Electric Construction Equipment Market size was valued at US$ 142.5 Bn. in 2021 and the total revenue is expected to grow at 6.8% of CAGR through 2022 to 2029, reaching nearly US$ 241.20 Bn.
Electric Construction Equipment Market Overview:The construction sector benefits greatly from electric construction equipment, which emits fewer greenhouse gases and requires less maintenance and running expenses. Making the building industry more eco-friendly has received a lot of attention since it has historically had a detrimental influence on the environment. In addition, this business makes considerable contributions to waste disposal, water contamination, and air pollution. In order to assist the construction sector in reducing its carbon impact, more electric technology is both welcomed and greatly required. The use of heavy electric machinery is becoming more frequent, and it is now possible to buy, rent, and hire it anywhere around the globe, along with electric vehicles and public transit. The report analyses and cover several electric equipment types and the advantages of this eco-friendly substitute in the electrical construction market. The growing need to reduce air pollutants from off-highway machinery, lower ventilation costs in underground mining, and the demand for acoustic construction equipment in residential areas are the primary factors driving the market's growth during the forecast period. The strict pollution and noise regulations in regions or limited construction settings have played a significant role in the development of electric construction equipment, such as small electric excavators, loaders, and dozers. The use of electric machinery in the mining industry greatly lowers the price of ventilation in underground mines. Excavators and dump trucks powered by electricity dominate the market for electric mining equipment. Electric equipment in the agricultural industry aids in raising output and efficiency by accelerating agricultural automation. moreover, electric sprayers and tractors are the key electric agriculture equipment categories. Top key players in electric construction equipment are covered in report. To know about the Research Methodology :- Request Free Sample Report
Electric Construction Equipment Market Dynamics:
Development in battery chargingLead-acid and nickel-metal hydride batteries were used in the initial periods of electric cars. However, due to their many benefits over lead-acid and nickel-metal hydride batteries, lithium-ion batteries are now often seen in electric off-highway vehicles. The performance of lithium-ion batteries can be impacted by a number of restrictions. The drawbacks of lithium-ion batteries include rigidity, high cost, restricted power density, short lifespan (typically 600–1,000 charge-discharge cycles before capacity decreases), inadequate robustness (need protection from being overcharged and excessively discharged), and limited lifespan. Solid-state batteries are a replacement for lithium-ion batteries. These lithium metals stabilized solid electrolyte batteries are produced with up to ten times the charging capacity of graphite-based Li-ion batteries. Additionally, solid-state batteries have a lifespan of up to 10 years and a higher energy density. Many manufacturers of electric off-highway equipment invest in the creation of solid-state batteries as a result of these benefits. To create solid-state batteries that surpass Li-ion batteries, Caterpillar and Frisker teamed together in 2018. However, the development of solid-state batteries is difficult due to problems with construction materials, design safety, cost, and manufacturing methods. Electric off-highway equipment would benefit immensely from such better batteries, but these problems slow down progress.
Rising demand for noiseless constructionA higher number of building projects are being built inside city borders, which poses a risk due to the rising noise pollution in cities. The majority of large cities have implemented limitations on construction site noise. The primary causes of the noise produced on residential building sites are construction equipment fueled by diesel. The road and vehicle noise causes serious health problems for 44% of the population in Europe. According to MMR Research, 17,000 people in the UK alone suffer from hearing loss, ringing in the ears, or other ear disorders as a result of excessive noise. Countries are attempting to regulate the noise made by construction equipment to combat this. Initiatives and laws to reduce noise in residential areas are being developed in response to the noise from diesel-powered construction equipment. For instance, Oslo's municipal corporation plans to use similar equipment on all public building sites by 2025. The "What Can Be Run on Electric, Shall Be Run on Electric" strategy is thus being worked on by the city municipal corporation. To establish a market for electric construction equipment, the proposal calls for establishing minimum requirements for bidders on projects that are put out to tender. The city of London is also putting NRMM projects to the test to reduce noise and pollutants from construction machinery. The municipal corporations of London and Paris are collaborating on the most ambitious projects and schemes to ban or significantly reduce all polluting vehicles in residential areas. Noise regulations in all regions and the effects of noise in construction all are covered in the report.
