NEW YORK, Nov. 28, 2023 /PRNewswire/ — The compact electric construction equipment market is expected to grow by USD 43.39 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 13.15% during the forecast period. The market is segmented by product type (forklift, loader, excavator, and AWP equipment), application (commercial, residential, and infrastructure), and geography (APAC, North America, Europe, Middle East and Africa, and South America). Increasing urbanization and infrastructure development are key factors driving market growth. The growing urban area, as well as the urgency to adopt eco-friendly and sustainably developed construction solutions, represents a major change in global environmental conditions. To cope with the growing urbanization, there is a pressing need for equipment that can efficiently navigate through congested areas while ensuring strict emissions standards and minimizing noise and pollution. The report analyses the market size and growth and provides accurate predictions of the market’s growth. View a PDF Sample
- The report recognizes the following as some of the key players in the compact electric construction equipment market: AB Volvo, Caterpillar Inc., CNH Industrial NV, Deere and Co., Doosan Corp., Guangxi LiuGong Machinery Co. Ltd., Haulotte Group, HD Hyundai Co. Ltd., Hidromek Hidrolik ve Mekanik Makina Imalat Sanayi ve Ticaret A.S., Hitachi Ltd., J C Bamford Excavators Ltd., Kobe Steel Ltd., Komatsu Ltd., Kubota Corp., Liebherr International Deutschland GmbH, Manitou BF SA, NACCO Industries Inc., SANY Group, Takeuchi Mfg. Co. Ltd., and Wacker Neuson SE
- Compact Electric Construction Equipment Market is fragmented in nature.
- Market to observe 12.47% YOY growth in 2023.
- Help from rapid advancement in battery technology is a major trend in the market.
- Companies invest significantly in the development of improved and long-lasting batteries as regards miniaturized electric construction equipment.
- Moreover, compact electrical construction equipment has been enabled using lithium-ion batteries that can be used for longer operating hours, when introducing high densities of lithium-ion.
- The need for charging infrastructure for continued development is a significant challenge restricting market growth.
- The transition to electric equipment in buildings is not only environmentally beneficial but also requires a reliable and efficient power supply solution on the construction site.
- For that reason, gasoline or diesel fuel can only be used on electrical construction equipment for a limited period.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
- The forklift segment is estimated to witness significant growth during the forecast period. Electric forklifts are being increasingly sought after, as they help to meet the world’s sustainability goals. They’re also useful for the construction site because of their adaptability and effectiveness. With their low noise and environmental impact, they are ideal for urban projects with high noise and air quality regulations.
Get a glance at the market contribution of the segments, Request a Sample Report
The construction and mining equipment market size is estimated to grow at a CAGR of 6.7% between 2022 and 2027 and the size of the market is forecast to increase by USD 62.13 billion.
The mobile crane market size is estimated to grow at a CAGR of 7.44% between 2022 and 2027, and the size of the market is forecast to increase by USD 9,737.54 million.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography
Drivers, Challenges, & Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base comprises enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.