construction Equipment Market
PUBLISHED: 2024 ID: SMRC26230
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Electric Construction Equipment Market

Electric Construction Equipment Market Forecasts to 2030 - Global Analysis By Equipment Type (Electric Excavator, Electric Motor Grader, Electric Dozer, Electric Loader, Electric Dump Truck, Electric Load-haul-dump Loader and Other Equipment Types), Battery Capacity (<50 KwH, 50-200 KwH, 200-500 KwH and >500 KwH), Battery Chemistry, Vehicle, Power Output, Propulsion, Application and by Geography

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4.7 (98 reviews)
Published: 2024 ID: SMRC26230

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Electric Construction Equipment Market is accounted for $10.03 billion in 2023 and is expected to reach $39.45 billion by 2030 growing at a CAGR of 21.60% during the forecast period. Construction Equipment has many advantages over conventional diesel-powered machinery, electric construction equipment is quickly gaining traction in the industry. These cutting-edge devices can be used in indoor construction sites and urban areas because they have lower operating costs, emit fewer emissions, and operate more quietly. Moreover, as producers make investments in R&D to satisfy the rising demand for sustainable construction solutions, the range of electric construction equipment keeps growing, ranging from electric cranes and forklifts to electric excavators and bulldozers.

According to the International Construction Equipment Association (CECE), the adoption of electric construction equipment is expected to continue its upward trajectory, driven by the industry's commitment to sustainability and the increasing availability of advanced electrification technologies.

Market Dynamics: 

Driver: 

Sustainability initiatives and environmental regulations

Global environmental regulations that are progressively more stringent in their efforts to reduce emissions and mitigate climate change are driving the market for electric construction equipment. In addition to legal requirements, industry-wide emphasis on sustainability is increasing and pushing businesses to use greener technology. Additionally, these objectives are met by electric construction equipment, which also helps to conserve resources by lowering greenhouse gas emissions and air and noise pollution.

Restraint:

Costs of the first investment

The initial outlay needed to buy electric machinery can be much greater than that of conventional diesel-powered alternatives, even though electric construction equipment offers long-term cost savings. However, despite the possible long-term financial benefits, this initial cost barrier may prevent some construction companies—especially smaller ones or those with tighter budgets—from switching to electric equipment.

Opportunity:

New product development and innovation

The switch to electric construction equipment opens up new opportunities for product development and innovation. Advanced battery systems, telematics, autonomous operation, and integrated energy management solutions are examples of cutting-edge technologies that manufacturers can use to set themselves apart from competitors. Furthermore, businesses can improve the functionality, effectiveness, and adaptability of electric machinery and acquire a competitive advantage in the market by investing in R&D.

Threat:

Technological restrictions and concerns about reliability

In contrast to their diesel-powered counterparts, electric construction equipment may still be subject to technological constraints and reliability issues, despite advancements. Widespread adoption may be hampered by problems with equipment durability, charging infrastructure, and battery performance. Moreover, electric machinery may encounter resistance from industry professionals and struggle to gain market acceptance if it is unable to provide comparable performance, reliability, and longevity in demanding construction environments.

Covid-19 Impact: 

The market for electric construction equipment has been affected by the COVID-19 pandemic in a number of ways. At first, supply chains, manufacturing processes, and project timelines were disrupted by widespread lockdowns and restrictions on construction activities, which resulted in project delays and cancellations. The adoption of electric construction equipment temporarily slowed down as a result of investor confidence being undermined by uncertainty regarding the scope and duration of the pandemic. However, there has been a renewed focus on resilient and sustainable construction practices, including the use of electric machinery, as government priorities for infrastructure investments as part of economic recovery efforts have led to a gradual resume of construction activities.

The Electric Excavator segment is expected to be the largest during the forecast period

It is projected that the market for electric construction equipment will be dominated by electric excavators. When compared to their diesel-powered counterparts, electric excavators are more adaptable, efficient, and have a smaller environmental impact. They are extensively employed in many different construction applications, such as site preparation, material handling, trenching, and digging. Moreover, modern battery technology is used by electric excavators to provide excellent performance with reduced emissions and noise levels, which makes them ideal for urban construction projects and environmentally sensitive locations.

