Fairfield Market Research Electric Construction Vehicles Market to Achieve 21.8% CAGR by 2030

Electric Construction Vehicles Market

Global Electric Construction Vehicles Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Propulsion Type Coverage, By Charging Type Coverage, By Product Type Coverage, By Geographic Coverage and By Company)

Published Date: Aug 2023 | Format: | No. of Pages: 240

Industry: Automotive & Transport


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The global electric construction vehicles market will rise at a significant pace of 21.8% CAGR during the period of assessment 2023 - 2030, reaching a market value of around US$35.8 Bn by the end of 2030.

Market Analysis in Brief

As more construction vehicles become electrified, businesses are increasingly interested in learning how this new trend may support their current business models. There are several advantages of the electric powertrain in heavy-duty trucks. Reduced fuel usage and long-term cost benefits are anticipated due to the electrification of construction vehicles. For off-highway diesel vehicles, mostly large trucks used in mining and construction, the Environmental Protection Agency (EPA) has long favoured stringent emission requirements. Creating cutting-edge strategies by OEMs to attain zero emissions has been ongoing. Approximately 11% or more of carbon dioxide emissions are at least partially attributable to the construction industry.

Electric Construction Vehicles Market

ABB, a top global technology corporation, and Hitachi Construction Machinery announced their partnership to create an engineless, fully battery-powered rigid frame dump truck in July 2021. A customised onboard energy storage system and a reduction in greenhouse gas emissions are the goals of this dump truck. The business unveiled the Toro LH625iE electric loader in July 2020. It had a 25,000 kg payload capacity and was driven by a trailing wire. The i-series intelligence for networking and digital solutions was also included. Additionally, the growing desire to reduce exhaust emissions from off-highway equipment, lower ventilation costs in underground mining, and the preference for quiet construction equipment in residential areas are the main factors driving the market expansion.

Key Report Findings

  • The electric construction vehicles market will demonstrate massive growth in revenue over the decade, i.e., between 2023 and 2030.
  • Battery powertrain gaining popularity as compared to hybrid counterpart.
  • The fast-charging category held the highest electric construction vehicles market revenue share 2022.
  • Excavator remains the most widely used electric construction vehicle across the major regions.
  • Europe will continue to lead its way in terms of electricfication of construction vehicle fleet, whereas Asia Pacific will experience the strongest growth till 2030.

Growth Drivers

Increasing Need For Low-noise Construction Operations in Residential Areas

A higher number of building projects are being built inside city limits, posing a risk due to the rising noise pollution in cities. Most large cities have implemented noise guidelines and limitations on building sites. The main contributors to the noise made at residential construction sites are diesel-powered equipment. In addition, the WHO reports that road and vehicle noise significantly negatively impacts the health of 44% of the people in Europe.

Furthermore, according to an HSE report, excessive noise is to blame for deafness, ringing in the ears, and other ear disorders that affect nearly 17,000 people in the UK alone. Countries attempt to regulate the noise construction equipment makes to solve this problem.

Initiatives and laws aimed at reducing noise in residential areas are being developed due to the noise produced by diesel-powered construction equipment. As an illustration, the municipal corporation of Oslo plans to use similar equipment on all public construction sites by the year 2025. As a result, the city municipal corporation is putting its "What Can Be Run On Electric, Shall Be Run On Electric" strategy into action. The plan aims to develop a market for electric construction equipment by establishing minimum requirements for bidders on projects that are put out to tender.

To reduce the noise and pollutants of construction equipment noise and pollutants, UK is also working on NRMM initiatives. The local authorities in London, and Paris are developing the most comprehensive plans and initiatives to outlaw or drastically curtail the use of all polluting automobiles in residential areas. Construction companies prefer electric construction trucks and equipment in light of all these new regulations and initiatives. These devices are made to operate within city limits without any limitations due to their decibel-level designs. Due to being able to work within municipal limits during the day, construction companies can do their work more quickly and for less money.

