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Àüµ¿ °Ç¼³±â°è ½ÃÀå ¿¹Ãø(-2030³â) : ±â±â À¯Çüº°, ¹èÅ͸® ¿ë·®º°, ¹èÅ͸® ÈÇÐÀû ¼ºÁúº°, Â÷·®º°, Ãâ·Âº°, ÃßÁø·Âº°, ¿ëµµº°, Áö¿ªº° ¼¼°è ºÐ¼®Electric Construction Equipment Market Forecasts to 2030 - Global Analysis By Equipment Type, Battery Capacity, Battery Chemistry, Vehicle, Power Output, Propulsion, Application and by Geography |
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According to Stratistics MRC, the Global Electric Construction Equipment Market is accounted for $10.03 billion in 2023 and is expected to reach $39.45 billion by 2030 growing at a CAGR of 21.60% during the forecast period. Construction Equipment has many advantages over conventional diesel-powered machinery, electric construction equipment is quickly gaining traction in the industry. These cutting-edge devices can be used in indoor construction sites and urban areas because they have lower operating costs, emit fewer emissions, and operate more quietly. Moreover, as producers make investments in R&D to satisfy the rising demand for sustainable construction solutions, the range of electric construction equipment keeps growing, ranging from electric cranes and forklifts to electric excavators and bulldozers.
According to the International Construction Equipment Association (CECE), the adoption of electric construction equipment is expected to continue its upward trajectory, driven by the industry's commitment to sustainability and the increasing availability of advanced electrification technologies.
Sustainability initiatives and environmental regulations
Global environmental regulations that are progressively more stringent in their efforts to reduce emissions and mitigate climate change are driving the market for electric construction equipment. In addition to legal requirements, industry-wide emphasis on sustainability is increasing and pushing businesses to use greener technology. Additionally, these objectives are met by electric construction equipment, which also helps to conserve resources by lowering greenhouse gas emissions and air and noise pollution.
Costs of the first investment
The initial outlay needed to buy electric machinery can be much greater than that of conventional diesel-powered alternatives, even though electric construction equipment offers long-term cost savings. However, despite the possible long-term financial benefits, this initial cost barrier may prevent some construction companies-especially smaller ones or those with tighter budgets-from switching to electric equipment.
New product development and innovation
The switch to electric construction equipment opens up new opportunities for product development and innovation. Advanced battery systems, telematics, autonomous operation, and integrated energy management solutions are examples of cutting-edge technologies that manufacturers can use to set themselves apart from competitors. Furthermore, businesses can improve the functionality, effectiveness, and adaptability of electric machinery and acquire a competitive advantage in the market by investing in R&D.
Technological restrictions and concerns about reliability
In contrast to their diesel-powered counterparts, electric construction equipment may still be subject to technological constraints and reliability issues, despite advancements. Widespread adoption may be hampered by problems with equipment durability, charging infrastructure, and battery performance. Moreover, electric machinery may encounter resistance from industry professionals and struggle to gain market acceptance if it is unable to provide comparable performance, reliability, and longevity in demanding construction environments.
The market for electric construction equipment has been affected by the COVID-19 pandemic in a number of ways. At first, supply chains, manufacturing processes, and project timelines were disrupted by widespread lockdowns and restrictions on construction activities, which resulted in project delays and cancellations. The adoption of electric construction equipment temporarily slowed down as a result of investor confidence being undermined by uncertainty regarding the scope and duration of the pandemic. However, there has been a renewed focus on resilient and sustainable construction practices, including the use of electric machinery, as government priorities for infrastructure investments as part of economic recovery efforts have led to a gradual resume of construction activities.
The Electric Excavator segment is expected to be the largest during the forecast period
It is projected that the market for electric construction equipment will be dominated by electric excavators. When compared to their diesel-powered counterparts, electric excavators are more adaptable, efficient, and have a smaller environmental impact. They are extensively employed in many different construction applications, such as site preparation, material handling, trenching, and digging. Moreover, modern battery technology is used by electric excavators to provide excellent performance with reduced emissions and noise levels, which makes them ideal for urban construction projects and environmentally sensitive locations.
The Lithium-ion Batteries segment is expected to have the highest CAGR during the forecast period
In the market for electric construction equipment, lithium-ion batteries have the highest CAGR. Higher energy density, quicker charging times, longer life spans, and lighter weight are just a few benefits that lithium-ion batteries have over lead-acid and nickel-based batteries. Because of these features, which include increased performance, increased operational flexibility, and a longer range, lithium-ion batteries are a great choice for powering electric construction equipment. Furthermore, developments in lithium-ion battery technology, such as silicon anodes and solid-state electrolytes, are driving cost and efficiency reductions, which is why the electric construction equipment industry is adopting these batteries more widely.
In terms of market share for electric construction equipment, North America dominates. The dominance of the region can be attributed to multiple factors, such as strict environmental regulations, government incentives encouraging the adoption of electric machinery and vehicles, and a strong infrastructure supporting the charging of electric vehicles. Moreover, a strong emphasis on technological innovation and research and development initiatives, along with an increasing awareness of sustainability, propels market growth in North America.
The market for electric construction equipment is growing at the highest CAGR in the Asia-Pacific region. Numerous factors are driving this growth, such as government incentives supporting clean energy technologies, infrastructure development initiatives, and the fast urbanization of the population. Leading the way with aggressive goals for cutting carbon emissions and switching to electric machinery and cars are nations like China, Japan, and South Korea. Additionally, the demand for electric construction equipment is also fueled by the region's expanding construction industry, rising investments in renewable energy, and sustainable infrastructure projects.
Key players in the market
Some of the key players in Electric Construction Equipment market include Komatsu Ltd., Hitachi Construction Machinery Co. Ltd, Doosan Corporation, Volvo Construction Equipment, Terex Corporation, Liebherr Group, Wacker Neuson Group, Kobelco Construction Machinery Co. Ltd., J C Bamford Excavators Ltd., Caterpillar Inc., Manitou Group, Deere & Company.
In March 2024, Doosan Enerbility clinched a 150 billion won ($115 million) deal to build a steam turbine and power generator in the biggest thermal power plant project in Saudi Arabia. Under the contract with Speco-3, the ordering party of the project, Doosan will supply a 650 megawatt steam turbine and a generator for the Taiba 1 integrated cycle power plant and the Qasim 1 combined cycle power plant.
In December 2023, Hitachi Construction Machinery has signed an agreement with Netherlands-based Alfen BV and Japanese trading firm Itochu to collaborate on the development of mobile energy storage systems to charge construction equipment on sites. The deal follows a similar agreement with Kyushu Electric Power for the joint development of mobile energy storage systems for the Japanese market.
In November 2023, Illinois-based Komatsu America Corp. has agreed to acquire American Battery Solutions Inc. (ABS), a lithium-ion battery manufacturer based in Detroit. The wholly owned subsidiary of South Korea-based Komatsu Ltd. is planning to close the acquisition Dec. 1, on the condition that all necessary procedures for the closing are completed.