Electric Construction Equipment Market worth $24.8 billion by 2027
Hitachi Construction Machinery (Japan), Caterpillar Inc. (US), Komatsu Ltd. (Japan), JCB (UK), Volvo Construction Equipment (Volvo CE) (Sweden).
The Electric Construction Equipment Market is estimated to grow from USD 9.2 billion in 2022 to USD 24.8 billion by 2027 at a CAGR of 22.0% over the forecast period. Strict vehicular emission regulations and high ventilation costs in underground mining drive the development of the Electric Construction Equipment market during the forecast period
The government’s initiatives to boost the sustainable mobility developments and the increasing demand for emission-free farming equipment are some of the major factors that drives the electric agricultural equipment market. The increasing agricultural production in countries such as China, India, US, and Brazil also drive the demand for electric agricultural equipment.
The demand for farm equipment with modern technologies such as electric and hybrid tractors is expected to rise. Many leading manufacturers are actively developing such electric tractors including Kubota, Fendt, Sany Heavy Industries, Soletrac Inc, and others. The demand for electric tractor is mainly driven by factors such as moving focus on improved grain quality, growing adoption of advanced farming machinery, shorter downtime, and improved operational efficiency.
The key factors driving the growth of the construction and mining equipment market are the availability of battery electric and hybrid electric, the power output, and output ratio. Presently, mining companies are using battery electric equipment for surface mining, while hybrid electric equipment is predominant in underground mining. The large number of surface mines around the globe has driven the battery electric construction and mining equipment market, by propulsion.
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The Emission Control Technologies (ECT) are used to control and reduce the emission from an engine, without changing much of the engine design. Some of the modern ECT are Selective Catalytic Reduction (SCR), Gasoline Particulate Filter (GPF), Exhaust Gas Recirculation (EGR), Diesel Particulate Filter, various sensors including oxygen sensor, NOx sensors and thermal management technologies.
Though the ECT are one of the cost-effective solutions to meet the rising emission norms, there is an increased manufacturing cost of the equipment. Some ECT devices also lead to loss of power and other downfalls such as reduction in fuel economy, varied back pressure in prolonged use, more maintenance activities, etc. All these expenses including the increased capital for the vehicle, results in extended return on investment (ROI) duration of the customers.
To overcome these difficulties and the costs associated with it, the manufacturers and customers opt for an alternative sustainable mode of mobility. This greatly aided the development of the hybrid and Electric Construction Equipment and equipment, which are efficient, emission free and noise free than its IC engines counterparts.
Key Market Players:
The electric construction equipment market is dominated by a few globally established companies such as Hitachi Construction Machinery (Japan), Caterpillar Inc. (US), Komatsu Ltd. (Japan), JCB (UK), Volvo Construction Equipment (Volvo CE) (Sweden).
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