(MENAFN- GlobeNewsWire - Nasdaq) Major electric construction equipment market participants include Caterpillar Inc., John deere, Kubota Corporation, Komatsu Ltd., Doosan Infracore Co., Hitachi Construction Machinery Co., Liebherr Group, JCB, Terex Corporation, Sany Group.
Selbyville, Delaware, Nov. 05, 2024 (GLOBE NEWSWIRE) --
The electric construction equipment market is predicted to cross USD 77.2 billion by 2032, as reported in a research study by Global Market Insights Inc. 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 electric construction equipment market from the 50 kWh to 200 kWh battery capacity segment captured over 43% of the market share in 2023. 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.
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The electric construction equipment market from the lithium-ion battery technology segment dominated the market with a commanding 74% share in 2023. 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.
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Partial chapters of report table of contents (TOC):
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 3600 synopsis, 2021 - 2032
Chapter 3 Electric Construction Equipment Market 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
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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