The Electric Construction Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electric Construction Equipment Global Market Report 2024, The electric construction equipment market size has grown exponentially in recent years. It will grow from $9.2 billion in 2023 to $11.34 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to environmental sustainability initiatives, cost savings and operational efficiency, stringent emission standards, noise reduction and improved worksite conditions, government incentives and support.
The electric construction equipment market size is expected to see exponential growth in the next few years. It will grow to $24.93 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The growth in the forecast period can be attributed to infrastructure development and urbanization, advancements in battery technology, rise in construction industry digitization, global push for green and renewable practices, increased awareness and education. Major trends in the forecast period include integration with advanced manufacturing processes, emphasis on cost-effective and efficient bonding, focus on health and safety, shift towards bio-based and renewable materials.
The increase in construction activities around the globe is expected to propel the growth of the electric construction equipment market going forward. The construction sector refers to the sector of industry and trade that deals with creating, maintaining, and repairing infrastructures. The rise in the construction industry increases the demand for electric construction equipment as they are useful for various tasks and procedures carried out on a building site, including rehabilitation, assembly, and obtaining accurate measurements (rangefinder function) when installing any plumbing systems, and others. For instance, in June 2021, according to Statistics Canada, the organization charged by the Canadian government with creating data to aid in the understanding of Canada, its people, resources, economy, society, and culture, the Investment in the Canadian building construction increased by 2.7% to $20.9 billion in April 2022. Furthermore, according to The United States Census Bureau, a principal agency of the U.S. Federal Statistical System, responsible for producing data about the American people and economy, U.S. spending on construction increased by 9.3% from November 2020 to November 2021. Therefore, increasing construction industries across the globe are driving the growth of the electric construction equipment market.
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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
Major companies operating in the electric construction equipment market are developing innovative products with advanced technologies such as remote-controlled equipment, machines, or vehicles that can be operated from a distance using electrical or radio signals. This technology is used in various industries, including construction, to improve worker safety and productivity by allowing operators to control machines from outside the cab or in hazardous environments. For instance, in March 2022, Komatsu launched the PC05E-1 electric micro excavator, which is an expanded model of the PC01E-1 electric micro excavator. The PC05E-1 is powered by the Honda Mobile Power Pack and the Honda eGX electrified power unit as a power source, and it achieves a dramatic reduction in noise and heat emissions. The machine is designed for small-scale civil engineering and construction work, as well as gas, electrical, and pipe-laying work, and it aims to broaden the market for electric construction equipment.
The electric construction equipment market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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