Electric Construction Equipment Market worth $44.8 billion by 2030 – Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 19, 2023 /PRNewswire/ — Electric Construction Equipment Market is projected to grow from USD 10.2 billion in 2023 to USD 44.8 billion by 2030, at a CAGR of 23.6% from 2023 to 2030, according to a new report by MarketsandMarkets™. The market is driven by factors such as – 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 in residential areas.

MarketsandMarkets_Logo

Browse in-depth TOC on “Electric Construction Equipment Market“.

383 – Tables

58 – Figures

388 – Pages

Electric Construction Equipment Market Scope:

Report Coverage

Details

Market Size

USD 44.8 billion by 2030

Growth Rate

CAGR of 23.6%

Largest Market

Asia Pacific

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2023-2030

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Equipment Type, By Battery Capacity, By Battery Chemistry, By Power Output, By Propulsion, By Application, Electric Agriculture by equipment type, Electric tractor market, by propulsion, Electric construction, and mining market, by propulsion and region

Geographies Covered

Asia Pacific, Americas, and Europe

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Emergence of hydrogen-powered construction equipment

Key Market Drivers

Rising demand for low-noise construction activities in residential areas would drive the demand for electric construction vehicles market

The electric dump trucks are expected to hold the largest market share in 2023

Dump trucks mainly find their applications in mining and construction. Dump truck electrification can curb ventilation costs and reduce overall operational costs, benefiting surface and underground operations in mining. Key players like Komatsu Ltd., Caterpillar Inc., and Epiroc AB are prominent in this global market. Electric dump trucks represent a transformative shift in mining, embracing sustainability and stringent regulations. Notable advancements include Komatsu’s hybrid excavator and Sandvik’s battery-electric truck, which minimize emissions and enhance efficiency. Industry giants like BHP Billiton and Caterpillar’s collaboration signifies a collective push toward large-scale electric truck development. These innovations promise reduced emissions, improved efficiency, and substantial cost savings.

Off-highway equipment manufacturers are prioritizing electric dump trucks despite higher initial costs due to long-term savings in fuel and maintenance. With increased battery range and lifespan electric dump trucks are a viable option for longer hauling distances within mine sites. With initiatives like Hitachi Construction Machinery and ABB partnering to develop emission-free dump trucks or Caterpillar Inc.’s first large battery-electric dump truck prototype, the market for electric dump trucks is set to grow at a promising rate.

Lithium-Ion Phosphate (LFP) batteries are estimated to dominate the electric construction equipment market

Lithium iron phosphate (LiFePO4) batteries are gaining traction in the market due to their extended lifespan, efficient charging, and enhanced safety features compared to traditional ones. These batteries offer consistent power delivery, quicker recharging, and a smaller footprint. Additionally, these batteries are more economical than others like NMC or NCA, as they do not use minerals like cobalt or manganese. Automakers are reducing cobalt use due to ethical concerns, favouring LFP technology for its lower manufacturing costs and better charge preservation. Despite their weight, LFPs enable a full 100% charge without battery degradation, making them suitable for various applications, especially those with less critical weight. The LFP batteries also have other advantages over NMC or NCA, like higher resistance to elevated temperatures. Though they require more physical space due to lower energy density, they offer safety benefits and stability, particularly at higher temperatures.

China plays a dominant role in global LiFePO4 battery production, followed by its production of NMC cathodes. Chinese production is expected to continue its significant influence. However, the concentration of LFP cell production in China raises concerns about reliance on China as the major battery source. This generates a need to diversify supply chains.

Considering the advantages offered, such as extended lifespan, resilience at higher temperatures, lower costs, and faster charge rates, LFPs are advantageous for high-performance scenarios and rapid charging.

Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=129288251

Americas is anticipated to be the second-largest market in 2023, driven by growing electrification trends

The Americas region is estimated to be the second-largest market for electric off-highway equipment, with key countries like the US, Canada, Mexico, Brazil, and Argentina contributing significantly. This growth is propelled by stringent environmental measures and upcoming emission regulations, compelling manufacturers to focus on electric and hybrid equipment. Major players such as Caterpillar Inc., Deere & Company, Soletrac Inc., and Dana Limited drive innovation in this domain.