Government-initiated Promotions

Globally, nations have established goals to reduce vehicle emissions by 2050. They have begun encouraging the creation and distribution of electric construction vehicles and the associated infrastructure for charging them. For instance, the American government spent US$5 Bn in 2017 to encourage infrastructure development for electric construction vehicles, such as charging stations. Some governments are providing various incentives, including reduced or no registration fees and exemptions from import taxes, purchase taxes, and road tolls.

Additionally, European countries such as Norway, and Germany are incentivising the sales of electric vehicles (EVs). Thus, a strong growth rate in the sale of EVs is seen in Europe due to the substantial incentives and subsidies. The EU is making significant investments in promoting the electricfication of construction vehicle fleet. The actions done by governments worldwide will contribute to a rise in demand for electric construction equipment over the next ten years.

Overview of Key Segments

Plug-in Hybrid and Hybrid EVs Lead in Sales

The electric construction vehicles market are dominated by plug-in hybrid and hybrid due to strict emission control regulations and escalating demand for low- or zero-emission equipment, especially in the cities. The market for hybrid vehicles is becoming more and more popular. Additionally, governments in several nations offer tax breaks and grants to purchase hybrid vehicles, including HEVs and PHEVs. A hybrid car has many power sources. The most popular hybrid car models combine an internal combustion engine (ICE) and an electric motor. Better fuel economy, higher power, and lower pollutants are all features of hybrid vehicles. These vehicles harvest electrical energy from several systems, including regenerative braking and engines.

Long-Range, Fast-Charging Batteries Sought-after

The fast-charging category will dominate the electric construction vehicles market over the forecast period. Batteries made of lead-acid and nickel-metal hydride were used in the early days of electric vehicles. As opposed to lead-acid and nickel-metal hydride batteries, lithium-ion batteries are now often used in electric construction vehicles due to their many benefits. However, lithium-ion batteries have several drawbacks that affects the functionality of these batteries. Limited power density, short lifespan (often 600–1,000charge–discharge cycles before their capacity degrades), rigidity, high cost, poor robustness (need protection from being overcharged and excessively discharged), and limited lifespan (often 600–1,000charge–discharge cycles before their capacity degrades) are the only drawbacks of lithium-ion batteries.

Solid-state batteries can be used in place of lithium-ion batteries. Compared to graphite-based Li-ion batteries, these batteries have a charging capacity of up to ten times greater because they are made using stabilised solid lithium electrolytes. In addition to having a longer lifespan of up to 10 years, solid-state batteries also offer higher energy density. Many companies that produce electric off-highway equipment invest in creating solid-state batteries because of these benefits. In 2018, Caterpillar, through its investment arm made investment in Fisker Inc., a manufacturer of electric vehicles. The investment will help Fisker to accelerate development and commercialisation of its solid-state  battery technology.

Excavator and Loader to Maintain a Dominating Market Position

The construction sector is rapidly transforming to electric solutions, largely driven by stringent GHG emissions regulations and rising fuel costs. Excavator, wheel loader, dump trucks, and forklift trucks are some of the most popular electric construction vehicles available in the market. As battery technology continues to evolve, OEMs have developed competencies to electrify larger equipment such as concrete mixers, cranes, and other construction vehicles.

In 2022, crawler excavtors and mini excavators together held the highest market share, accounting for more than 40% in the global electric construction vehicles market. Electric mini excavators were there in the market from a long time and OEMs are now focusing on the larger construction vehicles. Large size loaders is another segment gaining momentum in the global electric construction vehicles market. Companies such as Caterpillar, XCMG, Volvo, and Komatsu are aiming electrification of larger construction vehicles.   

Growth Opportunities Across Regions

Europe Will Surge Ahead

Electric construction vehicles market will continue to dominate Europe. The region has the largest market for electric construction equipment due to several factors, including the vehicle electrification trend thriving in developed nations, the high demand for mining and construction equipment, strict emission regulations from this region, and numerous government sustainability initiatives.

