Global Electric Construction Equipment Market 2023-2030

Global Electric Construction Equipment Market 2023-2030

Global Electric Construction Equipment Market Size, Share & Trends Analysis Report by Vehicle Type (Excavators, Loaders, Cranes and Others), by Battery (Lithium Ion and Lead Acid), and by End User (Residential, Construction and Industrial), Forecast Period (2024-2031)

The global electric construction equipment market is anticipated to grow at a CAGR of 12.1% during the forecast period (2024-2031). The growing adoption of battery-driven loaders with the improving cleaner air, less noise and less heat is the key factor supporting the growth of the market globally. Battery-powered electric construction equipment machines are a great solution to work more sustainably while maintaining optimum productivity. The market players are also focusing on introducing battery-powered electric construction equipment solutions that further bolster the market growth. For instance, in September 2021, Sandvik AB and Rock Solutions introduced a new electric equipment range. Sandvik introduced Toro™ LH514BE, an AutoMine® compatible cable-lectric loader, boosted with innovative battery technology.

Segmental Outlook

The global electric construction equipment market is segmented on the vehicle type, battery, and end user. Based on the vehicle type, the market is sub-segmented into excavators, loaders, cranes and others. Based on the battery, the market is sub-segmented into lithium-ion and lead acid. Further, on the basis of end user, the market is sub-segmented into residential, construction and industrial. Among the end users, the construction sub-segment is anticipated to hold a considerable share of the market owing to the rise in high demand for increased operational efficiency.

The Excavators Sub-Segment is Anticipated to Hold a Considerable Share of the Global Electric Construction Equipment Market

Among the vehicle types, the excavators sub-segment is expected to hold a considerable share of the global electric construction equipment market. The segmental growth is attributed to the increasing numbers of mining, port, roads, oil & gas projects, and others leading to an increase in demand for e

xcavator machines. An increase in electrification advancement in excavator machines with equipped technology meets the construction demands in the mining industry. For instance, in July 2023, XCMG Machinery launched Super 35m³ Electric Shovel Excavator for Open Pit Mining. XES35, a next-generation super 35m³ electric shovel excavator developed by XCMG Machinery for open pit mining operations has successfully rolled off the assembly lately in Xuzhou, China.

Regional Outlook

The global electric construction equipment market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the growing adoption of electric vehicles (EVs) and equipment to encourage the use of eco-friendly products, including compact electric construction equipment.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Electric Construction Equipment Market

Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the increasing demand to minimize exhaust emissions, operational benefits such as decreased ventilation costs in underground mining & lower operating costs of electric equipment, and growing regulations for low-noise construction machines drive the growth of the market. The increased adoption of electric loaders has many advantages, such as being green, intelligent, low-carbon, efficient, safe, and comfortable. For instance, in May 2023, Liugong Machinery Co., Ltd. launched 856HE MAX electric loader & 9027FE electric excavator to promote the development of zero-carbon development and construction in Australia.

Market Players Outlook

The major companies serving the global electric construction equipment market include AB Volvo, Caterpillar Inc., Doosan Corp., John Deere Group, Komatsu Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2021, Komatsu and Proterra collaborated to develop all-electric construction equipment. The collaboration represents Proterra’s entry into the off-road vehicle market and the company’s first Proterra Powered™ battery-electric construction equipment.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global electric construction equipment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.