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Electric Construction Equipment Market Trends

Report ID: GMI11240
Published Date: Sep 2024
Report Format: PDF

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Electric Construction Equipment Market Trends

Electric construction equipment is witnessing significant technological advancements in battery technology and faster charging times. Enhanced battery efficiency and energy density have improved the performance and reliability of electric construction machinery, enabled longer operational hours and reduced downtime. Rapid and ultra-fast chargers have significantly reduced the time required to recharge equipment, making electric machinery more practical for continuous use on demanding construction sites. These advancements also contribute to lowering the total cost of ownership, as improved battery life reduces the frequency of replacements, and faster charging minimizes disruptions in work schedules. Consequently, these innovations make electric construction equipment more appealing to contractors, driving widespread adoption and market growth.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of electric construction equipment was worth over USD 12.2 billion in 2023 and is expected to register over 23.2% CAGR from 2024 to 2032, due to the rising urbanization and infrastructure initiatives worldwide.

Electric construction equipment industry from the 50 kWh to 200 kWh segment held over 43% share in 2023 and is expected to register an appreciable CAGR from 2024 to 2032, due to its optimal balance of power and operational efficiency.

Asia Pacific electric construction equipment industry held over 32% share in 2023 and is expected to register a commendable CAGR from 2024 to 2032, due to rapid urbanization, infrastructure development, and stringent environmental regulations in the region.

Caterpillar Inc., John deere, Kubota Corporation, Komatsu Ltd., Doosan Infracore Co., Ltd., Hitachi Construction Machinery Co., Ltd., Liebherr Group, JCB, Terex Corporation, and Sany Group, are some of the major electric construction equipment companies worldwide.