Furthermore, With the largest market in Europe, Germany is predicted to dominate the highway electric vehicle industry. This is mostly due to the rise in demand for less expensive to operate, emission-free, noiseless, eco-friendly construction and mining equipment. Germany also has many top producers of electric off-highway vehicles, and the government has launched several programs to encourage sustainable transportation, two major factors in the nation's dominance in the European market.

Asia Pacific’s Construction Sector Holds Ample Opportunity

The market for electric construction vehicles across Asia Pacific region will display a significant growth over the forecast period. China, Japan, and South Korea are market leaders for electric vehicles in the Asia Pacific region. China dominates the worldwide EV market share in the area as both the world's largest EV manufacturer and consumer. Their government has implemented restrictions against extremely polluting automobiles, offered subsidies to EV customers, mandated that all automakers create EVs based on the quantity of vehicles produced, gave significant support for the installation of EV charging stations around key cities, and more.

The EV markets of Japan, and South Korea have also been flourishing. By installing EV charging stations, passing pollution regulations, setting deadlines for converting from internal combustion engines (ICE) their governments have helped fuel the increase in EV demand by supporting anything from full or hybrid EVs to other initiatives.

Additionally, India is likewise aiming to increase its EV market demand. The new car scrappage policy, which allows old vehicles to be scrapped to replace them with low-emission vehicles, in the upcoming years, the nation will become the fastest growing market for EVs in the area thanks to these and other planned measures. Efforts to reduce auto emissions and switch to the use of electric vehicles have also started in Thailand, Indonesia, Malaysia, and Vietnam.

Electric Construction vehicles Market: Competitive Landscape

Some of the leading players at the forefront in the electric construction vehicles market space include Hitachi, Caterpillar, John Deere, Volvo, Atlas Copco, CNH Industrial N.V., Komatsu, Merlo J C Bamford Excavators Ltd., SUNWARD, and Doosan Corporation.

Recent Notable Developments

  • In October 2021, as Series B funding for BrightVolt, Inc., Caterpillar Venture Capital Inc. (Caterpillar) and another venture committed US$16 Mn. A leader in the design, development, and production of secure, highly efficient, and affordably priced solid-state lithium-ion batteries is BrightVolt Inc. The money will be used to create products with a larger form factor for industrial electrification and electric transportation markets.
  • In March 2022, the PC01E-1, a joint-development project between Honda and Komatsu, was displayed. The PC01E-1 is Komatsu's first electric mini excavator, and movable, swappable mobile batteries power it. Komatsu and Honda upgraded the regular PC01 micro excavator to become the PC01E-1 by combining the Honda eGX electrified power unit and Honda swappable transportable battery.

The Global Electric Construction Vehicles Market are Segmented as Below:

By Propulsion Type

  • Battery
  • Plug-in Hybrid
  • Fuel Cell
  • Hybrid

By Charging Type

  • Normal Charging
  • Fast Charging

By Product Type

  • Crawler Excavator
  • Wheel Loader
  • Mini Excavator
  • Dump Trucks
  • Telehandler
  • Forklift Truck
  • Miscellaneous

By Geographic Coverage

  • North America 
    • U.S. 
    • Canada 
  • Europe 
    • Germany
    • U.K.
    • France
    • Italy
    • Turkey
    • Russia
    • Rest of Europe 
  • Asia Pacific 
    • China
    • Japan
    • South Korea
    • India
    • Southeast Asia
    • Rest of Asia Pacific 
  • Latin America 
    • Brazil 
    • Mexico 
    • Rest of Latin America 
  • Middle East & Africa  
    • GCC 
    • South Africa
    • Rest of Middle East & Africa

Leading Companies

1. Executive Summary
     1.1. Global Electric Construction Vehicles Market Snapshot
     1.2. Future Projections
     1.3. Key Market Trends
     1.4. Regional Snapshot, by Value, 2022
     1.5. Analyst Recommendations

