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

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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