The electric construction equipment market has seen substantial growth in recent years. Electric construction equipment includes excavators, loaders, dozers, cranes and haul trucks which are equipped with electric motors instead of conventional internal combustion engines. These equipment offer several advantages over traditional diesel or gas equipment such as reduced carbon footprint, lower noise and vibration levels and no emissions. They are increasingly being used in infrastructure projects, urban reconstruction work and public works departments due to stringent emission regulations in many countries.

The electric construction equipment market is estimated to be valued at USD 12.75 Bn in 2024 and is expected to reach USD 56.04 Bn by 2031, growing at a compound annual growth rate (CAGR) of 23.55% from 2024 to 2031.

Key Takeaways

Key players operating in the electric construction equipment market are Caterpillar, Komatsu Ltd, Volvo Construction Equipment, Hitachi Construction Machinery Co., Ltd., and Liebherr Group. These manufacturers are focusing on new product launches and expanding their electric equipment offerings globally.

Growing demand for environment-friendly equipment from construction giants and government entities is a major factor boosting the adoption of electric construction machinery. Strict emission norms by regulatory bodies have further accelerated this shift towards electrification in the construction sector.

The market is witnessing significant expansion in regions like Europe and North America led by supportive government policies and initiatives aimed at reducing carbon footprint of infrastructure projects. Electric Construction Equipment rental companies have also emerged as an important sales channel in recent times.

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