Electric Construction Equipment Market Size, Share, Report 2027

Electric Construction Equipment Market

The electric construction equipment market is expected to experience significant growth, with an estimated increase from USD 9.2 billion in 2022 to USD 24.8 billion by 2027, at a CAGR of 22.0% over the forecast period.

The market for electric construction equipment presents growth opportunities driven by various factors. There is an increasing demand to minimize exhaust emissions, reduce ventilation costs in underground mining, and address the preference for low-noise construction machines in residential areas. These factors create favorable conditions for the expansion of the electric construction equipment market.

Among the different types of electric off-highway equipment, the mining equipment segment holds the largest market share. This is primarily due to the initiatives taken by mining corporations and governments to promote the safety, environmental benefits, and financial advantages of electric and hybrid-electric mining equipment.

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Diesel-powered mining equipment used in underground mining activities produces harmful dust, gases, and excessive heat. This requires efficient ventilation systems, resulting in substantial capital and maintenance expenses. The International Council on Mining and Metals (ICMM) reports that 40% of the energy expenditure in underground mines is dedicated to operating ventilation systems. To meet ventilation regulations, higher airflow quantities are often required. Diesel engines also contribute to noise pollution within narrow mining channels. In order to achieve sustainability goals and reduce costs, manufacturers and mine owners are increasingly opting for electrification of mining vehicles. Electric mining vehicles produce zero emissions, less heat, and reduce the load on ventilation systems, leading to capital savings in fuel and ventilation costs. Major mining companies, such as Anglo American, Rio Tinto, and BHP, have committed to achieving net zero emissions by 2050 and are adopting electric mining fleets to support their sustainability goals. This trend is expected to drive the demand for electric mining equipment, including dump trucks and loaders, during the forecast period.

Europe is anticipated to showcase the highest demand for electric off-highway equipment. The region’s stringent emission norms and government sustainability initiatives contribute to its position as the largest market for electric off-highway equipment. Urban construction sites face noise pollution issues, and many metropolitan cities have imposed noise regulations and restrictions. Diesel-powered construction equipment is a significant source of noise in residential construction sites. The World Health Organization (WHO) estimates that approximately 44% of the European population is affected by road and vehicle noise, leading to severe health issues. To address this concern, countries are implementing regulations to control the noise generated by construction equipment.

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The MHSA regulations also require adequate ventilation in mining operations, ensuring proper air flow and reducing the risk of methane concentration fluctuations. Electric mining vehicles alleviate the load on ventilation systems by producing zero emissions and minimal heat. As a result, the capacity of ventilation systems can be reduced, leading to cost savings and reduced capital investment.

The electric construction equipment market is dominated by globally established companies such as Hitachi Construction Machinery, Caterpillar Inc., Komatsu Ltd., JCB, and Volvo Construction Equipment (Volvo CE). These key market players play a significant role in driving innovation and providing efficient and sustainable solutions in the electric construction equipment market.

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