The Lithium-ion Batteries segment is expected to have the highest CAGR during the forecast period

In the market for electric construction equipment, lithium-ion batteries have the highest CAGR. Higher energy density, quicker charging times, longer life spans, and lighter weight are just a few benefits that lithium-ion batteries have over lead-acid and nickel-based batteries. Because of these features, which include increased performance, increased operational flexibility, and a longer range, lithium-ion batteries are a great choice for powering electric construction equipment. Furthermore, developments in lithium-ion battery technology, such as silicon anodes and solid-state electrolytes, are driving cost and efficiency reductions, which is why the electric construction equipment industry is adopting these batteries more widely.

Region with largest share:

In terms of market share for electric construction equipment, North America dominates. The dominance of the region can be attributed to multiple factors, such as strict environmental regulations, government incentives encouraging the adoption of electric machinery and vehicles, and a strong infrastructure supporting the charging of electric vehicles. Moreover, a strong emphasis on technological innovation and research and development initiatives, along with an increasing awareness of sustainability, propels market growth in North America.

Region with highest CAGR:

The market for electric construction equipment is growing at the highest CAGR in the Asia-Pacific region. Numerous factors are driving this growth, such as government incentives supporting clean energy technologies, infrastructure development initiatives, and the fast urbanization of the population. Leading the way with aggressive goals for cutting carbon emissions and switching to electric machinery and cars are nations like China, Japan, and South Korea. Additionally, the demand for electric construction equipment is also fueled by the region's expanding construction industry, rising investments in renewable energy, and sustainable infrastructure projects.

Key players in the market

Some of the key players in Electric Construction Equipment market include Komatsu Ltd., Hitachi Construction Machinery Co. Ltd, Doosan Corporation, Volvo Construction Equipment, Terex Corporation, Liebherr Group, Wacker Neuson Group, Kobelco Construction Machinery Co. Ltd., J C Bamford Excavators Ltd., Caterpillar Inc., Manitou Group, Deere & Company. 

Key Developments:

In March 2024, Doosan Enerbility clinched a 150 billion won ($115 million) deal to build a steam turbine and power generator in the biggest thermal power plant project in Saudi Arabia. Under the contract with Speco-3, the ordering party of the project, Doosan will supply a 650 megawatt steam turbine and a generator for the Taiba 1 integrated cycle power plant and the Qasim 1 combined cycle power plant.

In December 2023, Hitachi Construction Machinery has signed an agreement with Netherlands-based Alfen BV and Japanese trading firm Itochu to collaborate on the development of mobile energy storage systems to charge construction equipment on sites. The deal follows a similar agreement with Kyushu Electric Power for the joint development of mobile energy storage systems for the Japanese market. 

In November 2023, Illinois-based Komatsu America Corp. has agreed to acquire American Battery Solutions Inc. (ABS), a lithium-ion battery manufacturer based in Detroit. The wholly owned subsidiary of South Korea-based Komatsu Ltd. is planning to close the acquisition Dec. 1, on the condition that all necessary procedures for the closing are completed.

Equipment Types Covered:
• Electric Excavator
• Electric Motor Grader
• Electric Dozer
• Electric Loader
• Electric Dump Truck
• Electric Load-haul-dump Loader
• Other Equipment Types 
 
Battery Capacities Covered:
• <50 KwH
• 50-200 KwH
• 200-500 KwH
• >500 KwH

Battery Chemistries Covered:
• Lithium-ion Batteries
• Lead-acid Batteries
• Nickel-based Batteries
• Other Battery Chemistries 

Vehicles Covered:
• Forklift
• Excavator
• Loader
• Crane
• Roller
• Other Vehicles 
 
Power Outputs Covered:
• <50 HP
• 50-150 HP
• 150-300 HP
• >300 HP

Propulsions Covered:
• Hybrid-electric
• Battery-electric 
• Hydrogen

Applications Covered:
• Construction
• Mining
• Agriculture
• Gardening
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary        
         
2 Preface        
 2.1 Abstract       
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology       
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources      
  2.5.2 Secondary Research Sources      
  2.5.3 Assumptions      
         
3 Market Trend Analysis        
 3.1 Introduction       
 3.2 Drivers       
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats       
 3.6 Application Analysis       
 3.7 Emerging Markets       
 3.8 Impact of Covid-19       
         
