Electric Excavator Market Analysis
The worldwide construction industry has developed at a dizzying pace during the last few decades. According to a World Economic Forum analysis, the global urban population is growing at a rate of around 200,000 people every day. Furthermore, the journal predicts that by 2045, the world's urban population would have surpassed 6 billion, putting significant strain on the construction industry.
Heavy machinery manufacturers are introducing all-electric versions of typical construction vehicles as part of an effort to make building more sustainable. Electric heavy machinery is now entering the ranks of electric cars and public transit as an environmentally friendly alternative, as the push for more sustainable building techniques has strengthened in recent years.
While diesel-powered construction equipment is still the most frequent in the US, all-electric versions are becoming more common than you might think - and they tend to blend in beautifully. In terms of total performance potential, all-electric equipment is roughly equal to its diesel counterpart. The specs of Volvo CE's electric excavator and wheel loader, for example, are identical to those of their diesel counterparts. Their electric equipment has a somewhat higher working weight and a slight increase in continuous motor power as the sole differences.
Key Points and Statistics on the Electric Excavator Market
· Global electric excavator market projected to hit USD 36.5 billion by 2032, with a 19.5% CAGR from 2023 to 2032
· Electric excavator market valued at USD 6.2 billion in 2022, segmented by product type, propulsion, power, end-use industry, and by region
· North America anticipated as top revenue-generating region through 2032
· Crawlers segment expected to lead in product type segment of the market
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The Growing Number of Construction Activities across the Globe Propels the Electric Excavator Market
With potential in residential, non-residential, and infrastructure development, the global construction industry's future appears bright. Increased home starts and increased infrastructure on account of mounting urbanization and population growth are the primary growth factors of this market. The introduction of electric construction equipment is being aided by stricter government limits for emissions and noise pollution. In the United States, the Environmental Protection Agency has reduced the emission of nitrogen oxides and particulate matter from new diesel engines to near-zero levels. According to a 2019 article in Construct Connect, the rules in the European Union are significantly tougher. Lithium-ion batteries, which are smaller, lighter, and 20% to 30% more efficient than lead-acid batteries, are used by several electric construction vehicle manufacturers. Advancements in Battery Systems are Increasing, according to an article in OEM Off-Road, the newest battery technology have reached a position where electric equipment can have the same eight-hour duty cycle as ICE equipment.
Opportunities in the Electric Excavator Market
Several main aspects contribute to the electric excavator market's tremendous growth and innovation potential. For starters, the growing emphasis on environmental sustainability and the shift toward cleaner building techniques are boosting demand for electric excavators. Governments throughout the world are enacting strict restrictions to reduce emissions and encourage the use of electric cars and equipment in construction and other sectors. This legislative framework, along with rising knowledge among construction businesses and contractors about the advantages of electric excavators, produces a positive market scenario. Furthermore, the growing cost of fossil fuels and the unpredictability of fuel prices encourage the usage of electric excavators, which have lower operating costs and are less reliant on traditional fuel sources, resulting in long-term cost benefits for end users.
Furthermore, advances in battery technology and electric drivetrains are opening up new possibilities for electric excavators, improving their performance, range, and flexibility. Manufacturers are investing in R&D to produce high-capacity batteries with faster charging capabilities and longer operating lifespans, addressing one of the most common worries about electric equipment. Furthermore, technical advancements like as regenerative braking and energy-efficient electric motors are increasing the total efficiency and productivity of electric excavators, allowing them to compete with diesel excavators. As infrastructure investments increase internationally, particularly in emerging nations, demand for electric excavators is likely to climb, creating attractive potential for market participants to capitalize on the rising need for sustainable construction equipment.
Electric Excavator Market Segmentation:
Market By Product Type
· Wheeled
· Mini/Compact
· Crawler
· Others
Market By Power
· Silicon
· Polymer
· Glass
Market By Propulsion
· Pure Electric
· Hybrid
Market By End-Use Industry
· Construction
· Mining
· Forestry
· Others
Based on Region
· North America
· Europe
· Asia-Pacific
· Latin America
· The Middle East & Africa
Electric Excavator Market Segmentation Overview:
The global electric excavator segmentation includes the product type, propulsion, power, end-use industry, and geography. The product type segment includes wheeled, mini/compact, crawler, and others. Among product types, mini/compact accounted for the majority of the share in 2022. This is due to increased construction activity, which necessitates the use of equipment and devices capable of navigating narrow spaces and delicate structures while performing a variety of functions such as excavation, lifting, repairing, and clawing. Moreover, compact excavators are also efficient and effective gadgets that help reduce manual labor in a variety of sectors, which is expected to contribute to the segment's growth throughout the forecast period.
Based on propulsion, the segmentation comprises pure electric and hybrid. Among them, pure electric acquired a substantial amount of market share in 2022, because of the increased demand for efficient and effective machines; the construction industry's rapid growth has a considerable impact on pure electric excavators. Pure electric excavators, on the other hand, are expected to gain traction in the next years, thanks to advancements in the industrial automation industry.
By power, the market is categorized into 10 hp (power around 2 tons), 10 - 20 hp (power around 3.5 to 4 tons), and over 20 hp. The end-use industry section is divided into categories such as construction, mining, forestry, and others. According to our analysis, the construction sector is expected to take the highest market share in 2022, and this trend is likely to continue in the next years. The segment's rise can be ascribed to rising building activity and increased investment in the global infrastructure sector.
North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa are the regional categorization of the global electric excavator market. In 2022, North America subjugated the major portion of the market due to the favorable government regulations for the use of electric vehicles. The private building industry in the United States is expected to decline significantly by 2022. However, the number of private residential and non-residential buildings in the country reached new highs. Because of the COVID19 outbreak, there was a significant drop in public sector construction in the country. Further, due to increased demand for excavation operations in various end-use industries and fast urbanization and industrialization in the region, the market in the Asia Pacific is expected to develop at the highest CAGR over the forecast period
Electric Excavator Market Companies:
Prominent players in the industry include Bobcat (Doosan), Hitachi, Hyundai Construction Equipment, Caterpillar, Komatsu, Kubota, Mecalac, SENNEBOGEN, LiuGong, Volvo Construction Equipment, and Wacker Neuson.
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