The U.S. Electric Construction Equipment Market Sales to Hit 1.94 Thousand Units by 2030 - Arizton

According to the latest research report, the U.S. electric construction equipment market [https://www.arizton.com/market-reports/us-electric-construction-equipment-market] is growing at a CAGR of 28.06% during 2024-2030.

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Report Summary

Market Size - Volume (2030): 1.94 Thousand Units

Market Size - Volume (2024): 441 Units

CAGR - Volume (2024-2030): 28.06%

Market Size - Revenue (2030): $541.4 Million

Historic Year: 2021-2023

Base Year: 2024

Forecast Year: 2025-2030

Market Segmentation: Equipment, Battery Capacity, Battery Chemistry, and End User

The Growth of Nickel Manganese Cobalt (NMC) Batteries in U.S. Electric Construction Equipment Market

In 2024, the Nickel Manganese Cobalt (NMC) battery segment held a significant 54.0% share in the U.S. electric construction equipment market. This segment is projected to grow to 1,058 units by 2029, with a compound annual growth rate (CAGR) of 28.14%. NMC batteries, a type of lithium-ion battery, utilize a combination of nickel, manganese, and cobalt in their cathodes, offering high energy density and strong power output. These characteristics have made NMC batteries widely used in portable electronics and electric vehicles (EVs).

Further development of NMC batteries has enabled their adoption in larger construction equipment like excavators, aerial work platforms, and telehandlers. Due to their higher energy density and lower costs compared to other alternatives, NMC batteries have become the preferred choice for construction equipment manufacturers.

However, challenges such as overheating risks and limited recycling capabilities have prompted companies to intensify their R&D efforts to develop more sustainable and efficient alternatives for future use in construction equipment.

Key Infrastructure and Development Projects in Florida

Several significant infrastructure and development projects are currently underway in Florida, promising to reshape the state's landscape in the coming years:

* Miami Freedom Park and Soccer Village: Initiated in Q3 2023 and expected to complete by Q4 2025, this ambitious project will transform the former Melreese Country Club site into a 53-hectare complex. The development will include a stadium, public park, and a variety of community amenities.
* Brightline West High-Speed Rail: Brightline's high-speed rail initiative is connecting major Florida cities. The first phase, linking Miami and West Palm Beach, is already operational, with the second phase extending the line to Orlando set for completion in 2024. The third phase, connecting Orlando to Tampa, is still in the planning stages.
* I-4 Ultimate Improvement Project: A major overhaul of a 21-mile segment of Interstate 4 between Orlando and Tampa, this project aims to reduce traffic congestion and improve travel efficiency. The project is scheduled to be completed by 2025.
* Expansion of H. Lee Moffitt Cancer Center: A $678 million expansion project will add a new 12-story tower to the H. Lee Moffitt Cancer Center and Research Institute. The expansion is expected to enhance clinical care, research, and educational activities, with completion slated for 2026.

These projects reflect Florida's ongoing commitment to expanding infrastructure and enhancing community and healthcare services.

Government-Backed Battery Production Growth to Accelerate Electric Construction Equipment Adoption in the U.S.

The evolution of battery technology has significantly driven the demand for electric construction equipment in the U.S., as electrification is crucial for reducing carbon emissions and meeting sustainability targets set by the government. To support this transition, the U.S. government plans to boost battery production capacity in 2025, with ten new battery manufacturing plants expected to open in the second half of the year. Major battery manufacturers such as Panasonic, Samsung, and SK On are also investing in new factories for electric vehicles.

The U.S. battery manufacturing capacity is projected to grow by over 90% in 2025 compared to the previous year. Additionally, the government plans to remove excise taxes on battery raw materials to support domestic production. The Department of Energy has allocated more than $3 billion for 25 projects focused on advancing battery production, with another $725 million dedicated to the production of battery components, materials, and advanced batteries.

This growing government support and funding for local battery manufacturing is expected to have a positive impact on the demand for electric construction equipment in the U.S. market.

Recent Developments in the U.S. Electric Construction Equipment Market

* In 2024, Case Construction Equipment launched its new compact electric wheel loader 12EV in the North American market, including the United States. The machine offers a 23kWh cobalt-free, lithium-ion battery with a payload of 1.15 tons.
* Case Construction also launched an electric backhoe loader, Case 580EV, in the North American market in 2024.
* Volvo Construction Equipment expanded its electric lineup in North America with a new mid-size electric wheel loader L 120 & excavator & new generation EC230 electric excavator in 2024.
* Caterpillar signed a strategic agreement with CRH, a leading building material solution provider in the U.S., for electric trucks and charging solutions in 2024.

The U.S. Electric Construction Equipment Market Dynamics

Drivers

* Rise of construction sites free of fossil fuel
* Sustainable battery manufacturing
* Favorable Government Initiative & Policies

Trends

* Demand for sustainable projects and net-zero buildings
* Increased demand for Sustainable Mining Activities
* High electrification rate in compact equipment

Restraints

* Lack of charging infrastructure
* High cost of electric construction equipment
* Low energy density of battery

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Key Company Profiles

* Bobcat
* Caterpillar
* Volvo Construction Equipment
* Komatsu
* Hitachi Construction Machinery
* Liebherr
* JCB
* Kobelco
* HD Hyundai Construction Equipment
* Kubota
* Wacker Neuson
* John Deere
* SANY
* Xuzhou Construction Machinery Group (XCMG)
* Kramer
* CASE Construction Equipment
* Manitou
* MECALAC
* Yanmar
* Takeuchi Manufacturing Co., Ltd.
* DEVELON
* LiuGong
* HEVI

Component Suppliers

* ABB
* Eaton
* American Battery Solutions
* Ecovolta

Market Segmentation

Equipment

* Excavators
* Wheel Loaders
* Backhoe Loader
* Telehandlers
* Aerial Platform
* Others

Battery Capacity

* Below 50 KWH
* 50 KWH -200 KWH
* 201 KWH- 500 KWH
* Above 500 KWH

Battery Chemistry

* Nickle Manganese Cobalt (NMC)
* Lithium Ferro Phosphate (LFP)
* Others

End User

* Construction
* Warehouse & Logistics
* Mining
* Others

Key Questions Answered in the Report:

How big is the U.S. electric construction equipment market?

What is the growth rate of the U.S. electric construction equipment market?

Who are the key players in the U.S. electric construction equipment market?

Which are the major component suppliers in the U.S. electric construction equipment market?

What are the trends in the U.S. electric construction equipment market?

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