REPORT HIGHLIGHT
The Electric Construction Equipment Market size was valued at USD 9,304.7 Million in 2022, expanding at a CAGR of 23.8% from 2023 to 2030.
Electric Construction Equipment is a small-scale construction machinery that is powered by electricity, typically by rechargeable batteries. These machines are intended for use in smaller locations or on tasks where larger machinery is not necessary or possible. They also offer lower noise and zero tailpipe emissions, which can be especially useful in urban areas or inside. The construction sector is increasingly relying on electrically driven equipment. This trend is being pushed by a mix of environmental legislation, rising social demand for sustainability, and advancements in battery technology.
Electric Construction Equipment Market- Market Dynamics:
- Rising demand for public infrastructure and rapid urbanization in developing countries are the factors expected to propel market demand.
- As cities grow, consequently rises the demand for infrastructure such as roads, bridges, buildings, and utilities. Electric Construction Equipment can be utilized to develop and maintain this infrastructure, often more efficiently and sustainably than traditional technology. Globally, over 50% of the population lives in urban areas today. By 2045, the world's urban population will increase by 1.5 times to 6 billion. City leaders must move quickly to plan for growth and provide the basic services, infrastructure, and affordable housing their expanding populations need, according to the World Bank. Continued advancements in battery technology, lightweight materials, and greater electric motor efficiency might contribute to more advanced and capable electric construction equipment. However, Electric Construction Equipment's higher upfront cost may deter buyers in regions with limited green technology financing or subsidies.
Electric Construction Equipment Market- Key Insights:
- As per the analysis shared by our research analyst, the global Electric Construction Equipment market is estimated to grow annually at a CAGR of around 23.8% over the forecast period (2023-2030)
- The Electric Construction Equipment industry is projected to grow at a significant rate due to the growing awareness of sustainable growth
- Based on Product type segmentation, Forklift was predicted to show maximum market share in the year 2022
- On the basis of region, North America was the leading revenue generator in 2022
Electric Construction Equipment Market- Segmentation Analysis:
- The Global Electric Construction Equipment Market is segmented on the basis of Product Type, Application, Technology, and Region.
- The market is divided into four categories based on product type: Forklift, Loader, Excavator, and AWP. The forklift segment dominates the market. Compact electric forklifts have additional advantages, such as the capacity to work in confined locations and a lower turning radius. Because of their low noise and minimal emissions, compact electric forklifts are commonly utilized in warehouses, distribution centers, and other indoor situations.
Electric Construction Equipment Market- Geographical Insights:
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Europe is expected to dominate the growth of the Electric Construction Equipment Market, due to rising expenditure in industrial expansion operations in urban areas. The rising cost of urban industrial growth activities needs a greater usage of construction equipment. Compact electric equipment is well suited to urban contexts due to decreased noise levels and zero emissions at the point of use, which is a significant benefit in highly populated locations. The benefits of electric construction equipment, such as lower operational costs, decreased emissions, and potential for enhanced efficiency, make a compelling case for their adoption in the long run. This is especially true given the trend of rising costs. Among the EU Member States, Germany (12.8 %) and France (12.2 %) had the highest healthcare expenditure relative to GDP in 2020, according to Healthcare expenditure euro statistics. North America is expected to drive market growth in the forecast period, due to the rising demand for infrastructure, strict emissions regulations, and the rapid development of charging infrastructure.
Electric Construction Equipment Market- Competitive Landscape:
The Electric Construction Equipment market is expanding rapidly due to a variety of factors such as increasing pollution rules, developments in battery technology, cost-effectiveness during the equipment's lifespan, and growing environmental awareness. Several prominent competitors are investing extensively in the electric compact equipment market to meet this demand. Battery technological advancements, such as increased energy density and faster charging periods, are enhancing the practicality of electric construction equipment. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, distribution network development, R&D spending, and mergers and acquisitions. For example, on June 2023, In order to maximize the opportunities in the growing compact equipment segment Volvo Construction Equipment (Volvo CE) has nowadays announced the launch of a new Compact Business Unit.
Recent Developments:
On March 2023, - Caterpillar Inc. nowadays announced the introduction of Cat Compact ESS, a new mobile battery energy storage system that supplements traditional mobile power solutions to reduce noise and enable the deployment of renewable energy sources. Additionally, customers using efficiency gains to minimize fuel usage can reduce fuel costs, associated maintenance requirements, and greenhouse gas (GHG) emissions when compared to continuous generator set usage.
Key features of the study:
- This proposed research study on Electric Construction Equipment market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Electric Construction Equipment market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Electric Construction Equipment market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Electric Construction Equipment market
- Impact of COVID-19 on Electric Construction Equipment market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Electric Construction Equipment market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Electric Construction Equipment market, we have also included competitive landscape and key innovator analysis for the Electric Construction Equipment market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Electric Construction Equipment market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Electric Construction Equipment market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL ELECTRIC CONSTRUCTION EQUIPMENT MARKET KEY PLAYERS
- Caterpillar
- JCB
- HAULOTTE GROUP
- Wacker Neuson SE
- Toyota Motor Corporation
- Hyster-Yale Group, Inc.
- SANY Group
- Volvo CE
- Hyundai CE
- Bobcat
GLOBAL ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY PRODUCT TYPE
- Forklift
- Loader
- Excavator
- Mini
- Midi
- AWP
- Telehandler
- Boom
- Scissor
GLOBAL ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY TYPE
- Lithium Ion
- Lead Acid
- Others
GLOBAL ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY CAPACITY
- <50 KwH
- 50-200 KwH
- 200- 500 KwH
- >500 KwH
GLOBAL ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA