London, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global electric construction vehicles market, as indicated by a recently released report by Fairfield Market Research, is poised for remarkable growth over the next few years. At a projected CAGR of 21.8% between 2023 and 2030, the market is poised to reach a value of approximately US$35.8 Bn by the end of 2030.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Estimated Market Size in 2030 | US$35.8 Bn | |
| CAGR | 21.8 % | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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| Key Players | Hitachi, Caterpillar, John Deere, Volvo, Atlas Copco, CNH Industrial N.V., Komatsu, Merlo J C Bamford Excavators Ltd., SUNWARD, Doosan Corporation | |
As construction vehicles undergo a transformative shift embracing electrification, building and construction companies have been recognising the multiple benefits associated with this trend. The chief among these advantages is the reduced fuel consumption.
“Long-term cost savings that make electric powertrains increasingly attractive to businesses will also create heavy tailwinds for the market,” states the company analyst.
Key Research Insights
- Battery powertrains are gaining popularity over their hybrid counterparts.
- The fast-charging category held the highest market share in 2022.
- Excavators remain the most widely used electric construction vehicles globally.
- Europe leads while Asia Pacific anticipated the most robust growth through 2030.
Insights into Segmentation Analysis
Sales of Plug-in Hybrid and Hybrid EVs Maximum
Stringent emission control regulations and increasing demand for low- or zero-emission equipment, especially in urban areas, have led to the dominance of plug-in hybrid and hybrid electric construction vehicles in the market.
Governments in various countries offer tax incentives and grants to encourage the purchase of hybrid vehicles, further boosting their popularity.
Hybrid vehicles combine internal combustion engines (ICE) with electric motors, delivering improved fuel efficiency, increased power, and reduced emissions. These vehicles harness electrical energy from various sources, including regenerative braking and engine operation.
Long-Range, Fast-Charging Batteries in Demand
Fast-charging batteries are expected to dominate the electric construction vehicles market in the coming years.
Lithium-ion batteries, with their high energy density and longer lifespan, have replaced lead-acid and nickel-metal hydride batteries in most electric construction vehicles.
Solid-state batteries, which offer even greater charging capacity and longevity, are gaining traction in the industry. Companies like Caterpillar have invested in solid-state battery technology to enhance the performance of electric off-highway equipment.
Excavators and Loaders Dominant
The construction sector's rapid transition to electric solutions, driven by strict greenhouse gas emissions regulations and rising fuel costs, has seen excavators, wheel loaders, dump trucks, and forklift trucks become popular electric construction vehicles.
In 2022, crawler excavators and mini excavators collectively held over 40% of the global electric construction vehicles market. Large size loaders are also gaining momentum, with companies like Caterpillar, XCMG, Volvo, and Komatsu working on electrifying larger construction vehicles.
Key Report Highlights
- The market is being driven by a growing desire to mitigate exhaust emissions from off-highway equipment, lower ventilation costs in underground mining operations, and the preference for quieter construction equipment in residential areas.
- The Environmental Protection Agency (EPA) has long imposed strict emission requirements on off-highway diesel vehicles, particularly large trucks used in mining and construction.
- Consequently, OEMs are actively developing cutting-edge strategies to achieve zero emissions. It is estimated that construction activities contribute to at least 11% of carbon dioxide emissions globally.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/electric-construction-vehicles-market
Insights into Regional Analysis
Europe Represents a Commanding Market Share
Europe is expected to continue dominating the electric construction vehicles market due to several factors, including the thriving trend of vehicle electrification, high demand for mining and construction equipment, stringent emission regulations, and government sustainability initiatives.
Germany, with its robust electric vehicle industry and government support for sustainable transportation, is poised to lead the region.
Asia Pacific's Construction Sector Holds Notable Opportunity
The Asia Pacific region is all set to experience significant growth in the electric construction vehicles market. China, Japan, and South Korea are leaders in electric vehicles, with China being the world's largest EV manufacturer and consumer.
These Asian countries have implemented various policies and initiatives to promote EV adoption, including subsidies, pollution regulations, and EV charging infrastructure development.
India is also expected to witness substantial growth in its EV market, driven by initiatives such as the car scrappage policy.
Electric Construction Vehicles Market Competition
Some of the leading players in the electric construction vehicles market include Hitachi, Caterpillar, John Deere, Volvo, Atlas Copco, CNH Industrial N.V., Komatsu, Merlo J C Bamford Excavators Ltd., SUNWARD, and Doosan Corporation. These companies are at the forefront of innovation and are driving the transition to electrified construction equipment.
Global Electric Construction Vehicles Market are Segmented as Below:
By Propulsion Type
- Battery
- Plug-in Hybrid
- Fuel Cell
- Hybrid
By Charging Type
- Normal Charging
- Fast Charging
By Product Type
- Crawler Excavator
- Wheel Loader
- Mini Excavator
- Dump Trucks
- Telehandler
- Forklift Truck
- Miscellaneous
By Geographic Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- Hitachi
- Caterpillar
- John Deere
- Volvo CE
- XCMG
- CNH Industrial N.V.
- Komatsu
- SANY Group
- Liebherr
- Sandvik AB
- Hyundai CE
- JCB
- Doosan Corporation
Browse Global Electric Construction Vehicles Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Propulsion Type Coverage, By Charging Type Coverage, By Product Type Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/electric-construction-vehicles-market
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