Unorganized emission standardsThis Global Technical Regulation (GTR) aims to provide a highly standardized method for calculating the levels of emissions from light-duty vehicles of gaseous compounds, particulate matter, particle number emissions, CO2 emissions, electric energy consumption, fuel consumption, and electric range. To simplify engine development and emission type clearance or certification for a variety of markets, engine and equipment manufacturers have urged regulatory bodies in multiple regions to standardize global emission standards. For instance, the California Air Resources Board (CARB) has aligned California GHG regulations with EPA Federal standards, allowing manufacturers to prove compliance with the 2017 to 2025 EPA Federal criteria to meet California requirements.
Electric Construction Equipment Market Segment Analysis:Product Type, based on product type forklift segment held the largest market share of xx% in 2021. Electricity is an eco-friendlier forklift power source than gasoline and diesel. In addition, compared to cars built on international combustion engines, electric vehicles require less maintenance. The sale of automobiles powered by combustion engines is now being phased out in several nations, including the United Kingdom, India, and France. Over the expected period, demand for electric cars is expected to be driven by the advantages of electric vehicles and supportive government policies. An electric forklift runs on batteries and has advantages like low maintenance, reduced vibration, low noise, and lightweight, enhancing the comfort of workers when they are in the field. OEMs like Toyota Material Handling, Godrej & Boyce, and Guangxi LiuGong Machinery Co., Ltd. are putting their efforts into creating solutions that address the shifting requirements of warehouse and dockyard operators. For example, Guangxi LiuGong Machinery Co., Ltd., a Chinese producer of construction machinery, announced the introduction of forklift trucks designed specifically for docks in March 2020. The recently introduced forklift trucks can move freely and are made to be used in low places like basements, culverts, and cabins. Important companies are actively engaging in activities like mergers and acquisitions. To keep top of the competition, important corporations are actively engaged in operations like mergers and acquisitions. For example, Toyota Material Handling successfully merged its two forklift businesses, Toyota Material Handling USA (TMHU) and Toyota Industrial Equipment Manufacturing (TIEM), in January 2020 to create Toyota Material Handling, Inc. (TMH). Toyota Material Handling would be able to improve the total customer experience through streamlining, simplification, and unification of both groups. To draw in new clients, players are stressing the creation of innovative goods that are effective and more productive. For example, Mitsubishi Logisnext Americas Inc. introduced a new electric pneumatic UniCarrier Forklift in October 2021. The North, Central, and South America would all have access to the 3 and 4-wheel vehicles. This launch is expected to help the company further strengthen its position across the Americas. By propulsion, based on propulsion hybrid-electric held a major xx% of CAGR in 2021. The propulsion types include NGVs, hybrid electric vehicles (HEVs), and plug-in hybrid electric cars (PHEVs). Plug-in hybrids are gaining popularity. Aside from the generators, the engine mechanism contributes to the generation of electricity, which is used to charge the batteries of these vehicles. The battery may also be charged by connecting it to an external source. These cars employ a battery supply that can only be charged by an engine-generating system. CNG is used in natural gas cars to power the engines, which in turn drive the generators. This assists in running the electric motor, which starts the hybrid car. The old battery is discarded and replaced with a new unit. The implementation of strict environmental and pollution control regulations, as well as government incentives to encourage the purchase and use of electric and hybrid vehicles, are some of the key factors influencing the market's growth. Administrative groups have implemented stricter emission rules as public awareness of discharges has grown. OEMs are being inspired to develop hybrid and electric vehicles by the tightening regulations on vehicle contamination. Automobiles that use both petrol and diesel emit less pollution from the environment than hybrid vehicles. To minimise the impact of ozone-depleting substances and increase vehicle eco-friendliness, legislators in the US and Europe are gradually reducing discharge regulations. States in both India and Brazil are considering various ideas, such as reducing the public sector's reliance on CNG creamer and module vehicles. There are additional hybrid electric vehicle options. The Indian government is expected to spend USD 446 million on the project. The Brazilian government is releasing new advertisements and informational gatherings to raise awareness of the benefits of hybrid vehicles. Together with the US Environmental Protection Agency, the European Union has created rigid transmission regulations. In light of these necessities, the market for cross-sectional vehicles is significantly growing and becoming more well-known for cream vehicle use.
