Electric Construction Equipment Market Set for Rapid Growth by 2030 with Enhanced Focus on Sustainability

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Jan 18, 2024, 17:45 ET

DUBLIN, Jan. 18, 2024 /PRNewswire/ -- The "Global Electric Construction Equipment Market by Equipment Type, Battery Capacity, Battery Chemistry, Power Output, Application, Propulsion, Electric Tractor Market, Electric Construction & Mining Equipment and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

Electric Construction Equipment Market is expected to leap from a valuation of USD 10.2 billion in 2023 to an impressive USD 44.8 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 23.6%.

Increasingly stringent GHG emission regulations across the transportation industry play a pivotal role in this substantial market growth. Governments worldwide are implementing measures to encourage the use of sustainable mobility solutions, propelling the demand for electric and hybrid construction equipment. Such regulations are also set to incite innovation amongst manufacturers and lead to a wider adoption of these eco-friendly alternatives.

The study highlights the financial and environmental benefits propelling the market, particularly within the mining sector. Electric construction equipment offers significantly lower operating costs in comparison to traditional diesel-powered options. This efficiency helps not only to offset the cost of ventilation in underground mining operations but also to adapt to the strict environmental standards increasingly applied worldwide.

When it comes to the future outlook, Battery Electric Equipment leads the charge in the market, thanks to the need to adhere to both noise and emission laws. The advancements in battery technology are reported to significantly extend operational times between charges, enabling continuous construction activity and providing a robust response to environmental concerns. Furthermore, significant infrastructure advancements for electric equipment charging are being made, further bolstering the market appeal.

Europe stands out by holding the most significant share of the electric construction equipment market, a testament to the region's commitment to emission reduction and sustainable practices. Nations such as Germany, the UK, France, and others lead the way in embracing these next-generation machinery and systems, reflecting an industry-wide trend towards green innovation.

Interviews with top executives from the electric construction equipment sector underscore the anticipatory nature of the market, revealing unanimous moves towards electrification. These discussions offer critical insights into market trajectory, technological disruption, and strategic movements by industry leaders.

Electric construction equipment innovations are expected to address current challenges associated with traditional machinery, such as the dependency on fossil fuels and related emissions. Key players in the market are focusing on expanding their product portfolios and enhancing their global network, which is crucial for maintaining a competitive edge in the rapid transition towards electric-powered construction machinery.

The comprehensive research coverage presents a granular analysis of market dynamics, segmenting the electric construction equipment market by equipment type, battery capacity, battery chemistry, power output, application, and propulsion, across key regions. This study also provides strategic profiles of leading market participants, offering in-depth understanding of their service offerings and growth strategies.

Strategic analysis of critical market drivers and trends shaping the future of electric construction equipment
Identification of emerging market opportunities and detailed competitive assessments of top industry players
Valuable insights into product developments and innovation within the electric construction equipment market

This inclusive report is an invaluable resource for stakeholders, providing them with the necessary tools to understand the market, identify the challenges and opportunities, and make informed business decisions in the dynamic landscape of electric construction equipment.

Recommendations

Asia-Pacific to be Potential Market for Electric Construction Equipment
Hydrogen-Fueled Construction Equipment to Create New Opportunities
Electrification of Underground Mining Equipment to be Significant for Oems
Rental Electric Construction Equipment and Telematics to Drive Market
Growth of Autonomous Tractors in Future
Lithium-Ion Battery Chemistry to Dominate Electric Construction Market

Case Studies

Use of Electric Mining Vehicle in -30Oc Temperature
Achieving Carbon Neutrality with New Fuel Source and Battery System
City Waste Management Using Electric Mobility
Replacement of Diesel Trucks with Electric Models at Brucejack Site
Electrification of Conventional Diesel-Powered Excavator
Improved Fuel Efficiency with Electric Hybrid Wheel Loader

Market Dynamics

Drivers

Strict Vehicular Emission Regulations
High Ventilation Costs in Underground Mining
Rising Demand for Low-Noise Construction Activities in Residential Areas

Restraints

Higher Initial Cost Than Conventional Ice Equipment
Loss of Productivity due to Prolonged Charging Time
Complex Charging Infrastructure for Electric Construction Machinery

Opportunities

Development of Long-Range and Fast-Charging Battery Technology
Increased Manufacturing and Testing of Hybrid Electric Vehicles
Emergence of Hydrogen-Powered Construction Equipment

Challenges

Limited Compatibility, Interchangeability, and Standardization of Electric Construction Equipment for Long-Haul Applications
Complex Thermal Management of Batteries
Rapid Transition of Construction Equipment Toward Alternative Power Sources

Trade Analysis

Import Data: Dozers
Export Data: Dozers
Import Data: Excavators and Loaders
Export Data

Trends and Disruptions Impacting Customer Business

Revenue Shift and New Revenue Pockets for Electric Construction Equipment Market Players

Technology Analysis

Autonomous Construction Equipment
Monitoring and Diagnosis Via Connected Technologies
Grade Control Systems
Safer Braking in Deep Mining Sites with Regenerative Braking
Agricultural Equipment Automation
Advanced Telematics in Equipment

Electric Construction Equipment: Battery Technology

Electric Construction Equipment: Battery Manufacturers
Future Developments in Battery Technology
Solid-State Batteries
Lithium-Ion Batteries
Sodium-Ion Batteries
Battery Chemistries

Company Profiles

Key Players

Hitachi Construction Machinery Co., Ltd.
Caterpillar Inc.
Komatsu Ltd.
Jcb
Volvo Construction Equipment
Deere & Company
Sandvik Ab
Epiroc Ab
Liebherr
Doosan Group

Other Players

Soletrac Inc.
Dana Limited
Deutz Ag
Fendt
Husqvarna Ab
Stihl Holding AG and Co. Kg
Xuzhou Construction Machinery Group Co., Ltd. (Xcmg) Group
Sany Heavy Industries Co., Ltd.
Kubota Corporation
Kobelco Construction Machinery Europe Bv
Bharat Earth Movers Limited
Crrc Corporation
Cnh Industrial Nv
Wacker Neuson Se
Takeuchi Global
Hd Hyundai Heavy Industries Co., Ltd.
Luigong Machinery Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/q4v41r

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