Global Electric Construction Equipment Market Size study & Forecast, by Vehicles (Excavators, Loaders, Cranes, Others), by Battery (Lithium-Ion, Lead Acid, Others), by End Use (Residential, Construction, Industrial) and Regional Analysis, 2023-2030

Global Electric Construction Equipment Market Size study & Forecast, by Vehicles (Excavators, Loaders, Cranes, Others), by Battery (Lithium-Ion, Lead Acid, Others), by End Use (Residential, Construction, Industrial) and Regional Analysis, 2023-2030

Global Electric Construction Equipment Market is valued at approximately USD xx billion in 2022 and is anticipated to grow with a healthy growth rate of more than xx% during the forecast period 2023-2030. Electric construction equipment refers to machinery and vehicles used in the construction industry that are powered by electricity rather than traditional internal combustion engines. The Electric Construction Equipment Market is expanding because of factors such as rapid urbanization and the growing number of smart city projects. This equipment typically relies on electric motors for propulsion and other essential functions. These electric motors can be powered by batteries, which store and supply electrical energy. As a result, the demand for Electric Construction Equipment has progressively increased in the international market during the forecast period 2023-2030.

Urban areas often face challenges related to air quality and sensitive towards noise pollution, so electric construction equipment, with its lower or zero emissions compared to traditional diesel machinery, becomes an attractive option for urban construction projects aiming to reduce environmental impact. According to Statista, the global rate of urbanization accounts for 57% in 2022. North America had the highest amount of urbanization, with more than four-fifths of the population living in urban areas. Furthermore, in 2020, cities and urban areas inhabited around 82.66% of the overall population in the United States. Another important factor that drives the Electric Construction Equipment Market is the increasing number of smart city projects. Smart city projects often involve extensive infrastructure development, including the construction of smart buildings, efficient transportation systems, and advanced utilities. This increased construction activity creates a higher demand for construction equipment, including electric variants. In addition, as per Statista, Smart infrastructure is the largest segment of the global Smart City Market, with global revenues reached up to USD 70 billion in 2021. This represents a near 55% market share for smart infrastructure in the worldwide Smart City Market. Moreover, the emergence of hydrogen-powered construction equipment and rising demand for low-noise construction activities in residential areas are anticipated to create lucrative growth opportunities for the market over the forecast period. However, higher initial costs than conventional ICE equipment and complex charging infrastructure for electric construction machinery are going to impede overall market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Electric Construction Equipment Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the rising number of dam-building projects, the real estate industry, commercial and residential complexes, and the growth of rail and road infrastructure in the region. The region’s dominant performance is anticipated to propel the overall demand for Electric Construction Equipment. Furthermore, North America is expected to grow fastest over the forecast period, owing to factors such as increasing awareness about electrification and environmental protection measures that are expected to drive the electric construction equipment in the region.

Major market player included in this report are:

Caterpillar Inc
Volvo Construction Equipment
Hitachi Construction Machinery Co., Ltd
Komatsu Ltd
Deere & Company
J.C. Bamford Excavators Limited
Doosan Infracore Co., Ltd
Kobelco Construction Machinery Co., Ltd
Liebherr Group
Sany Heavy Industry Co., Ltd

Recent Developments in the Market:
 In December 2023, Volvo Construction Equipment introduced its latest electric machinery, the EC55 electric compact excavator, targeting the Indian market. This electric excavator boasts an impressive operational capacity, capable of sustaining a full six to eight-hour shift on a single charge. To facilitate efficient charging, users have the flexibility to choose between AC and DC charging options. The DC fast charging option allows the machine to achieve a full charge within a speedy one to two hours, while the AC charging option conveniently enables overnight charging.

Global Electric Construction Equipment Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered - Vehicles, Battery, End Use, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Vehicles
Excavators
Loaders
Cranes
Others

By Battery
Lithium-Ion
Lead Acid
Others

By End Use
Residential
Construction
Industrial

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned

Caterpillar Inc
Volvo Construction Equipment
Hitachi Construction Machinery Co., Ltd
Komatsu Ltd
Deere & Company
J.C. Bamford Excavators Limited
Doosan Infracore Co., Ltd
Kobelco Construction Machinery Co., Ltd
Liebherr Group
Sany Heavy Industry Co., Ltd

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