Revolutionizing Construction : The Rise of Electric Vehicles in the Construction Industry

Allied Market Research published a new report, titled, "Construction Electric Vehicle Market by Type (Hybrid, Pure-Electric), by Propulsion Type (Battery Electric Vehicle, Plug-in Electric Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle) and by Charging Type (Normal Charging, Fast Charging): Global Opportunity Analysis and Industry Forecast, 2023-2032

The electrification of construction vehicle is on the rise, and companies are showing a keen interest in exploring how this new trend can complement their existing business models. The electric system in heavy-duty vehicles provides several benefits. Nevertheless, factors such as battery technology, s solutions. The pursuit of electrification of construction vehicles is expected to reduce fuel consumption and long-term cost savings.

The EPA (Environmental Protection Agency) has always held a positive attitude towards strict emission standards for off-highway diesel vehicles, mainly heavy vehicles used in construction and mining applications. Original equipment manufacturers have been developing innovative methods to achieve zero emissions. Construction companies are responsible for at least 11% of carbon dioxide emissions. The European Union established a stage 5 emissions standard, which took effect in 2019. Since European emission regulations keep on changing, diesel-powered machines could be discontinued all together in the future. They would be replaced with electric alternatives leveraging the market for electric construction vehicle.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐓𝐎𝐂 - https://www.alliedmarketresearch.com/request-toc-and-sample/12614

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬

The manufacturers in construction electric vehicle industry across the globe is being affected severely due to the restrictions on producers as well as the declared lockdowns which in turn is affecting the manufacturers worldwide. Industry executives are anticipating delivery and construction slowdowns, either because nations have shuttered industries to slow the spread of coronavirus or because the workers have tested positive. Many components and parts for manufacturing of electric construction vehicle come from China, the US and some parts of Europe. Manufacturing disruptions in China and the US could contribute to a significant fall in the electric construction vehicle market over the next one or two years. Moreover, new orders for construction machinery in the U.S. were down by around 12% in April 2020 compared to the previous year. Due to the COVID-19 pandemic, local currencies of many countries have depreciated. There is misalignment of supply and demand, leading to financial losses for components/parts manufacturers. Key components used in manufacturing electric construction vehicle are typically procured in US dollars, which results in increased component cost.

𝐃𝐞𝐜𝐫𝐞𝐚𝐬𝐞 𝐢𝐧 𝐜𝐨𝐬𝐭 𝐨𝐟 𝐄𝐕 𝐛𝐚𝐭𝐭𝐞𝐫𝐢𝐞𝐬

Due to technological progress and mass production of electric vehicle batteries, the cost of electric vehicle batteries has been decreasing. This event has led to a decrease in the cost of the electric vehicles (EV) as EV batteries are one of the most expensive parts of an electric vehicle. In 2010, the price of electric vehicle batteries was approximately US$1,100 per kilowatt-hour. However, by 2020, their prices will drop to around US$137 per kWh, while prices in China will be as low as US$100 per kWh.

This is because the manufacturing cost of these batteries has been reduced, the price of cathode materials has been reduced, and the output has been increased. Various companies around the world are cooperating together to reduce R&D cost. For instance, in January 2021 Proterra, a leading innovator in commercial vehicle electrification technology, and Komatsu, a global leader in construction equipment, announced an agreement to leverage Proterra's best-in-class battery technology for the development of Komatsu's first battery-electric middle class hydraulic excavator. The prices of EV batteries are expected to fall to around USD 60 per kWh by 2030, which will greatly reduce the price of EV's making them cheaper than conventional ICE vehicles.

𝐏𝐔𝐑𝐂𝐇𝐀𝐒𝐄 𝐅𝐔𝐋𝐋 𝐑𝐄𝐏𝐎𝐑𝐓 𝐎𝐅 - https://www.alliedmarketresearch.com/construction-electric-vehicle-market/purchase-options

𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐢𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬 𝐩𝐞𝐫𝐭𝐚𝐢𝐧𝐢𝐧𝐠 𝐭𝐨 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐯𝐞𝐡𝐢𝐜𝐥𝐞𝐬

Countries around the world have set target to reduce vehicle emissions by around 2050. They have started promoting the development and sales of electric construction vehicle's and related charging infrastructure. For example, the U.S. government invested 5 billion U.S. dollars in 2017 to promote the creation of electric construction vehicle infrastructure such as charging stations. Some governments are offering various incentives, such as low or zero registration fees and exemptions from import taxes, purchase taxes, and road taxes. In addition, countries such as Norway and Germany are investing heavily in promoting the sales of electric vehicles.

𝐓𝐨𝐩 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬
Komatsu,
Caterpillar,
Hitachi,
John Deere,
Volvo,
Atlas Copco,
SUNWARD,
Doosan Corporation,
Merlo J C Bamford Excavators Ltd.,
CNH Industrial N.V.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐓𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐓𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 | 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐇𝐞𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/12614

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