Electric Excavators Market
Electric Excavators Market By Product Type (Tail swing, Zero tail swing), By End-Use Applications (Construction, Mining, Forest), By Operating Weight & By Region - Global Market Insights 2023 to 2033
Analysis of Electric Excavators Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Electric Excavators Market Outlook (2023 to 2033)
Excavators that were previously hydraulically operated have been converted to electric excavators as a result of increased development in the industrial automation sectors. Global demand for modern excavators has increased as a result of an increase in the number of excavation projects being completed by individuals.
Electric excavators are being employed by people, various businesses, and governments to support efficient excavation tasks in constrained regions, from private ranches and agricultural grounds to metropolitan neighborhoods. Construction organizations are rapidly adopting such excavators due to advancements in excavator attachments and growing physical space optimization.
In the coming years, this preference shift for the excavating machine is anticipated to influence several key players in the global automotive industry in the direction of partaking in the global manufacturing of such excavators.
One of the most typical pieces of heavy machinery on any construction site is the excavator. They have the strength and adaptability for a variety of jobs. There are numerous brands available because of the high demand for excavators around the world.
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What are the factors responsible for growing demand?
There is a rise in demand due to their environmental benefits. These excavators are powered by electricity instead of diesel, which reduces emissions and noise pollution. They also require less maintenance than traditional diesel-powered excavators, making them more cost-effective in the long run.
The ease of operating electric excavators is further aiding the experience of working professionals in the construction industry. Besides, the function of mutable attachments on the excavators is to assist the process of high-level excavations.
Mushrooming Construction Industry to shift the growth trajectory for electric excavators upward.
Throughout the upcoming years, it is anticipated that the worldwide construction industry's income will increase steadily. It is anticipated to grow by a factor of more than two by the year 2030. The market for construction has worth 8.9 trillion dollars in 2023, and it is anticipated to grow to 14.4 trillion dollars by 2030.
As a result of the aforementioned growth projections, large construction companies are switching to electric variants from conventional heavy-duty excavators to procure high-margin profit in the forecast period. This is anticipated to further fuel demand. Reduced noise emission, superior maneuverability, and operational ease are a few other factors driving the demand in the global construction industry.
Region Wise Insights
The market can be segmented with respect to the regions, such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA (Middle East and Africa). South Asia is expected to have a significant market owing to the rising demand for excavating activities in the various end-use industry.
After South Asia, East Asia is the second largest market owing to the requirements for advanced electrically powered construction equipment. Also, MEA is expected to cater to untapped opportunities in the coming years with rapid urbanization and industrialization.
Latin America’s market is also surging at a considerable rate due to rapid economic growth, which results in large industrial applications owing to the demand for advanced industrial machines in these regions over the coming period.
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The global market is fragmented in nature owing to the presence of large number of players in the market. The industry has lucrative opportunities for new entrants, which will cater to competitiveness in the product offerings and also lead to the reduction in prices of the products.
Prominent players in the market are Hitachi Construction Machinery, Caterpillar, Deere & Company, Volvo Construction Equip., Komatsu, Yanmar Holdings Co. Ltd., Doosan Bobcat, Inc., Kubota Corp., JCB, Inc., Nagano Industry Co., Ltd., Case Construction Equipment, KATO Works, Kobelco Construction Machinery U.S.A Inc., Çukurova Ziraat, Bharat Earth Movers, Sany Group, guangxi LiuGong Machinery, Terex, Zoomlion Heavy Industry Science and Technology and XCMG.
The global players are expected to strengthen their market positions by offering loyalty schemes and competitive prices. Several small-sized players also have a presence in the electric-powered excavator arcade globally. The key players are opting for global expansion while strengthening their own local supply chains.
Recent Moves by the Top Players
- July 2022- Japan-based Kubota a leading excavator-building brand has announced tractor plants in USA and India. As it tries to move half its manufacturing overseas, up from 30% now, Kubota would invest a total of around 300 billion yen ($2.2 billion) in the construction and agricultural equipment factories that will be built in the U.S. and India, respectively. 70% of Kubota's revenue comes from sales abroad. Kubota wants to strengthen production bases in its key markets in order to build more resilient local supply chains because the pandemic is affecting global supply systems.
- March 2022- KOBELCO construction company has launched the Next generation SK210LC- 11 Excavator. This excavator is highly efficient, and stable, and has superior lifting capacity. The machine is of 50.000 lb operating weight which makes increased lifting possibilities.
- February 2022- John Deere company has acquired Hitachi in terms of full ownership of the supply chain and manufacturing of construction machinery. Through this acquisition, John Deere expected to launch a complete portfolio of excavators in the upcoming years.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
By Product Type :
- Tail swing
- Zero tail swing.
By Operating Weight :
- Less than 4000 lbs
- 4000-10000 lbs
- More than 10000 lbs.
By End-use Applications :
By Region :
- North America
- Latin America
- East Asia
- South Asia
- FAQs -
Rising demand for excavating activities in various end-use industries is boosting market value in Asia Pacific.
The key players in the market are opting for local expansion of production, acquisition of brands, expansion of the portfolio, and product-specific research for improved designs and features.
The construction sector is a major driver for the market.
High battery cost and untested battery performance in extreme working conditions are estimated to hamper the market growth.
Hitachi Construction Machinery, Caterpillar, and Deere & Company are key manufacturers of electric excavators.