Electric Construction and Agriculture Machinery Market Forecast to Hit $24.3 Billion by 2032

Allied Market Research has released a comprehensive report titled, "Electric Construction and Agriculture Equipment Market by Type (Construction, Agriculture), Battery Capacity (75kWh-100kW, 101kW-125kW, 126kW-150kW), and Electric Fuel Type (Battery Electric, Plug-in Hybrid, Fuel Cell/Hydrogen): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the study, the global electric construction and agriculture equipment market was valued at $3.6 billion in 2022 and is expected to reach $24.3 billion by 2032, growing at a CAGR of 21.1% from 2023 to 2032.

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Market Overview

Electric construction equipment refers to machinery and vehicles in construction powered by electricity rather than traditional fuels like diesel or gasoline. These machines use electric motors, batteries, or connect to electrical grids to operate, reducing exhaust emissions and noise while improving efficiency. Agricultural equipment refers to electric machinery designed for farming activities such as land preparation, cultivation, and harvesting.

Key Drivers of Growth

The market is primarily driven by the expansion of the construction and infrastructure sectors, rising fuel costs, and growing demand for noiseless and emission-free equipment. Additionally, countries like the U.S., Germany, and other developing nations are investing in new technologies to sustain and grow their market share during the forecast period.

Forecast Highlights:

Parameter Details
Forecast Period 2023-2032
Base Year 2022
Market Size 2022 $3.6 Billion
Market Size 2032 $24.3 Billion
CAGR 21.1%
Pages 811
Segments Covered Type, Battery Capacity, Electric Fuel Type, Region
Key Drivers Demand for noiseless construction, fuel price rise, construction expansion
Opportunities Battery charging advancements
Restraints Productivity loss due to prolonged charging, inconsistent standards

Segment Insights

By Type

The construction segment contributed the largest revenue in 2022 and is expected to grow at a CAGR of 20.6%, driven by heavy machinery such as excavators, loaders, bulldozers, and dump trucks equipped with electric motors and rechargeable batteries.

The agriculture segment is projected to witness the highest CAGR of 27.5%, owing to the adoption of electric tractors and other farm machinery.

By Battery Capacity

Categories include 75kWh-100kW, 101kW-125kW, and 126kW-150kW.

The 75kWh-100kW segment dominates in revenue, typically used in compact loaders, micro-excavators, and smaller tractors for less-intensive tasks.

The 126kW-150kW range is expected to record high growth during the forecast period, offering enhanced power for larger machinery applications.

By Electric Fuel Type

Segments include Battery Electric (BE), Plug-in Hybrid (PHEV), and Fuel Cell/Hydrogen (FCEV).

Plug-in hybrids accounted for over half of the market share in 2022, driven by government incentives, battery efficiency improvements, and consumer demand for low-emission alternatives. PHEVs powered by bioethanol offer reduced emissions while ensuring performance comparable to conventional engines.

Regional Insights

North America dominated the market in 2022 with more than one-third of the revenue share.

Asia-Pacific is expected to achieve strong growth, led by China, India, and South Korea, driven by rapid infrastructure development, rising environmental awareness, and demand for sustainable machinery solutions.

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Leading Market Players

Prominent companies in the electric construction and agriculture equipment market include:

Komatsu Ltd.

AB Volvo

KUBOTA Corporation

Caterpillar

Deere & Company

Doosan Corporation

Sandvik AB

Epicroc

Liebherr Group

Hitachi

These players are employing strategies such as new product launches, geographic expansion, and acquisitions to strengthen their market position. The report provides detailed insights into business performance, operating segments, product portfolios, and strategic initiatives, highlighting the competitive landscape of the market.

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