Press release
Underground Electric Construction Equipment Market Exploring Huge Opportunities At a CAGR of 15.3% by 2032
Prime determinants of growthRise in investments in infrastructure development, surge in demand for sustainability in the construction sector, and various government incentives associated with adopting new energy equipment are driving the underground electric construction equipment market growth. However, high initial cost of these equipment limits the market growth. On the contrary, the market players are expected to witness new growth opportunities if they constantly innovate their offering in terms of capacity, technology, and other factors.
According to the report, the underground electric construction equipment market was valued at $4.5 billion in 2023, and is estimated to reach $16.3 billion by 2032, growing at a CAGR of 15.3% from 2024 to 2032.
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The products segment held the highest market share in 2022
Based on offering type, the products segment held the highest market share in 2022. There is a surge in need of products such as boomers, loaders, trucks, drill rigs, excavators and others owing to rise in demand for underground construction. However, the services segment is anticipated to grow with a higher CAGR during the forecast period. As machines age, the demand for various types of services, including maintenance, repair, overhaul, and others, increases significantly.
The loaders segment held the highest market share in 2023
Based on equipment type, the loaders segment held the highest market share in 2023. This can be attributed to the fact that loaders are important for moving earth, debris, sand, and other loose materials which are generated in large volumes. On the other hand, the trenchers segment is expected to grow with a higher CAGR during the forecast period. Trenchers are widely used for digging trenches for the placement of utility lines such as electric cables, pipelines, optic fibers, and others.
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The underground mining segment held the highest market share in 2023
Based on application, the underground mining segment held the highest market share in 2023. Underground mining is a resource heavy industry which requires large machinery that does not pollute in the enclosed spaces of the mining sites. Thus, electric equipment is widely used. However, the municipal engineering segment is projected to manifest the highest CAGR during the forecast period. This can be attributed to the increase in infrastructure projects, urbanization, and technological advancements. Rising construction activities, government investments, and the need for efficiency contribute to the growth in demand.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023. The rapid urbanization in countries like China and India has led to the establishment and expansion of manufacturing facilities, buildings, utility lines, minerals, and others. These industries rely heavily on underground electric construction equipment.
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Top Players:
The major players operating in the underground electric construction equipment market include Caterpillar Inc., Komatsu Ltd., Volvo Construction Equipment, Hitachi Construction Machinery Co., Ltd., Liebherr Group, JCB (J.C. Bamford Excavators Ltd) , Sany Group, Doosan Infracore, XCMG Group.
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