Electric Construction Equipment Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
The Global Electric Construction Equipment Market was valued at USD 12.2 billion in 2023 and is projected to indicate a CAGR of 23.2% from 2024 to 2032, fueled by urbanization and global infrastructure initiatives. As urban areas expand, there's a heightened demand for sustainable construction methods. This shift has led to the increased adoption of electric machinery, celebrated for its lower emissions and diminished noise pollution. Infrastructure projects, spanning roads, bridges, and public facilities, are receiving significant funding from both governments and private investors, underscoring the need for advanced construction equipment.
In these densely populated urban locales, the preference for electric equipment is driven by its environmental benefits and adherence to stringent regulations. The overall electric construction equipment industry is classified based on equipment, battery capacity, battery technologies, power source, end-user, and region. In 2023, the 50 kWh to 200 kWh battery capacity segment captured over 43% of the market share. Projections suggest this segment will surpass USD 34.7 billion by 2032, thanks to its optimal balance of power and operational efficiency.
This capacity range is particularly suited for medium-sized equipment—think loaders, mini-excavators, and smaller bulldozers. These machines are staples in urban construction and infrastructure projects. Equipment within this capacity range strikes a balance, delivering ample power for diverse tasks while maintaining a manageable battery size. This design choice translates to extended operational hours, minimizing the need for frequent recharges.
In 2023, the lithium-ion battery technology segment dominated the market with a commanding 74% share. Their supremacy can be attributed to superior energy density, extended lifespan, and rapid charging capabilities—traits that outshine other battery technologies. The elevated power-to-weight ratio of lithium-ion batteries positions them as the go-to choice for heavy construction machinery, where every ounce of efficiency and performance counts. The economic allure of lithium-ion batteries is further amplified by their declining costs, a trend spurred by technological advancements and large-scale production.
In 2023, the Asia Pacific region held a 32% share of the electric construction equipment market. Forecasts indicate this share will translate to a market value exceeding USD 26.1 billion by 2032. The region's growth is underpinned by rapid urbanization, aggressive infrastructure development, and a commitment to stringent environmental regulations—especially pronounced in nations like China, Japan, and South Korea. China's stature as a global manufacturing hub is undeniable, with major local players pouring investments into electric technology. The region's dedication to emission reductions and sustainable practices has catalyzed a surge in electric machinery demand.
In these densely populated urban locales, the preference for electric equipment is driven by its environmental benefits and adherence to stringent regulations. The overall electric construction equipment industry is classified based on equipment, battery capacity, battery technologies, power source, end-user, and region. In 2023, the 50 kWh to 200 kWh battery capacity segment captured over 43% of the market share. Projections suggest this segment will surpass USD 34.7 billion by 2032, thanks to its optimal balance of power and operational efficiency.
This capacity range is particularly suited for medium-sized equipment—think loaders, mini-excavators, and smaller bulldozers. These machines are staples in urban construction and infrastructure projects. Equipment within this capacity range strikes a balance, delivering ample power for diverse tasks while maintaining a manageable battery size. This design choice translates to extended operational hours, minimizing the need for frequent recharges.
In 2023, the lithium-ion battery technology segment dominated the market with a commanding 74% share. Their supremacy can be attributed to superior energy density, extended lifespan, and rapid charging capabilities—traits that outshine other battery technologies. The elevated power-to-weight ratio of lithium-ion batteries positions them as the go-to choice for heavy construction machinery, where every ounce of efficiency and performance counts. The economic allure of lithium-ion batteries is further amplified by their declining costs, a trend spurred by technological advancements and large-scale production.
In 2023, the Asia Pacific region held a 32% share of the electric construction equipment market. Forecasts indicate this share will translate to a market value exceeding USD 26.1 billion by 2032. The region's growth is underpinned by rapid urbanization, aggressive infrastructure development, and a commitment to stringent environmental regulations—especially pronounced in nations like China, Japan, and South Korea. China's stature as a global manufacturing hub is undeniable, with major local players pouring investments into electric technology. The region's dedication to emission reductions and sustainable practices has catalyzed a surge in electric machinery demand.
Report Content
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2021 - 2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material suppliers
3.2.2 Component manufacturers
3.2.3 Equipment manufacturers
3.2.4 Distributors and dealers
3.2.5 Aftermarket suppliers
3.3 Profit margin analysis
3.4 Pricing analysis
3.5 Cost breakdown analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news & initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Growing urbanization and infrastructure projects globally
3.10.1.2 Stringent emission regulations and government incentives
3.10.1.3 Advancement in battery technology and faster charging times
3.10.1.4 Reduced maintenance costs for electric construction equipment
3.10.2 Industry pitfalls & challenges
3.10.2.1 High initial costs
3.10.2.2 Limited charging infrastructure
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY EQUIPMENT, 2021 - 2032 ($BN, UNITS)
5.1 Key trends
5.2 Excavators
5.3 Loaders
5.4 Bulldozers
5.5 Cranes
5.6 Dump trucks
5.7 Roller
5.8 Others
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY BATTERY CAPACITY, 2021 - 2032 ($BN, UNITS)
6.1 Key trends
6.2 Less than 50 kWh
6.3 50 kWh to 200 kWh
6.4 More than 200 kWh
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY BATTERY TECHNOLOGY, 2021 - 2032 ($BN, UNITS)
7.1 Key trends
7.2 Lead-acid
7.3 Lithium-ion
7.4 Nickel-metal hydride
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY POWER SOURCE, 2021 - 2032 ($BN, UNITS)
8.1 Key trends
8.2 Battery electric vehicles (BEV)
8.3 Plug-in hybrid electric vehicles (PHEV)
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY END-USER INDUSTRY, 2021 - 2032 ($BN, UNITS)
9.1 Key trends
9.2 Construction
9.3 Mining
9.4 Material handling
9.5 Agriculture
9.6 Others
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY REGION, 2021 - 2032 ($BN, UNITS)