This region’s abundant natural resources, including coal, iron, zinc, copper, cement, lithium, and precious metals, fuel a robust mining industry. The market here is poised to be the second largest globally, driven mainly by the demand for mini-construction equipment like excavators, loaders, and dozers.

The US is expected to lead this market by 2030, reaching an estimated value of USD XX billion. The surge is attributed to increasing demands for electrification in construction, mining, and agriculture vehicles due to emission reduction benefits. Notably, significant investments in electric off-highway equipment, subsystems, and battery advancements by major manufacturers in the US, along with collaborations and funding ventures, are driving growth. For instance, Caterpillar Inc.’s substantial investment in lithium-ion battery development underscores a focus on overcoming conventional battery limitations and propelling the growth of electric equipment in the US.

Key Market Players:

The major players in Electric Construction Equipment Companies include Caterpillar Inc. (US), Komatsu Ltd. (Japan), Volvo Construction Equipment (Sweden), Hitachi Construction Machinery (Japan), and Deere & Company (US).

Recent Developments

  • In 2023, Komatsu has marked significant progress in the electric construction equipment market. Notable launches include the PC05E-1 Electric Micro Excavator, their 3-ton mini excavator offering zero emissions in Europe. The PC200LCE-11 and PC210LCE-11 Electric Excavators, as the company’s first large electric models, promise comparable performance to diesel equivalents with zero emissions. Also introduced was the HB365LC-3 Hybrid Excavator at CONEXPO 2023, boasting improved fuel efficiency and lower emissions by integrating a diesel engine with an electric motor and battery.
  • In 2023, Deere and Company have actively propelled the electric construction equipment market with notable developments. The unveiling of the 310 X-Tier E-Power Backhoe at CONEXPO 2023, currently undergoing field testing, showcases its electric backhoe loader with comparable performance to diesel counterparts, featuring zero emissions and reduced noise. Additionally, the 244 X-Tier Compact Wheel Loader, launched at the same event, prioritizes operator comfort and productivity.
  • In 2023, Volvo Construction Equipment (Volvo CE) played a pivotal role in advancing the electric construction equipment industry with significant developments. The introduction of the ECR25 Electric Compact Excavator in January, marking Volvo CE’s first commercially available electric model, and the simultaneous launch of the L25 Electric Compact Wheel Loader, both emphasizing zero emissions and battery-powered operation, showcase the company’s commitment to sustainable solutions.
  • In June 2022, Cummins, a global power leader, and Komatsu signed a memorandum of understanding to collaborate on developing zero-emissions haulage equipment. In 2021, Komatsu announced its power-agnostic truck concept for haulage equipment that can run on various power sources. These power sources included diesel-electric, trolley, battery power, and hydrogen fuel cells.
  • In June 2022, John Deere announced its new global agreement with Wacker Neuson on developing 0-9-metric ton excavators. Both companies will collaborate on developing less than five metric tons of excavators that Wacker Neuson will manufacture. John Deere will control the design, manufacturing, and technology innovation for the 5-9-metric-ton models.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=129288251

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Related Reports:

Electric Power Steering Market – Global Forecast to 2027

Vehicle Control Unit Market – Global Forecast to 2027

Low-Carbon Propulsion Market – Global Forecast to 2027

Automotive Actuators Market – Global Forecast to 2030

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: [email protected]

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/off-highway-electric-vehicle-market.asp

Visit Our Website: https://www.marketsandmarkets.com/

Content Source: https://www.marketsandmarkets.com/PressReleases/off-highway-electric-vehicle.asp

Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg  

Cision View original content:https://www.prnewswire.co.uk/news-releases/electric-construction-equipment-market-worth-44-8-billion-by-2030—exclusive-report-by-marketsandmarkets-302018771.html

Featured image: DepositPhotos © Kalinovsky

Disclaimer