Press release
Global Construction Activity Fuels Growth In Electric Construction Equipment Market: A Significant Driver Propelling The Electric Construction Equipment Market In 2025
Electric Construction Equipment
What Is the Expected Electric Construction Equipment Market Size During the Forecast Period?
The expansion of the electric construction equipment market has been rapid and substantial in the previous years. The market worth was predicted to increase from $11.26 billion in 2024 to reach $13.85 billion by 2025, reflecting a compound annual growth rate (CAGR) of 23.0%. Factors encouraging this growth throughout the historic period include initiatives for environmental protection, cost-efficiency measures, operational performance, tight emission standards, noise minimization and enhanced site environments, alongside government incentives and backing.
Expectations for the electric construction equipment market size predict significant expansion in the forthcoming years. The market is projected to rise to $30.06 billion by 2029, with a compound annual growth rate (CAGR) of 21.4%. This growth through the forecast period can be credited to several factors including infrastructure development and urbanization, advancements in battery technology, an increase in construction industry digitization, a worldwide shift towards green and renewable practices, and heightened consciousness and education. Notable trends for the forecast period are the incorporation of advanced manufacturing processes, concentration on economically effective and efficient bonding, emphasis on health and safety, and a shift towards using bio-based and renewable materials.
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What Are the High-Growth Segments in the Electric Construction Equipment Market?
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
Subsegments:
1) By Track Loaders: Compact Track Loaders, Large Track Loaders
2) By Excavators: Mini Excavators, Midi Excavators, Full-Size Excavators
3) By Backhoe Loaders: Standard Backhoe Loaders, Mini Backhoe Loaders
4) By Skid Steers: Wheeled Skid Steers, Compact Skid Steers
5) By Wheel Loaders: Small Wheel Loaders, Medium Wheel Loaders, Large Wheel Loaders
6) By Telehandlers: Compact Telehandlers, Heavy-Duty Telehandlers
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What Key Drivers Are Expected to Influence Future Electric Construction Equipment Market Growth?
The global surge in construction activities is projected to fuel the expansion of the electric construction equipment market. The construction sector, which encompasses industry and commerce activities related to building, maintaining, and repairing infrastructure, heightens the need for electric construction equipment. These machines play a crucial role in various operations and processes at construction sites, such as restoration, assembly, and precise measurement-taking (rangefinder function) during the installation of plumping systems, and the like. For example, the Office for National Statistics, the uk Statistics Authority's executive branch, reported in November 2023 that total new work heightened to $19781.69 million in 2022, reflecting an increase in both private and public new work by 16.8% and 13.1% respectively, in comparison to 2021. Hence, the burgeoning construction industries worldwide are bolstering the growth of the electric construction equipment market.
Which Companies Hold the Largest Share Across Different Electric Construction Equipment Market Segments?
Major companies operating in the electric construction equipment market include Deere & Company, Caterpillar Inc., Komatsu Ltd., CNH Industrial N.V., Yanmar Construction Equipment Co. Ltd., Kubota Corporation, Liebherr-International AG, 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, Tere*x Corporation, Hyundai Construction Equipment Co., Ltd., Manitou Group, Wacker Neuson SE, Volvo Construction Equipment AB, Doosan Infracore Co., Ltd., Sunward Intelligent Equipment Co., Ltd.
What Are the Latest Developing Trends in the Electric Construction Equipment Market?
The surge in product innovation is a pivotal trend gaining traction in the electric construction equipment market. Firms in this sector are prioritizing the creation of unique products to satisfy customer needs. To illustrate, Hitachi Construction Machinery Co., Ltd, a construction equipment firm from Japan, unveiled its five-ton battery-powered excavator, the ZX55U-6EB, in July 2022. The newly launched ZX55U-6EB, with its inherited short tail swing from the ZX55U-6 model, provides exceptional maneuverability in confined spaces. Thus, allowing customers to undertake diverse projects such as urban construction, residential construction, and waste management, especially in environmentally sensitive areas.
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What Are the Emerging Geographies for The Electric Construction Equipment Market Growth?
Europe was the largest region in the electric construction equipment market share in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric construction equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Construction Equipment Market?
2. What is the CAGR expected in the Electric Construction Equipment Market?
3. What Are the Key Innovations Transforming the Electric Construction Equipment Industry?
4. Which Region Is Leading the Electric Construction Equipment Market?
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