Electric construction equipment are equipment that relies on electric motors for various functions, including earthmoving, material handling, road construction and material processing. Some key advantages of electric construction equipment include lower operating costs compared to fuel-powered equipment, zero tailpipe emissions, and reduced dependency on fossil fuels. The construction industry has seen rapid growth in recent years owing to large-scale infrastructure development projects around the world. This has augmented the demand for efficient and environment-friendly construction equipment.
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.
The growing demand for infrastructure such as roads, railways, bridges, dams and other construction projects around the world is expected to propel the Electric Construction Equipment Market over the forecast period. Additionally, stringent emission norms by regulatory bodies coupled with favorable government policies and subsidies are encouraging
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