4 Porters Five Force Analysis        
 4.1 Bargaining power of suppliers       
 4.2 Bargaining power of buyers       
 4.3 Threat of substitutes       
 4.4 Threat of new entrants       
 4.5 Competitive rivalry       
         
5 Global Electric Construction Equipment Market, By Equipment Type        
 5.1 Introduction       
 5.2 Electric Excavator       
 5.3 Electric Motor Grader       
 5.4 Electric Dozer       
 5.5 Electric Loader       
 5.6 Electric Dump Truck       
 5.7 Electric Load-haul-dump Loader       
 5.8 Other Equipment Types       
         
6 Global Electric Construction Equipment Market, By Battery Capacity        
 6.1 Introduction       
 6.2 <50 KwH       
 6.3 50-200 KwH       
 6.4 200-500 KwH       
 6.5 >500 KwH       
         
7 Global Electric Construction Equipment Market, By Battery Chemistry        
 7.1 Introduction       
 7.2 Lithium-ion Batteries       
 7.3 Lead-acid Batteries       
 7.4 Nickel-based Batteries       
 7.5 Other Battery Chemistries       
         
8 Global Electric Construction Equipment Market, By Vehicle        
 8.1 Introduction       
 8.2 Forklift       
 8.3 Excavator       
 8.4 Loader       
 8.5 Crane       
 8.6 Roller       
 8.7 Other Vehicles       
         
9 Global Electric Construction Equipment Market, By Power Output        
 9.1 Introduction       
 9.2 <50 HP       
 9.3 50-150 HP       
 9.4 150-300 HP       
 9.5 >300 HP       
         
10 Global Electric Construction Equipment Market, By Propulsion        
 10.1 Introduction       
 10.2 Hybrid-electric       
 10.3 Battery-electric        
 10.4 Hydrogen       
         
11 Global Electric Construction Equipment Market, By Application        
 11.1 Introduction       
 11.2 Construction       
 11.3 Mining       
 11.4 Agriculture       
 11.5 Gardening       
 11.6 Other Applications       
         
12 Global Electric Construction Equipment Market, By Geography        
 12.1 Introduction       
 12.2 North America       
  12.2.1 US      
  12.2.2 Canada      
  12.2.3 Mexico      
 12.3 Europe       
  12.3.1 Germany      
  12.3.2 UK      
  12.3.3 Italy      
  12.3.4 France      
  12.3.5 Spain      
  12.3.6 Rest of Europe      
 12.4 Asia Pacific       
  12.4.1 Japan      
  12.4.2 China      
  12.4.3 India      
  12.4.4 Australia      
  12.4.5 New Zealand      
  12.4.6 South Korea      
  12.4.7 Rest of Asia Pacific      
 12.5 South America       
  12.5.1 Argentina      
  12.5.2 Brazil      
  12.5.3 Chile      
  12.5.4 Rest of South America      
 12.6 Middle East & Africa       
  12.6.1 Saudi Arabia      
  12.6.2 UAE      
  12.6.3 Qatar      
  12.6.4 South Africa      
  12.6.5 Rest of Middle East & Africa      
         
13 Key Developments        
 13.1 Agreements, Partnerships, Collaborations and Joint Ventures       
 13.2 Acquisitions & Mergers       
 13.3 New Product Launch       
 13.4 Expansions       
 13.5 Other Key Strategies       
         
14 Company Profiling        
 14.1 Komatsu Ltd.        
 14.2 Hitachi Construction Machinery Co. Ltd       
 14.3 Doosan Corporation       
 14.4 Volvo Construction Equipment        
 14.5 Terex Corporation       
 14.6 Liebherr Group       
 14.7 Wacker Neuson Group       
 14.8 Kobelco Construction Machinery Co. Ltd.       
 14.9 J C Bamford Excavators Ltd.       
 14.10 Caterpillar Inc.        
 14.11 Manitou Group       
 14.12 Deere & Company        

