Electric Construction Equipment Global Market Analysis, Trends, Growth, Research And Forecast 2033

The electric construction equipment market size has grown exponentially in recent years. It will grow from $9.2 billion in 2023 to $11.34 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to environmental sustainability initiatives, cost savings and operational efficiency, stringent emission standards, noise reduction and improved worksite conditions, government incentives and support.

The electric construction equipment market size is expected to see exponential growth in the next few years. It will grow to $24.93 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The growth in the forecast period can be attributed to infrastructure development and urbanization, advancements in battery technology, rise in construction industry digitization, global push for green and renewable practices, increased awareness and education. Major trends in the forecast period include integration with advanced manufacturing processes, emphasis on cost-effective and efficient bonding, focus on health and safety, shift towards bio-based and renewable materials.

Market Overview -
Electric construction equipment is any construction equipment powered by electricity. Construction equipment is a term for heavy-duty vehicles designed expressly for carrying out construction tasks, which often involve earthmoving activities. Electric construction equipment has many advantages for the business, including lower fuel costs, fewer CO2 emissions, and a quieter, safer environment.

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Construction Boom Fuels Surge In Electric Equipment Demand Worldwide
The increase in construction activities around the globe is expected to propel the growth of the electric construction equipment market going forward. The construction sector refers to the sector of industry and trade that deals with creating, maintaining, and repairing infrastructures. The rise in the construction industry increases the demand for electric construction equipment as they are useful for various tasks and procedures carried out on a building site, including rehabilitation, assembly, and obtaining accurate measurements (rangefinder function) when installing any plumbing systems, and others. For instance, in June 2021, according to Statistics Canada, the organization charged by the Canadian government with creating data to aid in the understanding of Canada, its people, resources, economy, society, and culture, the Investment in the Canadian building construction increased by 2.7% to $20.9 billion in April 2022. Furthermore, according to The United States Census Bureau, a principal agency of the U.S. Federal Statistical System, responsible for producing data about the American people and economy, U.S. spending on construction increased by 9.3% from November 2020 to November 2021. Therefore, increasing construction industries across the globe are driving the growth of the electric construction equipment market.

Competitive Landscape -
Major companies operating in the electric construction equipment market report are Toyota Motor Corporation, Deere & Company, Caterpillar Inc., Guangxi Liugong Machinery Co., Ltd., Komatsu Ltd., CNH Industrial N.V., Yanmar Construction Equipment Co. Ltd., Kubota Corporation, Liebherr-International AG , Xuzhou Construction Machinery Group Co., Ltd., Hitachi Construction Machinery Co., Ltd., Bobcat Company , Zoomlion Heavy Industry Science and Technology Co., Ltd., SANY Heavy Industry Co., Ltd., J C Bamford Excavators Ltd, Hyster-Yale Materials Handling, Inc. , Hyundai Construction Equipment Co., Ltd. , Lovol Heavy Industry Co., Ltd., Manitou Group, Wacker Neuson SE, Shantui Construction Machinery Co., Ltd., Volvo Construction Equipment AB, Doosan Infracore Co., Ltd., Sunward Intelligent Equipment Co., Ltd., Haulotte Group, Shandong Lingong Construction Machinery Co., Ltd., Mustang Machinery Co., Ltd., Xtreme Manufacturing, King Machinery Co., Ltd.

Electric Construction Equipment Sector Redefines Industry Standards
Product innovation has emerged as the key trend gaining popularity in the electric construction equipment market. Major companies operating in the electric construction equipment sector are focused on developing innovative products to meet customer demand. For instance, in July 2022, Hitachi Construction Machinery Co., Ltd., a Japan-based construction equipment company launched ZX55U-6EB, a five-ton battery-powered excavator. The new ZX55U-6EB runs with outstanding maneuverability in small places since it has carried over the ZX55U-6 model's short tail swing. The ZX55U-6EB will enable customers to work on a wide variety of projects, such as urban construction sites, residential building projects, and waste material management projects anywhere the environment is a priority.

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Key Segments -

The electric construction equipment market covered in this report is segmented -

1) By Product Type: Track Loaders, Excavators, Backhoe Loaders, Skid Steers, Wheel Loaders, Telehandlers
2) By Equipment Type: Electric Excavator, Electric Motor Grader, Electric Dozer, Electric Loader, Electric Dump Truck, Electric Load-Haul-Dump Loader
3) By Engine Capacity Type: Less Than 5 L, 5 to 10 L, Greater Than 10 L
4) By Power Output: 50 HP, 50-150 HP, 150-300 HP and, >300 HP

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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