(EMAILWIRE.COM, January 20, 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
A considerable increase in building activity worldwide and strict environmental restrictions are two factors that have contributed to the growth in demand for compact electric construction equipment. Due to the rising demand for affordable housing and rising investment in production plant development operations, the construction sector is growing quickly.
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 that create and provide items to the sector. It also includes the websites of numerous organisations and the government.
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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 held the largest electric construction equipment share in 2021. 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. Various types of construction machinery will be used for this project, either by renting or buying the machinery.
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Electric Construction Equipment Market Segmentation
By Product Type
Forklift, Loader, Excavator, AWP
By Propulsion
Hybrid-electric and, battery-electric
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
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Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:
Electric Tuk-tuks Market – The market was valued at USD 461.1 Million in 2021, and is expected to reach USD 746.09 Million by 2029, exhibiting a CAGR of 6.2 % during the forecast period (2022-2029).
Global Compact Construction Equipment Market – The market size is expected to reach US$ 11.7 Bn. by 2026, growing at a CAGR of 6.93% during the forecast period.
About Maximize Market Research:
Maximize Market Research provides B2B and B2C research on 6,500 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
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