From 2021 to 2028, the Global Electric Excavator Market is predicted to grow at a CAGR of 19%, with a market value of US$ 5,056 Million in 2020.

Excavators are massive construction machines featuring a boom, arm, bucket, and cab mounted on a rotating superstructure above a track or wheeled undercarriage. These machines are primarily used for digging and various lifting and hauling operations in a variety of applications. These machines are typically tracked, but some variants feature wheels. Instead of hydraulics, an electric excavator's boom is powered by electromechanical linear actuators. While producing electric equipment would be a significant change for businesses, there are numerous advantages to doing so. Electric equipment, in particular, is beneficial to the environment. Construction accounts for 11% of all energy-related carbon emissions. However, electric equipment offers far more than environmental advantages.

Market Dynamics

Growth in construction activities across the world is the primary factor boosting the electric excavator market. Over the last few decades, trends in the global construction business have changed at a breakneck speed. The worldwide urban population is rising at a rate of about 200,000 people every day, according to a World Economic Forum analysis. Furthermore, according to the journal, the world urban population is predicted to surpass 6 billion by 2045, putting enormous pressure on the construction business. A large increase in the number of industrial, residential, and commercial projects is predicted to support this flow of people into urban regions around the world. Furthermore, the large growth in the number of general construction projects will have an impact on the construction of civil projects such as trains, airports, highways, bridges, and other infrastructure.

In addition, increasing awareness for construction equipment for its performance and efficiency is another factor driving the global electric excavator market trend. Construction equipment saves time and money by reducing labor costs and allowing workers to work more efficiently throughout the day. Construction equipment works efficiently, which aids in project completion. With the avoidance of delay fines, this equipment boosts production and gives increased profitability. Construction equipment has evolved to accomplish various tasks to save time as a result of advancements and innovation in the sector. They can also accomplish activities that are too difficult or delicate for human muscles. Where there is a dearth of skilled or non-skilled laborers, construction equipment can sustain a projected rate of production.

Low-emission driving and operating is currently one of the construction machinery industry's primary development priorities, with a global concentration on battery-electric drives. Construction machinery electrification is rapidly progressing. In the year 2020, the sector witnessed a slew of new items on the market. Volvo Construction Equipment (Volvo CE), for example, has started taking orders for the ECR25 Electric compact excavator and L25 Electric wheel loader since February 2020. End customers have already received the first of the devices provided in 13 countries.

Market Insights

Product type, propulsion, power, end-use industry, and regions are the segmentations of the global electric excavator market. Based on product type, the segmentation includes wheeled, crawler, mini/compact, and others. Pure electric and hybrid is the bifurcation of propulsion. The power segment is categorized into under 10 hp (power around 2 ton), 10 - 20 hp (power around 3.5 to 4 ton), and over 20 hp. By, end-use industry the segmentation can be given as construction, mining, forestry, and others.

Electric Excavator Market Regional Overview

North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa are the segmentation of the global electric excavator industry. By regions, North America is observed to gather a significant amount of share in the coming years due to the presence of major companies, growing investments by public and commercial organizations in the infrastructure sector, and the launch of new products in the region. For instance, during CONEXPO-CON/AGG 2020, the largest tri-annual construction trade exhibition in North America, in March in Las Vegas, US, XCMG's Excavator Machinery Business Department displayed eight items, including an electric hydraulic excavator built for the North American market. However, the Asia-Pacific region is expected to witness the fastest growth rate during the forecast period 2021 – 2028.

Global Electric Excavator Segment Analysis

Market By Product Type

·         Wheeled

·         Mini/Compact

·         Crawler

·         Others

Market By Propulsion

·         Pure Electric

·         Hybrid

Market By Power

·         Under 10 Hp (Power Around 2 Ton)

·         10 - 20 Hp (Power around 3.5 to 4 Ton)

·         Over 20 Hp

Market By End-Use Industry

·         Construction

·         Mining

·         Forestry

·         Others

Electric Excavator Market Competitive Landscape

This section of the report identifies the market's major players. Bobcat (Doosan), Caterpillar, Hitachi, Hyundai Construction Equipment, Komatsu, Kubota, LiuGong, Mecalac, SENNEBOGEN, Volvo Construction Equipment, and Wacker Neuson are the key companies mentioned in the research.

Electric Excavator Market Regional Overview

North America

·         U.S.

·         Canada

Europe

·         U.K.

·         Germany

·         France

·         Spain

·         Rest of Europe

Latin America

·         Brazil

·         Mexico

·         Rest of Latin America

Asia-Pacific

·         China

·         Japan

·         India

·         Australia

·         South Korea

·         Rest of Asia-Pacific

Middle East & Africa

·         GCC

·         South Africa

·         Rest of Middle East & Africa