Electric Construction Vehicles Market Size was valued at USD 9 Billion in 2022. The electric construction vehicles industry is projected to grow from USD 11.02 Billion in 2023 to USD 55.90 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22.50% during the forecast period (2023 - 2032). Cloud services often operate on a pay-as-you-go model, allowing organizations to avoid the high upfront costs associated with on-premises hardware, which are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for electric construction vehicles is driven by implementing a cloud-based transformation solution that benefits organizations looking to modernize their IT infrastructure and processes. Below is an overview of the benefits and considerations of using a cloud-based remodeling solution. Cloud platforms such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud provide scalability as needed. This means organizations can easily adjust computing resources as needed and respond to changes in demand without large capital investments. Cloud services often operate on a pay-as-you-go model, allowing organizations to avoid the high upfront costs associated with on-premises hardware.
This cost model can lead to significant cost savings in the long term. The cloud offers flexibility in the selection of infrastructure and services. Organizations can select specific resources and services that best meet the needs of their transformation solution, including virtual machines, databases, storage, and dedicated tools. Cloud-based remodeling solutions can be deployed quickly. This flexibility is especially important when responding to market changes, competitive pressures, or new opportunities. Major cloud providers invest heavily in security and compliance measures. It provides advanced security features, data encryption, and compliance certifications to improve data protection and compliance. Cloud providers have data centers around the world.
This global presence allows organizations to implement remodeling solutions close to their target groups or expand internationally. Cloud services usually offer more options and are highly available. This ensures that the rebuild solution is available and reliable even during hardware or network failures. Cloud providers offer automated backup and recovery solutions that simplify the process of data protection and disaster recovery planning. Many cloud service providers offer managed services to reduce the administrative burden on your organization. This includes managing updates, security patches, and infrastructure maintenance. Cloud-based remodeling solutions promote collaboration and remote working. Team members can access data and tools from anywhere with an Internet connection, increasing flexibility and productivity. Thus driving the electric construction vehicles market revenue.
The Electric Construction Vehicles Market segmentation, based on type, includes hybrid and pure-electric. The hybrid segment dominated the market. Hybrid systems significantly reduce fuel consumption, leading to cost savings and reduced emissions. Reducing greenhouse gas emissions by reducing the environmental impact of construction activities Electric motors provide instant torque, improving performance and responsiveness in construction operations. Hybrids are quieter than conventional construction vehicles, reducing noise pollution in urban areas.
The Electric Construction Vehicles Market segmentation, based on propulsion type, includes battery electric vehicles, plug-in electric vehicles, fuel cell electric vehicles, and hybrid electric vehicles. The battery-electric vehicle category generated the most income. BEVs reduce air pollution and combat climate change. Lower electricity costs and fewer moving parts mean lower operating costs than traditional gasoline vehicles. BEVs are very efficient at converting power to the engine, which reduces energy consumption. BEVs operate quietly, reducing noise pollution in urban areas.
The Electric Construction Vehicles Market segmentation, based on charging type, includes normal charging and fast charging. The fast-charging category generated the most income. Fast charging significantly reduces vehicle downtime, allowing construction equipment to spend more time on the job. Less downtime means construction projects can progress more quickly and efficiently. Fast charging can reduce fuel and maintenance costs, contributing to long-term savings. Like other electric vehicles, fast-charging construction equipment produces fewer emissions, creating a cleaner worksite and environment.
Figure 1: Electric Construction Vehicles Market by Charging Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Electric Construction Vehicles Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American electric construction vehicles market area will dominate this market. North America, especially the United States, has strict emissions regulations that encourage the adoption of electric construction machinery to reduce emissions and meet environmental standards. Many companies in North America are committed to sustainability and reducing their impact on the environment. Electric construction vehicles meet these sustainability goals for companies, making them an attractive choice.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: ELECTRIC CONSTRUCTION VEHICLES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's electric construction vehicles market accounts for the second-largest market share because Electric construction vehicles can help construction companies meet these standards, avoid fines and reduce their environmental impact. European cities are paying more attention to reducing noise pollution. Electric construction machines operate quietly, which makes them useful for construction projects in urban areas. Further, the German electric construction vehicles market held the largest market share, and the UK electric construction vehicles market was the fastest-growing market in the European Region.