Electric Construction Equipment Market Regional Insights:China, India, and Japan have a significant portion of the market share in Asia-Pacific, which leads the world in sales of construction equipment. Construction equipment demand will rise over the next three decades as a result of the South-North water transfer plant project in China, which is expected to be completed by 2050. This project will deploy various types of construction equipment, either by renting or purchasing the equipment. A few factors driving the construction machinery market in the APAC region include the rising number of dam building projects, the real estate industry, commercial and residential complexes, and the growth of rail and road infrastructure. Companies are manufacturing items specifically for the area. For example, Komatsu declared in December 2020 that it will introduce cost-effective excavators in Southeast Asia. Starting in April 2021, a midsize, 20-ton class excavator for building roads and developing residential property will be sold in Thailand and Indonesia. As governments in Asia set lofty objectives to become carbon neutral by 2040, manufacturers of construction equipment are attempting to lessen their reliance on gasoline and diesel. For example, Komatsu announced a partnership with Proterra in January 2021 to employ battery packs in Komatsu's electric hydraulic excavators. By the end of 2021, the company will create a proof-of-concept electric excavator using Proterra's battery technology. Caterpillar Inc., Kobelco Construction Machinery Co., Ltd, CNH Industrial NV, Deere & Company, Komatsu Ltd, JCB India Limited, Volvo Group, Doosan Infracore, and XCMG are a few of the private sector and government that controlled and achieved a major market share.
Competitive landscapeVolvo Construction Equipment (Volvo CE) Is a Gothenburg-based Swedish global manufacturing firm. While its primary business is the manufacture, distribution, and sale of trucks, buses, and construction equipment. Volvo Construction Equipment (Volvo CE), SMT, Pascon, and Vattenfall IDNO collaborated to build a net zero future by examining their entire value chain and ensuring a low carbon footprint for the construction and installation of electric vehicle charging points at a Volvo Cars dealership in Shrewsbury, UK. The electrical infrastructure was installed using a Volvo ECR25 Electric, a 2.5-tonne electric compact excavator from Volvo CE and provided by SMT, Volvo CE's authorized distribution partner for Great Britain, as a step toward fossil fuel-free construction. This machine, which delivers the same robust performance as its diesel cousin, not only creates zero emissions but also provides a considerably more comfortable work environment for everyone nearby due to its near quiet operation and decreased vibrations. Electric machines like the ECR25 Electric are critical to the company's goal of achieving net zero greenhouse gas emissions by 2040. future plans for Volvo construction equipment are covered in the report. Komatsu Ltd. (Japan) Komatsu Ltd. (President and CEO: Hiroyuki Ogawa) (hereinafter "Komatsu") will exhibit at bauma 2022, a leading international construction equipment trade exhibition to be held in Munich, Germany from October 24 to 30. The electrified Komatsu equipment that will be shown at bauma 2022 will be another testament to the company's commitment to lowering harmful emissions globally. In May 2021, a "fully electric non-operator mini excavator" was revealed as a concept machine, and in March 2022, the "PC01E-1" electric micro excavator was launched to the Japanese market. the company expected to display the most recent equipment focusing on electrified construction and mining equipment, such as a 3-ton class electric mini excavator, a model update of the "PC30E-5," which was presented to the Japanese market in March 2021. The objective of the report is to present a comprehensive analysis of the Electric Construction Equipment Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
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Electric Construction Equipment Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2021: US $ 142.5 Bn. Forecast Period 2022 to 2029 CAGR: 6.8% Market Size in 2029: US $ 241.20 Bn. Segments Covered: by Product • Forklift • Loader • Excavator • AWP by propulsion • hybrid-electric and • battery-electric
Electric Construction Equipment Market, by region• North America • Europe • Asia Pacific • Middle East and Africa • South America
