Compact Electric Construction Equipment Market Growth & Trends
The global compact electric construction equipment market size is projected to reach USD 138.7 billion by 2030, expanding at a CAGR of 13.5% from 2022 to 2030, according to a new study by Grand View Research Inc. Construction activities are augmenting across the globe majorly due to rapid urbanization and industrialization in developed and developing countries. Likewise, the governments are increasing their spending on infrastructure development which is responsible to boost construction activities. This, high construction activity is increasing demand for excavators and loaders that are compact and environment friendly thus driving the market growth.
An exponential increase in demand for compact and battery-operated forklifts from the warehouse industry which helps them lower the operational cost and eliminate the need for manpower is another factor expected to augment the target market’s growth. Additionally, governments across the globe are banning the use of ICE engines to tackle the rising environmental problems. This ban on fossil fuel vehicles is subsequently changing auto manufacturers' approach toward the development and introduction of electric vehicles.
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For instance, in March 2022, AB Volvo, a global manufacturer of construction equipment announced the introduction of a new ECR25 Electric excavator. The newly launched 2.5ton compact excavator product is expected to attract new customers and help the company enhance its business. Thus, stringent government regulations about the environment and the introduction of advanced compact electric machines from manufacturers are factors expected to support the market growth.
The high cost associated with electric construction equipment is a major factor expected to hamper the global compact electric construction equipment market growth. However, rapid technological advancements in Li-ion technology are expected to lower the battery prices which is anticipated to lower the product prices in coming years, along with an increasing government approach towards achieving net-zero emission are factors expected to create new opportunities for the industry players.
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Compact Electric Construction Equipment Market Segmentation
Grand View Research has segmented the global compact electric construction equipment market based on product, ton, and region:
Compact Electric Construction Equipment Product Outlook (Revenue, USD Billion, 2018 – 2030)
- Forklift
- Loader
- Excavator
o Mini
o Midi
- AWP
o Telehandler
o Boom
o Scissor
Compact Electric Construction Equipment Ton Outlook (Revenue, USD Billion, 2018 – 2030)
- Below 5 Ton
- 6 to 8 Ton
- 8 to 10 Ton
List of Key Players in the Compact Electric Construction Equipment Market
- Caterpillar
- JCB
- HAULOTTE GROUP
- Wacker Neuson SE
- Toyota Motor Corporation
- Hyster-Yale Group, Inc.
- SANY Group
- Volvo CE
- Hyundai CE
- Bobca
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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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