2. Market Overview
     2.1. Market Definitions and Segmentations
     2.2. Market Dynamics
            2.2.1. Drivers
            2.2.2. Restraints
            2.2.3. Market Opportunities
     2.3. Value Chain Analysis
     2.4. Porter’s Five Forces Analysis
     2.5. Covid-19 Impact Analysis
            2.5.1. Supply
            2.5.2. Demand
     2.6. Impact of Ukraine-Russia Conflict
     2.7. Global Construction Equipment Market - Overview
     2.8. Economic Overview
            2.8.1. World Economic Projections
     2.9. PESTLE Analysis

3. Global Electric Construction Vehicles Market Outlook, 2018 - 2030
     3.1. Global Electric Construction Vehicles Market Outlook, by Propulsion Type, Value (US$ Mn), 2018 - 2030
            3.1.1. Key Highlights
                  3.1.1.1. Battery
                  3.1.1.2. Plug-in Hybrid
                  3.1.1.3. Fuel Cell
                  3.1.1.4. Hybrid
     3.2. Global Electric Construction Vehicles Market Outlook, by Charging Type, Value (US$ Mn), 2018 - 2030
            3.2.1. Key Highlights
                  3.2.1.1. Normal Charging
                  3.2.1.2. Fast Charging
     3.3. Global Electric Construction Vehicles Market Outlook, by Product, Value (US$ Mn), 2018 - 2030
            3.3.1. Key Highlights
                  3.3.1.1. Crawler Excavator
                  3.3.1.2. Wheel Loader
                  3.3.1.3. Mini Excavator
                  3.3.1.4. Dump Trucks
                  3.3.1.5. Telehandler
                  3.3.1.6. Forklift Truck
                  3.3.1.7. Misc.
     3.4. Global Electric Construction Vehicles Market Outlook, by Region, Value (US$ Mn), 2018 - 2030
            3.4.1. Key Highlights
                  3.4.1.1. North America
                  3.4.1.2. Europe
                  3.4.1.3. Asia Pacific
                  3.4.1.4. Latin America
                  3.4.1.5. Middle East & Africa

