; Electric Excavators Market Size, Share and Forecast Report 2031

Electric Excavators Market

Electric Excavators Market: By Product Type (Wheeled, Crawler, Mini/Compact, Others), By Propulsion (Pure Electric, Hybrid), By End Use Industry (Construction, Mining, Forestry, Others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031

Published on: May-2023
Report Code: FG AU 01536
No. of Pages: 170-350
Report Format: PDF

Product Overview

Global Electric Excavators Market to surpass USD 35.3 billion by 2031 from USD 6 billion in 2021 at a CAGR of 19.4% in the coming years, i.e., 2021-2031.

An electrically powered heavy construction tool called an electric excavator is used to dig trenches and holes as well as for material handling, construction, mining, forestry mulching, general grading, river dredging, drilling shafts, driving piles, and other similar tasks. Compared to any other piece of heavy machinery on the market, they offer the power to carry out these operations significantly more quickly and efficiently. Wheeled, walking, towed, and rail excavators are the various types of excavators. Similar to tracked tanks, which are frequently used by armies, these crawlers move on spinning wheel systems but can also dig, pick up, and transport stuff as they go.

Market Highlights

Global Electric Excavators Market is expected to project a notable CAGR of 19.4% in 2031.

Global Electric Excavators Market to surpass USD 35.3 billion by 2031 from USD 6 billion in 2021 at a CAGR of 19.4% in the coming years, i.e., 2021-2031. It is anticipated that factors like the quick development and transition of many sectors, together with rising infrastructure around the world, particularly in developing nations, will fuel the growth of this market. Additionally, due to lower noise emission, greater maneuverability, and operating convenience, large-scale construction organizations are replacing conventional heavy-duty excavators with electric excavators, which is expected to drive the market for electric excavators in the near future.

Market Analysis of Global Electric Excavators Market

Global Electric Excavators Market: Segments

The Mini-Compact segment is expected to grow with the highest CAGR during 2021-31

Based on Product Type, the global Electric Excavators Market is fragmented into Wheeled, Crawler, Mini/Compact, and Others. By the end of 2021, it is anticipated that the mini/compact product segment will hold the largest market share due to an increase in construction activities that will increase the demand for tools and equipment that can fit into tight spaces and delicate structures and carry out a variety of excavation, fixing, clawing, and lifting tasks. Additionally, because they are quick and efficient tools that assist reduce manual labor across sectors, compact excavators are expected to contribute to the segment's growth throughout the course of the projection period.

The Construction segment is expected to grow with the highest CAGR during 2021-31

Global Electric Excavators Market is classified on the basis of End Use Industry into Construction, Mining, Forestry, and Others. Over the course of the projection period, the construction segment of the market for electric excavators is expected to expand significantly. The increase in building activity and rising investment in the infrastructure market on a global scale can be blamed for the segment's expansion.

Market Analysis of Global Electric Excavators

Market Dynamics

Drivers

Speedy Transformation and Evolution of Multiple Industries

The market for electric excavators is anticipated to expand at a moderate CAGR during the forecast period as a result of the quick modernization and development of numerous industries, the expansion of global infrastructure, and the replacement of traditional heavy-duty excavators by electric excavators by large-scale construction firms. The development of electric excavators for a rising variety of applications by manufacturers is also anticipated to fuel market expansion.

Major Rise in the Demand of Electric Excavators

Electric excavator producers have noticed a significant increase in demand from small-scale and independent construction firms. Electric excavators are made to deal with the needs associated with earth-moving prerequisites and are expected to gain a sizable market share in the near future.

Restraint

High Cost of the Battery and Costly Maintenance is hampering the Market

The battery represents a significant portion of the overall vehicle/equipment cost of the electric excavator. The primary hindrance to the market for electric excavators in the current environment is the high cost of batteries and high maintenance costs. High-performance battery charging is also a significant hurdle.

Global Electric Excavators Market:

Key Players

  • JCB (Joseph Cyril Bamford Excavators Ltd.)

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

  • Hyundai
  • Hitachi Construction Machinery
  • Volvo
  • Bobcat
  • Sennebogen
  • Precision ProCut
  • IHI Compact Excavator
  • Green Machine
  • Wacker Neuson SE
  • Mecalac
  • Other Prominent Players

Global Electric Excavators Market: Regions

Global Electric Excavators Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Due to the region's fast urbanization and industrialization, as well as the increased demand for excavation activities across a range of end-use industries, the Asia Pacific market is expected to develop at the greatest CAGR over the projected period. In addition, the market in North America is anticipated to have the greatest revenue share in 2021 as a result of the increasing investment in the infrastructure sector by both public and private entities.

Electric Excavators Market: Regions

Impact of COVID-19 on Electric Excavators Market

Zero-emission vehicle (ZEV) sales maintained a 3.3 percent market share in the first half of 2020 despite the COVID-19 pandemic's effects, which caused a dramatic decline in auto sales in the second quarter of 2020. Additionally, it has forced governments all around the world to enact lockdowns in their own nations, which resulted to factories being partially or entirely shut down. Companies engaged in manufacturing and exporting were compelled to temporarily halt their operations. The impact on the global market for electric excavators has been unfavorable.

Global Electric Excavators Market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of Middle East and Africa

Global Electric Excavators Market report also contains analysis on:

Electric Excavators Market Segments:

  • By Product Type
    • Wheeled
    • Crawler
    • Mini/Compact
    • Others
  • By Propulsion
    • Pure Electric
    • Hybrid
  • By End Use Industry
    • Construction
    • Mining
    • Forestry
    • Others
  • Electric Excavators Market Dynamics
  • Electric Excavators Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Value Chain of the Market
  • Market Drivers and Restraints

Electric Excavators Market Report Scope and Segmentation

Report Attribute

Details

Market size value in 2021

USD 6 billion

Revenue forecast in 2031

USD 35.3 billion

Growth Rate

CAGR of 19.4% from 2021 to 2031

Base year for estimation

2020

Quantitative units

Revenue in USD million and CAGR from 2021 to 2031

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product Type, Propulsion,  End Use Industry, and  Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Key companies profiled

JCB (Joseph Cyril Bamford Excavators Ltd.), Hyundai, Hitachi Construction Machinery, Volvo, Bobcat, Sennebogen, Precision ProCut, IHI Compact Excavator, Green Machine, Wacker Neuson SE, Mecalac, and Other Prominent Players.

 

Frequently Asked Questions (FAQ):

Electric Excavators Market size was estimated at USD 6 billion in 2021 and is expected to reach USD 35.3 billion in 2031.

An electrically powered heavy construction tool called an electric excavator is used to dig trenches and holes as well as for material handling, construction, mining, forestry mulching, general grading, river dredging, drilling shafts, driving piles, and other similar tasks.

The Mini/Compact Excavators segment accounted for the largest Electric Excavators Market share.

Key players are the key players in the Electric Excavators Market include JCB (Joseph Cyril Bamford Excavators Ltd.), Hyundai, Hitachi Construction Machinery, Volvo, Bobcat, Sennebogen, Precision ProCut, IHI Compact Excavator, Green Machine, Wacker Neuson SE, Mecalac, and Other Prominent Players.

Electric Excavators Market growth is anticipated to be fueled by factors such as the swift development of many sectors combined with rising infrastructure around the world, particularly in developing nations.

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