Electric Construction Equipment Market Key Players• Caterpillar • CNH Industrial N.V. • Doosan Corporation • Escorts Limited • Hitachi Construction Machinery Co., Ltd. • Hyundai Construction Equipment Co., Ltd. • J C Bamford Excavators Ltd. • Deere & Company. • Kobelco Construction Machinery Co., Ltd. • Komatsu Ltd. • Liebherr-International AG • Manitou BF • HÄ°DROMEK • Sany Heavy Industry Co., Ltd. • Sumitomo Heavy Industries, Ltd. • Terex Corporation • Volvo AB • Zoomlion Heavy Industry Science and Technology Co., Ltd Frequently Asked Questions: 1. What is the forecast period considered for the Electric Construction Equipment Market report? Ans. The forecast period for the Electric Construction Equipment Market is 2021-2029. 2. Which key factors are hindering the growth of the Electric Construction Equipment Market? Ans. Unorganized emission standards restring the market growth. 3. What is the compound annual growth rate (CAGR) of the Electric Construction Equipment Market for the forecast period? Ans. 6.8 % of CAGR is the annual growth rate of the electric construction equipment market. 4. What are the key factors driving the growth of the Electric Construction Equipment Market? Ans. Development in battery charging drive the market growth. 5. Which are the worldwide major key players covered for the Electric Construction Equipment Market report? Ans. Machinery (Japan), Caterpillar Inc. (US), Komatsu Ltd. (Japan), JCB (UK), Volvo Construction Equipment (Volvo CE) (Sweden) are key players coved in report.
1. Electric Construction Equipment Market: Research Methodology 2. Electric Construction Equipment Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Electric Construction Equipment Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Electric Construction Equipment Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Electric Construction Equipment Market Segmentation 4.1. Electric Construction Equipment Market, by Product (2021-2029) • Forklift • Loader • Excavator • AWP 4.2. Electric Construction Equipment Market, By Propulsion (2021-2029) • hybrid-electric and • battery-electric 5. North America Electric Construction Equipment Market(2021-2029) 5.1 North American Electric Construction Equipment Market, By Product (2021-2029) • Forklift • Loader • Excavator • AWP 5.2 North America Electric Construction Equipment Market, By Propulsion (2021-2029) • hybrid-electric and • battery-electric 5.3 North America Electric Construction Equipment Market, by Country (2021-2029) • United States • Canada • Mexico 6. European Electric Construction Equipment Market (2021-2029) 6.1. European Electric Construction Equipment Market, By Product (2021-2029) 6.2. European Electric Construction Equipment Market, By Propulsion (2021-2029) 6.3 European Electric Construction Equipment Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Electric Construction Equipment Market (2021-2029) 7.1. Asia Pacific Electric Construction Equipment Market, By Product (2021-2029) 7.2. Asia Pacific Electric Construction Equipment Market, By Propulsion (2021-2029) 7.3. Asia Pacific Electric Construction Equipment Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Electric Construction Equipment Market (2021-2029) 8.1. Middle East and Africa Electric Construction Equipment Market, By Product (2021-2029) 8.2. Middle East and Africa Electric Construction Equipment Market, By Propulsion (2021-2029) 8.3. Middle East and Africa Electric Construction Equipment Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Electric Construction Equipment Market (2021-2029) 9.1. South America Electric Construction Equipment Market, By Product (2021-2029) 9.2. South America Electric Construction Equipment Market, By Propulsion (2021-2029) 9.3 South America Electric Construction Equipment Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 CNH Industrial N.V. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Doosan Corporation 10.3 Escorts Limited 10.4 Hitachi Construction Machinery Co., Ltd. 10.5 Hyundai Construction Equipment Co., Ltd. 10.6 J C Bamford Excavators Ltd. 10.7 Deere & Company. 10.8 Kobelco Construction Machinery Co., Ltd. 10.9 Komatsu Ltd. 10.10 Liebherr-International AG 10.11 Manitou BF 10.12 Caterpillar 10.13 JCB 10.14 HAULOTTE GROUP 10.15 Wacker Neuson SE 10.16 Toyota Motor Corporation 10.17 Hyster-Yale Group, Inc. 10.18 SANY Group 10.19 Volvo CE 10.20 Hyundai CE 10.21 Bobcat