4. North America Electric Construction Vehicles Market Outlook, 2018 - 2030
     4.1. North America Electric Construction Vehicles Market Outlook, by Propulsion Type, Value (US$ Mn), 2018 - 2030
            4.1.1. Key Highlights
                  4.1.1.1. Battery
                  4.1.1.2. Plug-in Hybrid
                  4.1.1.3. Fuel Cell
                  4.1.1.4. Hybrid
     4.2. North America Electric Construction Vehicles Market Outlook, by Charging Type, Value (US$ Mn), 2018 - 2030
            4.2.1. Key Highlights
                  4.2.1.1. Normal Charging
                  4.2.1.2. Fast Charging
     4.3. North America Electric Construction Vehicles Market Outlook, by Product, Value (US$ Mn), 2018 - 2030
            4.3.1. Key Highlights
                  4.3.1.1. Crawler Excavator
                  4.3.1.2. Wheel Loader
                  4.3.1.3. Mini Excavator
                  4.3.1.4. Dump Trucks
                  4.3.1.5. Telehandler
                  4.3.1.6. Forklift Truck
                  4.3.1.7. Misc.
            4.3.2. Market Attractiveness Analysis
     4.4. North America Electric Construction Vehicles Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
            4.4.1. Key Highlights
                  4.4.1.1. U.S. Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  4.4.1.2. U.S. Electric Construction Vehicles Market Propulsion Type, Value (US$ Mn), 2018 - 2030
                  4.4.1.3. U.S. Electric Construction Vehicles Market Charging Type, Value (US$ Mn), 2018 - 2030
                  4.4.1.4. Canada Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  4.4.1.5. Canada Electric Construction Vehicles Market Propulsion Type, Value (US$ Mn), 2018 - 2030
                  4.4.1.6. Canada Electric Construction Vehicles Market Charging Type, Value (US$ Mn), 2018 - 2030
            4.4.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Electric Construction Vehicles Market Outlook, 2018 - 2030
     5.1. Europe Electric Construction Vehicles Market Outlook, by Propulsion Type, Value (US$ Mn), 2018 - 2030
            5.1.1. Key Highlights
                  5.1.1.1. Battery
                  5.1.1.2. Plug-in Hybrid
                  5.1.1.3. Fuel Cell
                  5.1.1.4. Hybrid
     5.2. Europe Electric Construction Vehicles Market Outlook, by Charging Type, Value (US$ Mn), 2018 - 2030
            5.2.1. Key Highlights
                  5.2.1.1. Normal Charging
                  5.2.1.2. Fast Charging
     5.3. Europe Electric Construction Vehicles Market Outlook, by Product, Value (US$ Mn), 2018 - 2030
            5.3.1. Key Highlights
                  5.3.1.1. Crawler Excavator
                  5.3.1.2. Wheel Loader
                  5.3.1.3. Mini Excavator
                  5.3.1.4. Dump Trucks
                  5.3.1.5. Telehandler
                  5.3.1.6. Forklift Truck
                  5.3.1.7. Misc.
            5.3.2. BPS Analysis/Market Attractiveness Analysis
     5.4. Europe Electric Construction Vehicles Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
            5.4.1. Key Highlights
                  5.4.1.1. Germany Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  5.4.1.2. Germany Electric Construction Vehicles Market Propulsion Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.3. Germany Electric Construction Vehicles Market Charging Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.4. U.K. Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  5.4.1.5. U.K. Electric Construction Vehicles Market Propulsion Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.6. U.K. Electric Construction Vehicles Market Charging Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.7. France Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  5.4.1.8. France Electric Construction Vehicles Market Propulsion Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.9. France Electric Construction Vehicles Market Charging Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.10. Italy Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  5.4.1.11. Italy Electric Construction Vehicles Market Propulsion Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.12. Italy Electric Construction Vehicles Market Charging Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.13. Turkey Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  5.4.1.14. Turkey Electric Construction Vehicles Market Propulsion Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.15. Turkey Electric Construction Vehicles Market Charging Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.16. Russia Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  5.4.1.17. Russia Electric Construction Vehicles Market Propulsion Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.18. Russia Electric Construction Vehicles Market Charging Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.19. Rest of Europe Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  5.4.1.20. Rest of Europe Electric Construction Vehicles Market Propulsion Type, Value (US$ Mn), 2018 - 2030
                  5.4.1.21. Rest of Europe Electric Construction Vehicles Market Charging Type, Value (US$ Mn), 2018 - 2030
            5.4.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Electric Construction Vehicles Market Outlook, 2018 - 2030
     6.1. Asia Pacific Electric Construction Vehicles Market Outlook, by Propulsion Type, Value (US$ Mn), 2018 - 2030
