Electric Construction Equipment Global Market Opportunities and Strategies to 2032

This report describes and explains the electric construction equipment market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global electric construction equipment market reached a value of nearly $7.08 billion in 2022. The market is expected to grow from $7.08 billion in 2022 to $15.31 billion in 2027 at a rate of 16.66%. The market is then expected to grow at a CAGR of 21.10% from 2027 and reach $39.87 billion in 2032.

Growth in the historic period resulted from the increased construction activities, rising infrastructure development and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period included loss of productivity due to prolonged charging times.

Going forward, rising government support for the construction sector, growing demand for eco-friendly construction projects and increased shift towards industrialization will drive the market. Factors that could hinder the growth of the electric construction equipment market in the future include high prices of construction machinery.

The electric construction equipment market is segmented by type into excavators, loaders, forklifts, aerial work platforms (AWP) and other construction vehicles. The excavators market was the largest segment of the electric construction equipment market segmented by type, accounting for 41.3% or $2.92 billion of the total in 2022. Going forward, the loaders segment is expected to be the fastest growing segment in the electric construction equipment market segmented by type, at a CAGR of 25.22% during 2022-2027.

The electric construction equipment market is segmented by tonnage into up to 5 tons, 5-15 tons and more than 15 tons. The up to 5 tons market was the largest segment of the electric construction equipment market segmented by tonnage, accounting for 40.4% or $2.86 billion of the total in 2022. Going forward, the 5-15 tons segment is expected to be the fastest growing segment in the electric construction equipment market segmented by tonnage, at a CAGR of 17.55% during 2022-2027.

Asia-Pacific was the largest region in the electric construction equipment market, accounting for 36.2% or $2.56 billion of the total in 2022. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the electric construction equipment market will be Western Europe and North America, where growth will be at CAGRs of 20.32% and 18.82% respectively. These will be followed by Asia-Pacific and Eastern Europe, where the markets are expected to grow at CAGRs of 14.55% and 14.25% respectively.

The global electric construction equipment market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 79.04% of the total market in 2022. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Doosan Corporation was the largest competitor with a 13.27% share of the market, followed by Volvo AB with 11.41%, Deere & Company with 10.61%, Hitachi Construction Machinery Co., Ltd. with 8.85%, Komatsu Ltd with 8.40%, Xuzhou Construction Machinery Group Co., Ltd (XCMG) with 8.01%, J C Bamford Excavators Ltd with 6.62%, Caterpillar, Inc. with 5.35%, Wacker Neuson SE with 3.86% and Sany Heavy Industry Co., Ltd with 2.65%.

The top opportunities in the electric construction equipment market segmented by type will arise in the excavators segment, which will gain $3.19 billion of global annual sales by 2027. The top opportunities in the electric construction equipment market segmented by tonnage will arise in the up to 5 tons segment, which will gain $3.23 billion of global annual sales by 2027. The electric construction equipment market size will gain the most in the USA at $2.09 billion.

Market-trend-based strategies for the electric construction equipment market include focus on development of electric excavators using lithium-ion battery technology, focus on introducing their products with less environmental impacts, focus on developing innovative products to improve efficiency and performance and focus on strategic partnerships and collaborations to improve their financial strength.

Player-adopted strategies in the electric construction equipment market include focus on strengthening business operations through the launch of new products and focus on strengthening business capabilities through collaborations and partnerships.

To take advantage of the opportunities, the analyst recommends the electric construction equipment companies to focus on development of electric excavators using lithium-ion battery technology, focus on reducing environmental impacts, focus on launch of innovative product solutions with increased efficiency and performance, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations, focus on competitive pricing, participate in trade shows and events, continue to focus on B2B promotions and target governments.