Global Electric Construction Equipment and Heavy Machinery Market: By Type (Battery Operated and Connected Power Supply), By Product Concrete Equipment (Asphalt Pavers, Transit Mixers, Batching Plants, Concrete Pumps, Crushers, and Others), Road Building & Earth Moving Equipment (Excavators, Backhoe, Compaction Equipment, Loaders, and Others), Cranes & Material Handling (Handling and Storage Equipment, Bulk Material Handling Equipment, Civil Engineering Systems, Industrial Trucks, Tractors, and Others), By Application (Domestic, Commercial, and Industrial), Covid-19 Impact, Share, Size, Trends, Growth, Opportunity, Forecast 2029
The Global Electric Construction Equipment and Heavy Machinery Market size will reach $AB billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of XX% from 2022 to 2029. A global increase in construction activity is expected to drive demand for electric equipment. In the heavy Machinery and construction equipment sector, the share of battery electric vehicles (BEVs) is still very limited, even if electric motors (with cables) are not uncommon in certain equipment. However, carriers and OEMs have begun to invest in battery-powered solutions, with the first commercial solutions starting to appear on the market.
One of the most significant benefits is the much lower cost of fuel, which is a major concern for many operators, especially in remote areas where fuel transportation is significantly more difficult. The second problem is with the operators themselves – the people inside the machine have lower levels of harmful gases that they have to deal with daily, making the job much safer. They are also much less noisy, which improves comfort. Maintenance costs are always a major concern for businesses as a contribution to their bottom line, and the simplified designs of electric and hybrid machines often mean lower maintenance costs. These machines also reduce idle time and limit engine wear, and this also helps prolong the life of the machine, giving it a huge advantage over the ICE models.
Rising construction spending globally is one of the long-term factors expected to drive sales in the market during the forecast period. The United States has seen significant growth in construction spending over the past few years. Government initiatives to modernize aging public infrastructure such as port expansion, undersea tunnels connecting major European countries, and railway tunnels are also expected to spur growth. market leader.
The COVID-19 outbreak has had a negative impact on construction activity in 2020. The rapid spread of COVID-19 infections has caused a significant slowdown in construction activities due to the construction sites. temporarily closed areas around the world. OEMs have experienced supply chain disruptions and temporary reseller store closures that halted new purchases. However, in 2021, demand for construction equipment has spiked due to an increase in construction activity for both discontinued and new projects.
Declining housing rates continue to drive demand for residential areas, further increasing demand for equipment. Considering current market dynamics, including market uncertainty due to the growing number of COVID-19 cases due to the new Omicron variant, high steel and aluminum prices, and pickup truck shortages, The market is also expected to experience a slowdown in device sales. in the following quarters of 2022.
Major players in the Electric Construction Equipment and Heavy Machinery Market are
Deere & Company.
CNH Industrial N.V.
Hitachi Construction Machinery Co., Ltd.
Hyundai Construction Equipment Co., Ltd.
J C Bamford Excavators Ltd.
Kobelco Construction Machinery Co., Ltd.
Sany Heavy Industry Co., Ltd
Sumitomo Heavy Industries, Ltd.
Zoomlion Heavy Industry Science and Technology Co., Ltd
The report forecasts revenue growth at the global, regional, and national levels and provides analysis of the latest industry trends in each sub-segment from 2022 to 2029.
• Battery Operated
• Connected Power Supply
By Product Concrete Equipment
• Asphalt Pavers
• Transit Mixers
• Batching Plants
• Concrete Pumps
Road Building & Earth Moving Equipment
• Compaction Equipment
Cranes & Material Handling
• Handling and Storage Equipment
• Bulk Material Handling Equipment
• Civil Engineering Systems
• Industrial Trucks
• Electric Tractors
• Rest of Asia
• Rest of Europe
The Middle East & Africa
• Saudi Arabia
• Rest of Middle East
The Rest of the World
• South Africa