Electric Construction Equipment Market to Hit USD 241.20 Bn at Growth Rate of 6.8 percent by 2029
Electric Construction Equipment Market size was valued at US$ 142.5 Bn. in 2021 and the total revenue is expected to grow at 6.8% of CAGR through 2022 to 2029, reaching nearly US$ 241.20 Bn.
(EMAILWIRE.COM, January 22, 2023 ) As per Maximize Market research, a global business research and consultancy firm, the total global market for “Electric Construction Equipment Market” was USD 142.5 Bn in 2021 and is expected to grow at CAGR of 6.8% over the forecast period to reach USD 241.20 Bn by 2029.
Electric Construction Equipment Market Scope and Research Methodology
The report on Electric Construction Equipment Market provides an in-depth analysis covering key insights that include drivers, challenges, opportunities and restraints to the growth of the market. The report also offers a detailed regional and segment-wise analysis of the Electric Construction Equipment Market.
Data collection techniques include both primary and secondary ones. Where the main strategies involved conducting telephone interviews with subject matter experts, market leaders, business owners, and marketers as well as surveys and questionnaire distribution. A list of secondary sources was used to compile the data. In addition to paid databases, this also includes trade periodicals, annual reports, white papers, and releases from businesses. It also includes the websites of numerous organisations and the government. For the analysis, research tools such as SWOT, PESTLE and Porter’s Five Force analysis was used to understand the various factors affecting the Electric Construction Equipment Market.
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Electric Construction Equipment Market Dynamics
The electrification of mining equipment is expected to be driven by the mining industry's need for sustainable equipment to reduce ventilation costs during the forecast period. However, the demand for such battery-powered and hybrid construction equipment would be driven by the strict noise and emission rules within city borders.
Electric Construction Equipment Market Regional Insights
Asia-Pacific tops the world in electric construction equipment sales. China, India, and Japan, who collectively own a substantial chunk of the industry. The South-North water transfer plant project in China, which is expected to be finished by 2050, will increase demand for construction equipment over the following three decades.
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Electric Construction Equipment Market Segmentation
By Product Type
Forklift, Loader, Excavator, AWP
By Propulsion
Hybrid-electric and, battery-electric
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Electric Construction Equipment Market Key Manufacturers include:
CNH Industrial N.V., Doosan Corporation, Escorts Limited, Hitachi Construction Machinery Co., Ltd., Hyundai Construction Equipment Co., Ltd., J C Bamford Excavators Ltd., Deere & Company., Kobelco Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr-International AG, Manitou BF, HÄ°DROMEK, Sany Heavy Industry Co., Ltd., Sumitomo Heavy Industries, Ltd., Terex Corporation , Zoomlion Heavy Industry Science and Technology Co., Ltd
Maximize Market Research is leading engineering equipment research firm, has also published the following reports:
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