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Electric Earthmoving Equipment Market Share
The electric earthmoving equipment industry features a diverse range of competitors, including established organizations. Major companies such as Caterpillar, Komatsu, Volvo, HITACHI, SANY, Liebherr Group, and JCB lead the market, using their extensive technology infrastructure, brand recognition, and large customer bases to provide comprehensive solutions, and these companies collectively held a substantial market share of 69% in the electric earthmoving equipment market in 2023.
Caterpillar and Liebherr Group have invested heavily in research and development, enabling them to offer advanced electric solutions that meet stringent environmental regulations. Their established distribution networks and customer support services also enhance their competitiveness. Additionally, as construction companies increasingly prioritize sustainability, the reputation of these firms for quality and reliability positions them as preferred suppliers in the growing market for electric earthmoving equipment.
Electric Earthmoving Equipment Market Companies
Major players operating in the electric earthmoving equipment industry are:
- CASE Construction Equipment
- Caterpillar
- Doosan
- HITACHI
- JCB
- Komatsu
- Liebherr Group
- SANY
- Volvo
- XCMG
How big is the electric earthmoving equipment market?
The global market for electric earthmoving equipment was reached USD 1.1 billion in 2023 and is projected to grow at a CAGR of 7.9% from 2024 to 2032, driven by the increasing demand for zero-emission vehicles (ZEVs).
Why is the demand for electric excavators rising?
The excavators segment accounted for over 30% of the market share in 2023 and is expected to exceed USD 700 million by 2032, due to their versatility and extensive use in construction and mining applications.
What is the size of the construction segment in the electric earthmoving equipment market?
The construction segment held 85.8% of the market share in 2023, significantly impacting the market due to the high demand for efficient and sustainable operations.
How much is the UK electric earthmoving equipment market worth?
The UK accounted for over 30% share of the electric earthmoving equipment market in 2023, driven by strict environmental regulations and ambitious carbon reduction targets.
Who are the major players in the electric earthmoving equipment industry?
The major players in the electric earthmoving equipment industry include CASE Construction Equipment, Caterpillar, Doosan, HITACHI, JCB, Komatsu, Liebherr Group, SANY, Volvo, XCMG