LONDON, April 11, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the electric construction equipment market forecasts the global electric construction equipment market to grow from $7.4 billion in 2022 to $9.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 22%. The electric construction equipment market is expected to grow to $19.9 billion in 2027 at a CAGR of more than 21%.
The rise in construction activity around the world is expected to drive the growth of the electric construction machinery market in the coming years. The construction sector is the industry and trade that deals with the creation, maintenance, and repair of infrastructure. The rise in the construction industry raises the demand for electric construction equipment, which is useful for a variety of tasks and procedures performed on a construction site, such as rehabilitation, assembly, and obtaining accurate measurements (rangefinder function) when installing any plumbing systems, among others. For example, according to Statistics Canada, the Canadian government organisation charged with creating data to aid in the understanding of Canada, its people, resources, economy, society, and culture, investment in Canadian building construction increased by 2.7% in June 2021 to $20.9 billion in April 2022. Furthermore, according to The United States Census Bureau, a principal agency of the United States Federal Statistical System in charge of producing data about the American people and economy, construction spending in the United States increased by 9.3% between November 2020 and November 2021. As a result, rising construction industries around the world are propelling the electric construction equipment market forward.
Major players in the electric construction equipment market are Caterpillar Inc., Volvo Construction Equipment, SANY Group, JCB Inc., Hyundai CE, Bobcat Inc., Deere & Company, King Machinery, Komatsu Ltd., Mustang CAT, Haulotte Group, Wacker Neuson SE, Toyota Motor Corporation.
Product innovation has emerged as a key trend gaining traction in the heavy electric equipment industry. Electrical equipment manufacturers are focused on developing innovative products to meet customer demand. For example, Hitachi Construction Machinery Co., Ltd., a Japanese construction equipment company, will release the ZX55U-6EB, a five-ton battery-powered excavator, in July 2022. The new ZX55U-6EB has excellent maneuverability in tight spaces due 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.
Europe was the largest region in the electric construction equipment market in 2022. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric construction equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global electric construction equipment market is segmented by product type into track loaders, excavators, backhoe loaders, skid steers, wheel loaders, telehandlers; by equipment type into electric excavator, electric motor grader, electric dozer, electric loader, electric dump truck, electric load-haul-dump loader; by engine capacity type into less than 5 L, 5 to 10 L, greater than 10 L; by power output into 50 HP, 50-150 HP, 150-300 HP and, >300 HP.
Electric Construction Equipment Global Market Report 2023 by The Business Research Company provides insights on the electric construction equipment market size, electric construction equipment market segments, electric construction equipment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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