The Asia-Pacific Electric Construction Vehicles Market is expected to grow at the fastest CAGR from 2023 to 2032. Many countries in the Asia Pacific region have introduced policies and incentives to promote EVs, including for construction. The government encourages the introduction of green construction equipment through subsidies, tax breaks, and support for research and development. Moreover, China’s electric construction vehicles market held the largest market share, and the Indian electric construction vehicles market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the electric construction vehicles market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the electric construction vehicles industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global electric construction vehicles industry to benefit clients and increase the market sector. In recent years, the electric construction vehicles industry has offered some of the most significant medical advantages. Major players in the electric construction vehicles market, including Volvo, Komatsu, Atlas Copco, John Deere, Merlo J C, Bamford Excavators Ltd., Caterpillar, CNH Industrial N.V., SUNWARD, Doosan Corporation, Hitachi, and others, are attempting to increase market demand by investing in research and development operations.
Volvo Construction Equipment (Volvo CE) is a Swedish global manufacturing company headquartered in Gothenburg. Its main activities are the production, distribution, and sale of trucks, buses, and construction equipment. Volvo Construction Equipment (Volvo CE), SMT, Pascon, and Vattenfall IDNO have joined forces to create a net zero future by exploring the entire value chain and ensuring a low carbon footprint in the construction and installation of electric vehicle charging stations at Volvo Car dealers. The electrical infrastructure was installed using a Volvo CE 2.5 tonne electric mini excavator and a Volvo ECR25 Electric, supplied by SMT, Volvo CE's authorized UK dealer, in a step towards fossil fuel-free construction. Offering the same powerful performance as a diesel engine, these machines not only produce zero emissions but also provide a much more comfortable working environment for everyone around you, thanks to quiet operation and reduced vibration.
Komatsu Co., Ltd. (Japan) Komatsu Co., Ltd. (Chairman and CEO: Hiroyuki Ogawa) (in the future referred to as "Komatsu") will participate in Bauma 2022, the largest international construction equipment trade fair, held in Munich, Germany, from October 24 to 30. The Komatsu electrical equipment on display at Bauma 2022 will be further proof of the company's commitment to reducing harmful emissions globally. In May 2021, the "Unmanned Electric Mini Excavator" was released as a concept car, and in March 2022, the "PC01E-1" Electric Micro Excavator was released in the Japanese market. It plans to exhibit the latest equipment that focuses on electric construction and mining equipment, including a 3-ton electric mini excavator, which is an upgraded version of the "PC30E-5" model introduced in the Japanese market.
March 2022: Electric mini excavators are the most widely used excavators because they have no exhaust gas, low CO2 emissions, and low noise, ensuring a green environment. Electric excavators are expected to become more common in the construction industry due to technological advances and increased environmental concerns.
August 2023: Volvo Construction Equipment (CE) launches the ECR25 Electric compact excavator. This marks the company's first electric excavator model, signifying a major step towards electrification in the construction industry.
September 2023: The California Air Resources Board (CARB) adopts stricter regulations on emissions from off-road vehicles, including construction equipment. This move is expected to further drive the demand for electric construction vehicles in the state
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 9 Billion |
| Market Size 2023 | USD 11.02 Billion |
| Market Size 2032 | USD 55.90 Billion |
| Compound Annual Growth Rate (CAGR) | 22.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Propulsion types, Charging types, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Volvo, Komatsu, Atlas Copco, John Deere, Merlo J C, Bamford Excavators Ltd., Caterpillar, CNH Industrial N.V., SUNWARD, Doosan Corporation, Hitachi |
| Key Market Opportunities | ·      Data Privacy and Compliance |
| Key Market Dynamics | ·      Collaboration and Remote Working |
Electric Construction Vehicles Market Highlights:
Frequently Asked Questions (FAQ) :
The Electric Construction Vehicles Market size was valued at USD 9 Billion in 2022.
The global market is projected to grow at a CAGR of 22.50% during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are Volvo, Komatsu, Atlas Copco, John Deere, Merlo J C, Bamford Excavators Ltd., Caterpillar, CNH Industrial N.V., SUNWARD, Doosan Corporation, and Hitachi.
The hybrid category dominated the market in 2022.
The battery electric vehicle had the largest share in the global market.
Research Analyst Level II I have a degree in engineering (civil), with masters in business administration (marketing). with more than 4 years of experience in market research and consulting, i am involved in end-to-end process of market research, proposals, project kickoffs and delivery. i have research knowledge and expertise in consumer goods/packaging domain. also i have worked for various other domains like construction & equipment. effectively managed and delivered more than 60 report studies for regional as well as global clientele.
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