            6.1.1. Key Highlights
                  6.1.1.1. Battery
                  6.1.1.2. Plug-in Hybrid
                  6.1.1.3. Fuel Cell
                  6.1.1.4. Hybrid
     6.2. Asia Pacific Electric Construction Vehicles Market Outlook, by Charging Type, Value (US$ Mn), 2018 - 2030
            6.2.1. Key Highlights
                  6.2.1.1. Normal Charging
                  6.2.1.2. Fast Charging
     6.3. Asia Pacific Electric Construction Vehicles Market Outlook, by Product, Value (US$ Mn), 2018 - 2030
            6.3.1. Key Highlights
                  6.3.1.1. Crawler Excavator
                  6.3.1.2. Wheel Loader
                  6.3.1.3. Mini Excavator
                  6.3.1.4. Dump Trucks
                  6.3.1.5. Telehandler
                  6.3.1.6. Forklift Truck
                  6.3.1.7. Misc.
            6.3.2. BPS Analysis/Market Attractiveness Analysis
     6.4. Asia Pacific Electric Construction Vehicles Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
            6.4.1. Key Highlights
                  6.4.1.1. China Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  6.4.1.2. China Electric Construction Vehicles Market Propulsion Type, Value (US$ Mn), 2018 - 2030
                  6.4.1.3. China Electric Construction Vehicles Market Charging Type, Value (US$ Mn), 2018 - 2030
                  6.4.1.4. Japan Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  6.4.1.5. Japan Electric Construction Vehicles Market by Propulsion Type, Value (US$ Mn), 2018 - 2030
                  6.4.1.6. Japan Electric Construction Vehicles Market by Charging Type, Value (US$ Mn), 2018 - 2030
                  6.4.1.7. South Korea Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  6.4.1.8. South Korea Electric Construction Vehicles Market by Propulsion Type, Value (US$ Mn), 2018 - 2030
                  6.4.1.9. South Korea Electric Construction Vehicles Market by Charging Type, Value (US$ Mn), 2018 - 2030
                  6.4.1.10. India Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  6.4.1.11. India Electric Construction Vehicles Market by Propulsion Type, Value (US$ Mn), 2018 - 2030
                  6.4.1.12. India Electric Construction Vehicles Market by Charging Type, Value (US$ Mn), 2018 - 2030
                  6.4.1.13. Southeast Asia Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  6.4.1.14. Southeast Asia Electric Construction Vehicles Market by Propulsion Type, Value (US$ Mn), 2018 - 2030
                  6.4.1.15. Southeast Asia Electric Construction Vehicles Market by Charging Type, Value (US$ Mn), 2018 - 2030
                  6.4.1.16. Rest of Asia Pacific Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  6.4.1.17. Rest of Asia Pacific Electric Construction Vehicles Market by Propulsion Type, Value (US$ Mn), 2018 - 2030
                  6.4.1.18. Rest of Asia Pacific Electric Construction Vehicles Market by Charging Type, Value (US$ Mn), 2018 - 2030
            6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Electric Construction Vehicles Market Outlook, 2018 - 2030
     7.1. Latin America Electric Construction Vehicles Market Outlook, by Propulsion Type, Value (US$ Mn), 2018 - 2030
            7.1.1. Key Highlights
                  7.1.1.1. Battery
                  7.1.1.2. Plug-in Hybrid
                  7.1.1.3. Fuel Cell
                  7.1.1.4. Hybrid
     7.2. Latin America Electric Construction Vehicles Market Outlook, by Charging Type, Value (US$ Mn), 2018 - 2030
            7.2.1. Key Highlights
                  7.2.1.1. Normal Charging
                  7.2.1.2. Fast Charging
     7.3. Latin America Electric Construction Vehicles Market Outlook, by Product, Value (US$ Mn), 2018 - 2030
            7.3.1. Key Highlights
                  7.3.1.1. Crawler Excavator
                  7.3.1.2. Wheel Loader
                  7.3.1.3. Mini Excavator
                  7.3.1.4. Dump Trucks
                  7.3.1.5. Telehandler
                  7.3.1.6. Forklift Truck
                  7.3.1.7. Misc.
            7.3.2. BPS Analysis/Market Attractiveness Analysis
     7.4. Latin America Electric Construction Vehicles Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
            7.4.1. Key Highlights
                  7.4.1.1. Brazil Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  7.4.1.2. Brazil Electric Construction Vehicles Market by Propulsion Type, Value (US$ Mn), 2018 - 2030
                  7.4.1.3. Brazil Electric Construction Vehicles Market by Charging Type, Value (US$ Mn), 2018 - 2030
                  7.4.1.4. Mexico Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  7.4.1.5. Mexico Electric Construction Vehicles Market by Propulsion Type, Value (US$ Mn), 2018 - 2030
                  7.4.1.6. Mexico Electric Construction Vehicles Market by Charging Type, Value (US$ Mn), 2018 - 2030
                  7.4.1.7. Rest of Latin America Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  7.4.1.8. Rest of Latin America Electric Construction Vehicles Market by Propulsion Type, Value (US$ Mn), 2018 - 2030
                  7.4.1.9. Rest of Latin America Electric Construction Vehicles Market by Charging Type, Value (US$ Mn), 2018 - 2030
            7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Electric Construction Vehicles Market Outlook, 2018 - 2030
