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Electric Construction Equipment Market Projected to reach $24.8 billion by 2027

According to a research report "Electric Construction Equipment Market by Equipment Type, Battery Capacity, Battery Type, Power Output, Application, Propulsion, Electric Tractor Market, Electric Construction & Mining Equipment Market and Region - Global Forecast to 2027" published by MarketsandMarkets, the electric construction equipment market is estimated to grow from USD 9.2 billion in 2022 to USD 24.8 billion by 2027 at a CAGR of 22.0% over the forecast period.

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The increasing demand to minimize exhaust emissions, ventilation costs in underground mining and preference for the low noise construction machines in residential areas would create growth opportunities for the electric construction equipment market.

The mining equipment would hold the largest market share among the electric off-highway equipment types

The mining application segment is currently leading the market in terms of value generation, globally. This is mainly because of the initiatives by the mining corporations and governments about the safety, environmental, and financial advantages of electric and hybrid-electric mining equipment.

Particularly, in the underground mining activities, harmful dust and gases are produced and usually has a hot to very hot temperature. One of the major reasons for this heat and other toxic gases in the underground mines are the diesel-powered mining equipment. This demands a very efficient ventilation system with huge capital maintenance expenses. According to the International Council on Mining and Metals (ICMM), 40% of an underground mine's energy outlay is spent on operating ventilation systems to remove pollutants and heat from mining tunnels. Such factors increase the overall operational cost of the mine while decreasing its production efficiency.

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Europe would showcase highest demand for electric off-highway equipment

The stringent emission norms in the European region along with many sustainability initiatives by the government are some of the key reasons due to which Europe would be the largest market for electric off-highway equipment.

The increasing noise pollution in cities has made most metropolitan cities to impose noise regulations and restrictions in the urban construction sites. The main reasons for the generation of noise in residential construction sites are the diesel-powered construction equipment.

According to the World Health Organization (WHO), approximately 44% of the European population is affected by road and vehicle noise, leading to severe health issues among people. An Health and Safety Executive (HSE) report also states that in the UK alone, nearly 17,000 people suffer from deafness, ringing in the ears, or other ear conditions caused by excessive noise. To counter this, countries are working toward regulations to control the noise generated by construction equipment.

View Detail TOC @ https://www.marketsandmarkets.com/Market-Reports/off-highway-electric-vehicle-market-129288251.html

Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: newsletter@marketsandmarkets.com
Phone: 18886006441
Address: 630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States

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