Caterpillar (US) and Hitachi Construction Machinery Co., Ltd (Japan) are leading players in Electric Construction Equipment Market
The electric construction equipment market is estimated to grow 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 growth of this market is primarily driven by the increasing demand to minimize emission and ventilation costs in underground mining and the preference for the low noise and emission-free construction machines in residential areas.
The demand for construction equipment is high across the world. However, the trend of full electrification is limited to mini construction vehicles, including mini excavators and mini loaders. Mining dump trucks require a high-power output and battery capacity to perform heavy-duty mining applications. Currently available battery technologies do not provide the required power output, resulting in major mining dump trucks operating on hybrid-electric propulsion.
The demand for electric construction and mining equipment is higher in European and American countries as compared to Asian countries due to emission regulations, preference for mini construction equipment, and other governmental policies. Thus, major construction equipment manufacturers, including Volvo CE, John Deere, and Caterpillar, are working on several technologies and mini electric construction equipment product prototypes to cater to the demand form European and American countries.
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The electric construction equipment market is led by established players such as Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd (Japan), and Volvo Construction Equipment (Sweden). These companies have adopted strategies such as product launches, expansions, collaborations, partnerships, and mergers & acquisitions to gain traction in the electric construction equipment market. For example, Hitachi Construction Machinery is one of the key players considering its product innovations. In May 2021, the company launched the new next generation 5-ton class - ZX55U-6EB battery-powered mini excavator in the European market. This mini excavator is designed to provide efficient operation in confined spaces. It is battery powered and can be used with a commercial power supply.
Hitachi Construction Machinery is a leading manufacturer of construction machinery and offers a series of construction machineries including excavators, wheeled loaders, and parts related to these products. The company focuses in reducing exhaust and CO2 emissions to ‘zero’ on the construction sites, with its electric construction equipment innovations. The company currently offers excavators and dump trucks in its electric product portfolio and has a workforce of around 25,000 employees with its presence in Europe, Americas, Russia, Africa, Asia Oceania, China, and Japan.
Caterpillar Inc designs and manufactures a wide range of machinery and engines. The company currently has a total workforce of 107,700 employees and is present across America, Europe, and Asia Pacific regions. Caterpillar’s key strengths include its strong brand image, large-scale assets, and strong global distribution network. Caterpillar is one of the big players in the construction and mining equipment market and has a strong focus on reinforcing the electrification system for underground mining.
Komatsu was founded in 1921 and is headquartered in Tokyo, Japan. The company currently offers electrified versions of construction excavators and hybrid versions of mining dump truck. Komatsu focuses on R&D, production, sales, and product support, as well as all value-chain partners. Komatsu is currently working on promoting its in-house development and production of hybrid motors for replacing the IC models in mining equipment s. This ongoing development is expected to enhance the Komatsu’s product portfolio and improve the market share in the electric mining equipment segment in upcoming years.
Related Reports:
Electric Construction Equipment Market by Equipment Type, Battery Capacity, Battery Type, Power Output, Application, Propulsion, Electric Tractor Market, Electric Construction & Mining Equipment Market and Region - Global Forecast to 2027
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