     8.1. Middle East & Africa Electric Construction Vehicles Market Outlook, by Propulsion Type, Value (US$ Mn), 2018 - 2030
            8.1.1. Key Highlights
                  8.1.1.1. Battery
                  8.1.1.2. Plug-in Hybrid
                  8.1.1.3. Fuel Cell
                  8.1.1.4. Hybrid
     8.2. Middle East & Africa Electric Construction Vehicles Market Outlook, by Charging Type, Value (US$ Mn), 2018 - 2030
            8.2.1. Key Highlights
                  8.2.1.1. Normal Charging
                  8.2.1.2. Fast Charging
     8.3. Middle East & Africa Electric Construction Vehicles Market Outlook, by Product, Value (US$ Mn), 2018 - 2030
            8.3.1. Key Highlights
                  8.3.1.1. Crawler Excavator
                  8.3.1.2. Wheel Loader
                  8.3.1.3. Mini Excavator
                  8.3.1.4. Dump Trucks
                  8.3.1.5. Telehandler
                  8.3.1.6. Forklift Truck
                  8.3.1.7. Misc.
            8.3.2. BPS Analysis/Market Attractiveness Analysis
     8.4. Middle East & Africa Electric Construction Vehicles Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
            8.4.1. Key Highlights
                  8.4.1.1. GCC Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  8.4.1.2. GCC Electric Construction Vehicles Market by Propulsion Type, Value (US$ Mn), 2018 - 2030
                  8.4.1.3. GCC Electric Construction Vehicles Market by Charging Type, Value (US$ Mn), 2018 - 2030
                  8.4.1.4. South Africa Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  8.4.1.5. South Africa Electric Construction Vehicles Market by Propulsion Type, Value (US$ Mn), 2018 - 2030
                  8.4.1.6. South Africa Electric Construction Vehicles Market by Charging Type, Value (US$ Mn), 2018 - 2030
                  8.4.1.7. Rest of Middle East & Africa Electric Construction Vehicles Market by Product, Value (US$ Mn), 2018 - 2030
                  8.4.1.8. Rest of Middle East & Africa Electric Construction Vehicles Market by Propulsion Type, Value (US$ Mn), 2018 - 2030
                  8.4.1.9. Rest of Middle East & Africa Electric Construction Vehicles Market by Charging Type, Value (US$ Mn), 2018 - 2030
            8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape
     9.1. Product vs Application Heatmap
     9.2. Manufacturer vs Application Heatmap
     9.3. Company Market Share Analysis, 2022
     9.4. Competitive Dashboard
     9.5. Company Profiles
            9.5.1. Hitachi
                  9.5.1.1. Company Overview
                  9.5.1.2. Product Portfolio
                  9.5.1.3. Financial Overview
                  9.5.1.4. Business Strategies and Development
            9.5.2. Caterpillar
                  9.5.2.1. Company Overview
                  9.5.2.2. Product Portfolio
                  9.5.2.3. Financial Overview
                  9.5.2.4. Business Strategies and Development
            9.5.3. JCB
                  9.5.3.1. Company Overview
                  9.5.3.2. Product Portfolio
                  9.5.3.3. Financial Overview
                  9.5.3.4. Business Strategies and Development
            9.5.4. John Deere
                  9.5.4.1. Company Overview
                  9.5.4.2. Product Portfolio
                  9.5.4.3. Financial Overview
                  9.5.4.4. Business Strategies and Development
            9.5.5. Volvo CE
                  9.5.5.1. Company Overview
                  9.5.5.2. Product Portfolio
                  9.5.5.3. Financial Overview
                  9.5.5.4. Business Strategies and Development
            9.5.6. XCMG
                  9.5.6.1. Company Overview
                  9.5.6.2. Product Portfolio
                  9.5.6.3. Financial Overview
                  9.5.6.4. Business Strategies and Development
            9.5.7. CNH Industrial N.V.
                  9.5.7.1. Company Overview
                  9.5.7.2. Product Portfolio
                  9.5.7.3. Financial Overview
                  9.5.7.4. Business Strategies and Development
            9.5.8. Komatsu
                  9.5.8.1. Company Overview
                  9.5.8.2. Product Portfolio
                  9.5.8.3. Financial Overview
                  9.5.8.4. Business Strategies and Development
            9.5.9. Hyundai CE
                  9.5.9.1. Company Overview
                  9.5.9.2. Product Portfolio
                  9.5.9.3. Financial Overview
                  9.5.9.4. Business Strategies and Development
            9.5.10. SANY Group
                  9.5.10.1. Company Overview
                  9.5.10.2. Product Portfolio
                  9.5.10.3. Financial Overview
                  9.5.10.4. Business Strategies and Development
            9.5.11. Liebherr
                  9.5.11.1. Company Overview
                  9.5.11.2. Product Portfolio
                  9.5.11.3. Financial Overview
                  9.5.11.4. Business Strategies and Development
            9.5.12. Sandvik AB
                  9.5.12.1. Company Overview
                  9.5.12.2. Product Portfolio
                  9.5.12.3. Financial Overview
                  9.5.12.4. Business Strategies and Development
            9.5.13. Doosan Corporation
                  9.5.13.1. Company Overview
                  9.5.13.2. Product Portfolio
                  9.5.13.3. Financial Overview
                  9.5.13.4. Business Strategies and Development

