Electric Construction Equipment Market 2024-2030: Paving the Way for Sustainable Infrastructure Development

The Summary of the Electric Construction Equipment Market Report

The MMR offers a concise depiction of the "Electric Construction Equipment Market" industry, delivering an in-depth analysis of the Electric Construction Equipment market. It emphasizes standard subjects while tailoring data to suit specific requirements. This overview serves as a comprehensive guide for investors seeking insights into the current landscape of the Electric Construction Equipment industry.

Electric Construction Equipment Market Scope and Research Methodology:

Our methodology for collecting and analyzing data from several credible sources combines primary and secondary research approaches. Precise market projections and insights are provided by the research via the use of several analytical models and methods. In addition, it has a thorough Porter's Five Forces analysis and a SWOT analysis to assess the market's attraction and competitive environment.

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Electric Construction Equipment Market Expansion

The Electric Construction Equipment Market, valued at USD 162.53 Bn in 2023, is poised to exhibit a substantial CAGR of 6.8% from 2024 to 2030, reaching a projected value of nearly USD 257.60 Bn. This report delves into the transformative dynamics of the market, emphasizing the pivotal role electric technology plays in revolutionizing the construction sector towards sustainability.

The extent of the Electric Construction Equipment Market report

The Electric Construction Equipment market report delineates present and past growth trajectories, encompassing the market's Compound Annual Growth Rate (CAGR), size, forecasts, revenue share, and pricing trends. It also delves into industry-specific challenges, lucrative prospects, and technological advancements that empower key players to augment revenue and foster growth. Additionally, the report explores ongoing and future trends propelling the evolution of the Electric Construction Equipment market. It includes an analysis of the competitive landscape, forthcoming technical innovations, and financial details pertinent to the Electric Construction Equipment industry. Comprehensive company profiles, encompassing capacity, manufacturing, pricing, costs, revenue, and statistics, alongside SWOT analyses (Strengths, Weaknesses, Opportunities, and Threats), are incorporated. The assessment of the Electric Construction Equipment market size by value and volume employs a bottom-up approach, gathering information through primary and secondary research methodologies.

Electric Construction Equipment Market Dynamics:

Driving Factors: The market's growth is propelled by the imperative need to reduce air pollutants from off-highway machinery, lower ventilation costs in underground mining, and address the demand for noiseless construction equipment in residential areas. Stringent pollution and noise regulations, particularly in limited construction settings, contribute to the surge in electric construction equipment demand.

Battery Technology Development: The report underscores the significance of advancements in battery charging technologies. Lithium-ion batteries, though widely adopted, face limitations, prompting manufacturers to invest in solid-state batteries. Challenges in developing superior batteries, including construction materials, safety, cost, and manufacturing methods, are acknowledged as potential hurdles in the progress of electric off-highway equipment.

Noise Reduction Initiatives: The increasing number of construction projects within city limits necessitates noise reduction measures. Diesel-powered construction equipment is a significant contributor to noise pollution. The report sheds light on global initiatives and regulations focused on noise reduction, emphasizing the adoption of electric construction equipment to comply with evolving standards.

Electric Construction Equipment Market-Related Perspectives

Asia-Pacific Dominance: China, India, and Japan lead the Asia-Pacific region, accounting for a substantial market share. The South-North water transfer plant project in China is identified as a key driver for the rising demand for construction equipment. Localized manufacturing efforts and government initiatives to achieve carbon neutrality by 2040 contribute to the region's construction equipment market growth.

Global Industry Players: Key players, including Volvo Construction Equipment, Komatsu Ltd., Caterpillar Inc., Kobelco Construction Machinery Co., Ltd, CNH Industrial NV, Deere & Company, JCB India Limited, and Doosan Infracore, are actively involved in the market. The report details initiatives and collaborations among industry players, showcasing efforts towards a fossil fuel-free construction industry.

Electric Construction Equipment Market Divisibility

by Product

Forklift
Loader
Excavator
AWP

Product Type: In terms of market share, the forklift segment had the most share in 2023. Forklift power sources that are less harmful to the environment include electricity and diesel. Additionally, electric vehicles require less maintenance than cars with internal combustion engines. Several countries, including the UK, India, and France, are now phasing out the sale of cars using internal combustion engines. The benefits of electric vehicles and government regulations that are supportive of them are anticipated to stimulate demand for electric automobiles throughout the anticipated timeframe.

With features like cheap maintenance, less vibration, less noise, and lightweight design, an electric forklift powered by batteries improves worker comfort while they're out in the field.

by propulsion

hybrid-electric and
battery-electric

In terms of propulsion, hybrid-electric vehicles accounted for a significant the CAGR in 2023. NGVs, plug-in hybrid electric cars (PHEVs), and hybrid electric vehicles (HEVs) are the three propulsion types. The use of plug-in hybrid vehicles is growing. The engine mechanism helps produce power in addition to the generators, which is utilized to charge the batteries in these cars. Another way to charge the battery is to connect it to an external source. These vehicles use a battery supply that can only be supplied with electricity by an engine. Natural gas vehicles run their engines on compressed natural gas (CNG), which powers the generators. This helps the hybrid car's electric motor run, which starts it. A fresh battery is installed in place of the old one and discarded.

by Battery Capacity

500 KwH

by Battery Type

Lithium-ion
Lead-acid and
Others

by Power Output

300 HP

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Electric Construction Equipment Market Key Competitors include

1. Caterpillar
2. CNH Industrial N.V.
3. Doosan Corporation
4. Escorts Limited
5. Hitachi Construction Machinery Co., Ltd.
6. Hyundai Construction Equipment Co., Ltd.
7. J C Bamford Excavators Ltd.
8. Deere & Company.
9. Kobelco Construction Machinery Co., Ltd.
10.Komatsu Ltd.
11.Liebherr-International AG
12.Manitou BF
13.HÄ°DROMEK
14.Sany Heavy Industry Co., Ltd.
15.Sumitomo Heavy Industries, Ltd.
16. Corporation
17.Volvo AB
18.Zoomlion Heavy Industry Science and Technology Co., Ltd

Principal Products/Services:

Market Share, Size & Forecast by Revenue
Market Dynamics - Growth Drivers, Restraints, Investment Opportunities, and Key Trends
Market Segmentation - A detailed analysis by Segment, sub-segments and Region
Competitive Landscape - Top Key Vendors and Other Prominent Vendors
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Table of content for the Electric Construction Equipment Market includes:

Part 01: Executive Summary

Part 02: Scope of the Electric Construction Equipment Market Report

Part 03: Electric Construction Equipment Market Landscape

Part 04: Electric Construction Equipment Market Sizing

Part 05: Electric Construction Equipment Market Segmentation

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Conclusion:

The Electric Construction Equipment Market is at the forefront of transforming the construction industry, offering eco-friendly alternatives to traditional machinery. With a focus on sustainability, reduced emissions, and noiseless operations, electric construction equipment is poised for substantial growth. The report provides a comprehensive understanding of market dynamics, challenges, and regional influences, offering stakeholders valuable insights for strategic decision-making.

Objective of the Report:

This report aims to present a thorough analysis of the Electric Construction Equipment Market, offering stakeholders a comprehensive view of industry status, trends, and future projections. The report includes a dedicated study of key players, encompassing market leaders, followers, and new entrants. It serves as an essential guide for decision-makers, providing valuable information for navigating the evolving landscape of the electric construction equipment sector.

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