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Electric Earthmoving Equipment Market Size
The global electric earthmoving equipment market was valued at USD 1.1 billion in 2023 and is projected to grow at a CAGR of 7.9% between 2024 and 2032. The demand for zero-emission vehicles (ZEVs), such as electric earthmoving equipment, is rising due to the need for greener construction practices. Construction firms are seeking eco-friendly solutions to address environmental concerns and align with global decarbonization goals. For example, the IEA's Global EV Outlook 2024 shows a significant increase in battery electric trucks and buses, driven by strict emission regulations and lower battery costs. China leads in heavy EV sales.
Governments play a crucial role in this transition by offering incentives. Financial aid such as grants, tax rebates, and infrastructure subsidies make electric alternatives more attractive to businesses, helping them meet regulatory requirements and environmental goals. As a result, the adoption of electric equipment is growing in industries such as earthmoving and construction, where reducing emissions is a priority to improve air quality and promote sustainable practices. Stricter emission standards for diesel-powered machines make electric alternatives more appealing, as they offer zero emissions and help companies comply with regulations while reducing their environmental impact.
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