Ameco Research Analysis suggest that the worldwide market for Electric Excavator will increase at a CAGR of 19% throughout the forecast period, with a market size of 5,050 Million in 2020.
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.
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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.
Global Electric Excavator Market Segmentation
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 2020. 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 2020, 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 2020, 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.
Regional Stance
North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa are the regional categorization of the global electric excavator market. In 2020, 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 2020. 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.
Major Players
The prominent players offered in the report include Bobcat (Doosan), Caterpillar, Hitachi, Hyundai Construction Equipment, Komatsu, Kubota, LiuGong, Mecalac, SENNEBOGEN, Volvo Construction Equipment, and Wacker Neuson.
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