Electric Construction Equipment Market worth $44.8 billion by 2030 – Exclusive Report by MarketsandMarkets™
Chicago, Jan. 16, 2024 (GLOBE NEWSWIRE) — Electric Construction Equipment Market is projected to grow from USD 10.2 billion in 2023 to USD 44.8 billion by 2030, at a CAGR of 23.6%, according to a new report by MarketsandMarkets™.
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|Market size value in 2023:
|USD 10.2 billion
|Projected to reach 2030:
|USD 44.8 billion
|Asia Pacific, Americas, and Europe
|Equipment type, Battery Capacity, Battery Chemistry, Power Output, Application, Propulsion, Electric Tractor Market, Electric Construction & Mining Equipment and Region
|Caterpillar Inc. (US), Komatsu Ltd. (Japan), Volvo Construction Equipment (Sweden), Hitachi Construction Machinery Co., Ltd. (Japan), and Deere & Company (US)
The electric construction equipment industry is driven by factors such as – increasing demand to minimize exhaust emissions, operational benefits such as decreased ventilation costs in underground mining & lower operating costs of electric equipment, and growing regulations for low-noise construction machines in residential areas.
The electric dump trucks are expected to hold the largest market share in 2023
Dump trucks mainly find their applications in mining and construction. Dump truck electrification can curb ventilation costs and reduce overall operational costs, benefiting surface and underground operations in mining. Key players like Komatsu Ltd., Caterpillar Inc., and Epiroc AB are prominent in this global market. Electric dump trucks represent a transformative shift in mining, embracing sustainability and stringent regulations. Notable advancements include Komatsu’s hybrid excavator and Sandvik’s battery-electric truck, which minimize emissions and enhance efficiency. Industry giants like BHP Billiton and Caterpillar’s collaboration signifies a collective push toward large-scale electric truck development. These innovations promise reduced emissions, improved efficiency, and substantial cost savings.
Off-highway equipment manufacturers are prioritizing electric dump trucks despite higher initial costs due to long-term savings in fuel and maintenance. With increased battery range and lifespan electric dump trucks are a viable option for longer hauling distances within mine sites. With initiatives like Hitachi Construction Machinery and ABB partnering to develop emission-free dump trucks or Caterpillar Inc.’s first large battery-electric dump truck prototype, the market for electric dump trucks is set to grow at a promising rate.
Lithium-Ion Phosphate (LFP) batteries are estimated to dominate the electric construction equipment market.
Lithium iron phosphate (LiFePO4) batteries are gaining traction in the market due to their extended lifespan, efficient charging, and enhanced safety features compared to traditional ones. These batteries offer consistent power delivery, quicker recharging, and a smaller footprint. Additionally, these batteries are more economical than others like NMC or NCA, as they do not use minerals like cobalt or manganese. Automakers are reducing cobalt use due to ethical concerns, favoring LFP technology for its lower manufacturing costs and better charge preservation. Despite their weight, LFPs enable a full 100% charge without battery degradation, making them suitable for various applications, especially those with less critical weight. The LFP batteries also have other advantages over NMC or NCA, like higher resistance to elevated temperatures. Though they require more physical space due to lower energy density, they offer safety benefits and stability, particularly at higher temperatures.
China plays a dominant role in global LiFePO4 battery production, followed by its production of NMC cathodes. Chinese production is expected to continue its significant influence. However, the concentration of LFP cell production in China raises concerns about reliance on China as the major battery source. This generates a need to diversify supply chains.
Considering the advantages offered, such as extended lifespan, resilience at higher temperatures, lower costs, and faster charge rates, LFPs are advantageous for high-performance scenarios and rapid charging.
Americas is anticipated to be the second-largest market in 2023, driven by growing electrification trends.
The Americas region is estimated to be the second-largest market for electric off-highway equipment, with key countries like the US, Canada, Mexico, Brazil, and Argentina contributing significantly. This growth is propelled by stringent environmental measures and upcoming emission regulations, compelling manufacturers to focus on electric and hybrid equipment. Major players such as Caterpillar Inc., Deere & Company, Soletrac Inc., and Dana Limited drive innovation in this domain.
This region’s abundant natural resources, including coal, iron, zinc, copper, cement, lithium, and precious metals, fuel a robust mining industry. The market here is poised to be the second largest globally, driven mainly by the demand for mini-construction equipment like excavators, loaders, and dozers.
The US is expected to lead this market by 2030, reaching an estimated value of USD XX billion. The surge is attributed to increasing demands for electrification in construction, mining, and agriculture vehicles due to emission reduction benefits. Notably, significant investments in electric off-highway equipment, subsystems, and battery advancements by major manufacturers in the US, along with collaborations and funding ventures, are driving growth. For instance, Caterpillar Inc.’s substantial investment in lithium-ion battery development underscores a focus on overcoming conventional battery limitations and propelling the growth of electric equipment in the US.
Key Market Players
The Electric Construction Equipment Companies are Caterpillar Inc. (US), Komatsu Ltd. (Japan), Volvo Construction Equipment (Sweden), Hitachi Construction Machinery (Japan), and Deere & Company (US).
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