10. Appendix
     10.1. Research Methodology     
     10.2. Report Assumptions
     10.3. Acronyms and Abbreviations

BASE YEAR

HISTORICAL DATA

FORECAST PERIOD

UNITS

2022

 

2018 - 2022

2023 - 2030

Value: US$ Mn Volume: Kilo Tons

 

REPORT FEATURES

DETAILS

Propulsion Type Coverage

  • Battery
  • Plug-in Hybrid
  • Fuel Cell
  • Hybrid

Charging Type Coverage

  • Normal Charging
  • Fast Charging

Product Type Coverage

  • Crawler Excavator
  • Wheel Loader
  • Mini Excavator
  • Dump Trucks
  • Telehandler
  • Forklift Truck
  • Miscellaneous

Geographical Coverage

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • Norway
    • Iceland
    • Sweden
    • Slovakia
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Australia
    • India
    • Kazakhstan
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Iran
    • Egypt
    • Mozambique
    • Rest of Middle East & Africa

Leading Companies

  • Hitachi
  • Caterpillar
  • John Deere
  • Volvo CE
  • XCMG
  • CNH Industrial N.V.
  • Komatsu
  • SANY Group
  • Liebherr
  • Sandvik AB
  • Hyundai CE
  • JCB
  • Doosan Corporation 

Report Highlights

Market Estimates and Forecast, Market Dynamics, Industry Trends, Production Output, Trade Statistics, Price Trend Analysis, Competition Landscape, Grade-, Application-, Region-, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply), Key Market Trends

FAQs : Electric Construction Vehicles Market

The global electric construction vehicles market revenue is projected to reach approximately US$35.8 Bn toward the end of 2030.

The market is poised to witness a substantial CAGR of 21.8% between the years of forecast, 2023 and 2030.

Plug-in hybrid and hybrid electric vehicles remain dominant in sales. The fast-charging battery category will dominate the electric construction vehicles market over the forecast period. On the other hand, excavators and loaders will maintain a significant market positioning as preferred equipment through the end of forecast year.

Electric construction vehicles market will continue to witness dominance of Europe. The market in Asia Pacific is however expected to exhibit significant growth through the end of 2030.

Hitachi, Caterpillar, John Deere, Volvo, and Atlas Copco are the big five steering the competition landscape of the global electric construction vehicles industry.

Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

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