Electric Construction And Agriculture Equipment Market By Type (Construction, Agriculture), By Battery Capacity (75kWh up to 100 kW, 101 kW up to 125kW, 126 kW to 150kW), By Electric fuel type (Battery Electric, Plug-in Hybrid, Fuel Cell/Hydrogen): Global Opportunity Analysis and Industry Forecast, 2023-2032
The Electric Construction And Agriculture Equipment Market was valued for $3,661,283.40 thousand in 2022 and is estimated to reach $24,271,192.80 thousand by 2032, exhibiting a CAGR of 21.1% from 2023 to 2032.Construction and agricultural equipment can be a major source of air pollution; however, electrifying them is expected to offer significant opportunities not only in improving the air quality but also to reduce fuel use and greenhouse gas emissions. Stringent emissions control regulations are being implemented by governments and environmental organizations to adopt electric construction equipment. Furthermore, several cities are imposing noise limitations on construction enterprises to reduce noise pollution. Considering construction equipment, battery-powered options are ideally considered as a more silent solution.
Electric construction equipment are well-suited for urban locations as they comply with noise limitations, encouraging a more pleasant environment. Furthermore, these electric vehicles are emission-free, helping both the local building site and the surrounding areas by reducing environmental impact. Their increased efficiency, as a result of rapid torque and greater performance, along with lower running costs, makes them a suitable financial and environmental choice.
The market for electric construction and agricultural equipment is expanding at a notable pace as innovation keeps up with the changing consumer, business, and other requirements. In addition, breakthroughs in the field of electric equipment batteries have been made in recent years, pushing the limits of performance, range, and sustainability. Moreover, the charging procedures have been improved to improve the overall operational efficiency. Rapid charging systems have emerged, making it possible to replace electric construction equipment batteries more quickly. These high-power charging stations and fast-charging capabilities shorten charge times dramatically, allowing for increased productivity on construction sites. Intelligent controls and remote monitoring are made possible by the incorporation of contemporary digital technologies into smart charging infrastructure. Solid-state batteries are the next step in battery operated vehicle technology. The market growth is further driven by rise in awareness about environmental sustainability, which has pushed construction companies to seek greener alternatives to diesel-powered equipment. Thus, government regulations supporting environmentally friendly construction practices encourage the transition to electric equipment, ensuring compliance and cutting emissions. Although initial investments in electric machinery are costly, they give long-term economic effectiveness, lower operational costs, and less environmental impact, and they benefit from sustainability incentives. Moreover, advancements in battery technology and the continued development of efficient electric gear increase their competitiveness, compelling construction enterprises to employ such new solutions. This trend is aided further by the quieter operation of electric equipment and the growing demand for environmentally friendly operations.
The global electric construction and agriculture equipment market is segmented into type, battery capacity, electric fuel type, and region. Depending on type, the market is bifurcated into construction and agriculture. By battery capacity, it is categorized into 75kwh up to 100 kw, 101 kw up to 125kw, and 126 kw to 150kw. On the basis of electric fuel type, it is divided into battery electric, plug-in hybrid, and fuel cell/hydrogen. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The COVID-19 pandemic led several multinational corporations to stop operations to comply with new government restrictions aimed at limiting disease transmission. This suspension in operations has a direct influence on the worldwide market's revenue flow. Furthermore, manufacturing of industrial products was ceased owing to scarcity of raw materials and workers during lockdown. No fresh consignments were received by enterprises in this industry. As a result, the worldwide market in 2020 was impacted by the suspension of industrial activities and lockdown for several months.
The key players profiled in the electric construction and agriculture equipment market report include Komatsu Ltd., AB Volvo, KUBOTA Corporation, Caterpillar, Deere and Company, Doosan Corporation, Sandvik AB, Epicroc, Liebherr Group, and Hitachi.
Key Benefits for StakeholdersThe report provides an extensive analysis of the current trends and future estimations of the global electric construction and agriculture equipment market.
In-depth market analysis is conducted by constructing market estimations for key segments between 2022 and 2032.
Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all the countries is also provided in the report.
Market forecast analysis from 2023 to 2032 is included in the report.
The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the electric construction and agriculture equipment.
Key Market SegmentsBy Electric fuel typeBattery Electric
Plug-in Hybrid
Fuel Cell/Hydrogen
By TypeConstruction
Type
Excavators
Wheel Loaders and Dozers
Skid Steer Loaders
Loader/Backhoes
Off-highway trucks
Crawlers
Graders
Pavers
Bore/Drill Rigs
Others
Agriculture
Type
AG Tractors
Sprayers
Others
By Battery Capacity126 kW to 150kW
75kWh up to 100 kW
101 kW up to 125kW
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
AB Volvo
KUBOTA Corporation
Caterpillar
Deere and Company
Doosan Corporation
Sandvik AB
Liebherr Group
Komatsu Ltd.
Hitachi, Ltd.
Epiroc AB
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