10.1 Key trends
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.3 Europe
10.3.1 UK
10.3.2 Germany
10.3.3 France
10.3.4 Spain
10.3.5 Italy
10.3.6 Russia
10.3.7 Nordics
10.3.8 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 South Korea
10.4.5 ANZ
10.4.6 Southeast Asia
10.4.7 Rest of Asia Pacific
10.5 Latin America
10.5.1 Brazil
10.5.2 Mexico
10.5.3 Argentina
10.5.4 Rest of Latin America
10.6 MEA
10.6.1 UAE
10.6.2 South Africa
10.6.3 Saudi Arabia
10.6.4 Rest of MEA
CHAPTER 11 COMPANY PROFILES
11.1 Bobcat Company
11.2 Caterpillar Inc.
11.3 CNH Industrial N.V.
11.4 Doosan Infracore Co., Ltd.
11.5 Hitachi Construction Machinery Co., Ltd.
11.6 Hyundai Construction Equipment Co., Ltd.
11.7 JCB (J.C. Bamford Excavators Ltd.)
11.8 John Deere (Deere & Company)
11.9 Komatsu Ltd.
11.10 Kubota Corporation
11.11 Liebherr Group
11.12 Manitou Group
11.13 Sany Group
11.14 Takeuchi Mfg. Co., Ltd.
11.15 Terex Corporation
11.16 Volvo Construction Equipment
11.17 Wacker Neuson SE
11.18 XCMG (Xuzhou Construction Machinery Group)
11.19 Yanmar Holdings Co., Ltd.
11.20 Zoomlion Heavy Industry Science & Technology Co., Ltd.
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2021 - 2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material suppliers
3.2.2 Component manufacturers
3.2.3 Equipment manufacturers
3.2.4 Distributors and dealers
3.2.5 Aftermarket suppliers
3.3 Profit margin analysis
3.4 Pricing analysis
3.5 Cost breakdown analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news & initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Growing urbanization and infrastructure projects globally
3.10.1.2 Stringent emission regulations and government incentives
3.10.1.3 Advancement in battery technology and faster charging times
3.10.1.4 Reduced maintenance costs for electric construction equipment
3.10.2 Industry pitfalls & challenges
3.10.2.1 High initial costs
3.10.2.2 Limited charging infrastructure
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY EQUIPMENT, 2021 - 2032 ($BN, UNITS)
5.1 Key trends
5.2 Excavators
5.3 Loaders
5.4 Bulldozers
5.5 Cranes
5.6 Dump trucks
5.7 Roller
5.8 Others
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY BATTERY CAPACITY, 2021 - 2032 ($BN, UNITS)
6.1 Key trends
6.2 Less than 50 kWh
6.3 50 kWh to 200 kWh
6.4 More than 200 kWh
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY BATTERY TECHNOLOGY, 2021 - 2032 ($BN, UNITS)
7.1 Key trends
7.2 Lead-acid
7.3 Lithium-ion
7.4 Nickel-metal hydride
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY POWER SOURCE, 2021 - 2032 ($BN, UNITS)
8.1 Key trends
8.2 Battery electric vehicles (BEV)
8.3 Plug-in hybrid electric vehicles (PHEV)
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY END-USER INDUSTRY, 2021 - 2032 ($BN, UNITS)
9.1 Key trends
9.2 Construction
9.3 Mining
9.4 Material handling
9.5 Agriculture
9.6 Others
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY REGION, 2021 - 2032 ($BN, UNITS)
10.1 Key trends
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.3 Europe
10.3.1 UK
10.3.2 Germany
10.3.3 France
10.3.4 Spain
10.3.5 Italy
10.3.6 Russia
10.3.7 Nordics
10.3.8 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 South Korea
10.4.5 ANZ
10.4.6 Southeast Asia
10.4.7 Rest of Asia Pacific
10.5 Latin America
10.5.1 Brazil
10.5.2 Mexico
10.5.3 Argentina
10.5.4 Rest of Latin America
10.6 MEA
10.6.1 UAE
10.6.2 South Africa
10.6.3 Saudi Arabia
10.6.4 Rest of MEA
CHAPTER 11 COMPANY PROFILES
11.1 Bobcat Company
11.2 Caterpillar Inc.
11.3 CNH Industrial N.V.
11.4 Doosan Infracore Co., Ltd.
11.5 Hitachi Construction Machinery Co., Ltd.
11.6 Hyundai Construction Equipment Co., Ltd.
11.7 JCB (J.C. Bamford Excavators Ltd.)
11.8 John Deere (Deere & Company)
11.9 Komatsu Ltd.
11.10 Kubota Corporation
11.11 Liebherr Group
11.12 Manitou Group
11.13 Sany Group
11.14 Takeuchi Mfg. Co., Ltd.
11.15 Terex Corporation
11.16 Volvo Construction Equipment
11.17 Wacker Neuson SE
11.18 XCMG (Xuzhou Construction Machinery Group)
11.19 Yanmar Holdings Co., Ltd.
11.20 Zoomlion Heavy Industry Science & Technology Co., Ltd.
