The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The increase in construction activities around the world is expected to drive innovation in electric construction equipment manufacturing, driving the market during the forecast period.

The global electric construction equipment market is expected to grow from $7.49 billion in 2022 to $9.18 billion in 2023 at a compound annual growth rate (CAGR) of 22.5%. The electric construction equipment market is expected to grow to $19.98 billion in 2027 at a CAGR of 21.5%.

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Global Electric Construction Equipment Market Segments Include:

• By Product Type: Track Loaders, Excavators, Backhoe Loaders, Skid Steers, Wheel Loaders, Telehandlers
• By Equipment Type: Electric Excavator, Electric Motor Grader, Electric Dozer, Electric Loader, Electric Dump Truck, Electric Load-Haul-Dump Loader
• By Engine Capacity Type: Less Than 5 L, 5 to 10 L, Greater Than 10 L
• By Power Output: 50 HP, 50-150 HP, 150-300 HP and, >300 HP
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe is the largest region in the global electric construction equipment market in 2021.

Major Market Players in the electric construction equipment market include Caterpillar Inc., Volvo Construction Equipment, SANY Group, JCB Inc., Hyundai CE, Bobcat Inc., Deere & Company, King Machinery, Komatsu Ltd.

Product innovation has emerged as a major trend that is gaining traction in the electric construction equipment market. To meet customer demand, major companies in the electric construction equipment sector are focusing on developing innovative products. For example, Hitachi Construction Machinery Co., Ltd., a Japanese construction equipment company, launched the ZX55U-6EB, a five-ton battery-powered excavator, in July 2022. The new ZX55U-6EB has excellent manoeuvrability in tight spaces thanks to the short tail swing carried over from the ZX55U-6 model. Customers will be able to use the ZX55U-6EB on a wide range of projects, including urban construction sites, residential building projects, and waste material management projects anywhere the environment is a priority.

The Electric Construction Equipment Global Market Report 2023  provides a electric construction equipment market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric construction equipment market forecast analyzes electric construction equipment market size, electric construction equipment market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Any construction equipment powered by electricity is considered electric construction equipment. Heavy-duty vehicles designed specifically for construction tasks, which frequently involve earthmoving activities, are referred to as construction equipment. Electric construction equipment offers numerous benefits to the business, including lower fuel costs, lower CO2 emissions, and a quieter, safer environment.

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