         
List of Tables         
1 Global Electric Construction Equipment Market Outlook, By Region (2021-2030) ($MN)        
2 Global Electric Construction Equipment Market Outlook, By Equipment Type (2021-2030) ($MN)        
3 Global Electric Construction Equipment Market Outlook, By Electric Excavator (2021-2030) ($MN)        
4 Global Electric Construction Equipment Market Outlook, By Electric Motor Grader (2021-2030) ($MN)        
5 Global Electric Construction Equipment Market Outlook, By Electric Dozer (2021-2030) ($MN)        
6 Global Electric Construction Equipment Market Outlook, By Electric Loader (2021-2030) ($MN)        
7 Global Electric Construction Equipment Market Outlook, By Electric Dump Truck (2021-2030) ($MN)        
8 Global Electric Construction Equipment Market Outlook, By Electric Load-haul-dump Loader (2021-2030) ($MN)        
9 Global Electric Construction Equipment Market Outlook, By Other Equipment Types (2021-2030) ($MN)        
10 Global Electric Construction Equipment Market Outlook, By Battery Capacity (2021-2030) ($MN)        
11 Global Electric Construction Equipment Market Outlook, By <50 KwH (2021-2030) ($MN)        
12 Global Electric Construction Equipment Market Outlook, By 50-200 KwH (2021-2030) ($MN)        
13 Global Electric Construction Equipment Market Outlook, By 200-500 KwH (2021-2030) ($MN)        
14 Global Electric Construction Equipment Market Outlook, By >500 KwH (2021-2030) ($MN)        
15 Global Electric Construction Equipment Market Outlook, By Battery Chemistry (2021-2030) ($MN)        
16 Global Electric Construction Equipment Market Outlook, By Lithium-ion Batteries (2021-2030) ($MN)        
17 Global Electric Construction Equipment Market Outlook, By Lead-acid Batteries (2021-2030) ($MN)        
18 Global Electric Construction Equipment Market Outlook, By Nickel-based Batteries (2021-2030) ($MN)        
19 Global Electric Construction Equipment Market Outlook, By Other Battery Chemistries (2021-2030) ($MN)        
20 Global Electric Construction Equipment Market Outlook, By Vehicle (2021-2030) ($MN)        
21 Global Electric Construction Equipment Market Outlook, By Forklift (2021-2030) ($MN)        
22 Global Electric Construction Equipment Market Outlook, By Excavator (2021-2030) ($MN)        
23 Global Electric Construction Equipment Market Outlook, By Loader (2021-2030) ($MN)        
24 Global Electric Construction Equipment Market Outlook, By Crane (2021-2030) ($MN)        
25 Global Electric Construction Equipment Market Outlook, By Roller (2021-2030) ($MN)        
26 Global Electric Construction Equipment Market Outlook, By Other Vehicles (2021-2030) ($MN)        
27 Global Electric Construction Equipment Market Outlook, By Power Output (2021-2030) ($MN)        
28 Global Electric Construction Equipment Market Outlook, By <50 HP (2021-2030) ($MN)        
29 Global Electric Construction Equipment Market Outlook, By 50-150 HP (2021-2030) ($MN)        
30 Global Electric Construction Equipment Market Outlook, By 150-300 HP (2021-2030) ($MN)        
31 Global Electric Construction Equipment Market Outlook, By >300 HP (2021-2030) ($MN)        
32 Global Electric Construction Equipment Market Outlook, By Propulsion (2021-2030) ($MN)        
33 Global Electric Construction Equipment Market Outlook, By Hybrid-electric (2021-2030) ($MN)        
34 Global Electric Construction Equipment Market Outlook, By Battery-electric (2021-2030) ($MN)        
35 Global Electric Construction Equipment Market Outlook, By Hydrogen (2021-2030) ($MN)        
36 Global Electric Construction Equipment Market Outlook, By Application (2021-2030) ($MN)        
37 Global Electric Construction Equipment Market Outlook, By Construction (2021-2030) ($MN)        
38 Global Electric Construction Equipment Market Outlook, By Mining (2021-2030) ($MN)        
39 Global Electric Construction Equipment Market Outlook, By Agriculture (2021-2030) ($MN)        
40 Global Electric Construction Equipment Market Outlook, By Gardening (2021-2030) ($MN)        
41 Global Electric Construction Equipment Market Outlook, By Other Applications (2021-2030) ($MN)        
         
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.         

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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