PUBLISHER: Grand View Research | PRODUCT CODE: 1530228
PUBLISHER: Grand View Research | PRODUCT CODE: 1530228
The global electric earthmoving equipment market is anticipated to reach USD 4.88 billion by 2030 and is anticipated to expand at a CAGR of 13.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. Strict environmental regulations and sustainability initiatives are driving demand for zero-emission earthmoving equipment. In addition, rapid advancements in battery technology, increasing fuel costs, and government incentives to adopt electric machines further fuel the growth of the market.
In recent years, increasing investments in the construction sector have driven the sales of electric earthmoving equipment worldwide. Favorable government initiatives aimed at assisting infrastructure development and other construction activities are expected to further drive construction spending globally. For instance, in India, government initiatives such as Make in India and the Smart Cities Mission are creating a favorable environment for construction activities, drawing both domestic and international investments. Such initiatives are expected to drive more demand for electric earthmoving equipment in the global market.
Moreover, as the world transitions toward renewable energy, the cost of electricity for charging construction machines is likely to decrease, further incentivizing their adoption. For instance, the U.S. government's goal of achieving net-zero emissions by 2050 is likely to drive the demand for sustainable construction and earthmoving equipment, such as electric loaders and excavators. In addition, increasing fuel prices are making electric earthmoving equipment a more cost-effective option in the long term. The lower operating costs of electric equipment, due to reduced fuel consumption and maintenance needs, are attractive to construction companies.
Several manufacturers are merging their expertise, resources, and research capabilities to drive innovation and enhance the performance of electric earthmoving equipment such as loaders. For instance, in November 2023, Kubota Corporation launched two battery-powered RT compact wheeled loader models, namely the RT220-2e and RT210-2e. These models provide a zero-emission, low-noise solution for consumers demanding a clean-fuel alternative for working around livestock, indoors, or in surroundings where ultra-low noise levels are needed. The RT 'e' models are powered by a standard 260Ah lithium-ion battery pack, utilizing a 48-volt DC electrical system. Such initiatives are expected to bode well for the market's growth.