Growing Battery Production Capacity Across the Region Have Propelled the Growth of the Electric Construction Equipment Market in APAC!
- Vikas Kumar
- November 24, 2023
- MINING & MACHINERY, NEWS
- Electric Construction Equipment Market, Electric Construction Equipment Market Growth, Electric Construction Equipment Market Share, Electric Construction Equipment Market Size, Electric Construction Equipment Market Trends
- 0 Comments
The demand for electric construction equipments is increasing due to the growing number of battery manufacturers worldwide with high manufacturing capacity (GWh). The demand for lithium-ion batteries for electric construction equipments is rising rapidly. For that reason, developing domestic battery supply chains, including battery manufacturing capacity, is becoming increasingly important as countries strive to shift away from gasoline vehicles to EVs. China is by far the leader in the battery race with nearly 80% of global Li-ion manufacturing capacity. This will directly increase the demand for electric vehicles and batteries. In addition, the growing production capacity will directly have a positive impact on the sales of electric vehicles by fulfilling the demand of EV manufacturers. Hence, boost the growth of EV battery market. Further, the APAC Electric Construction Equipment Market is expected to grow at a strong CAGR of 15.5% during the forecast period (2022-2030). APAC is anticipated to emerge as the fastest growth in the EV industry. Moreover, manufacturers in APAC are investing in research and development to produce innovative and technologically advanced products. These new products are designed to meet the specific requirements of different industries and are aimed at improving efficiency, reliability, and safety
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APAC Electric Construction Equipment Market Revenue (2022-2030)- USD Mn.
- · Based on equipment type, the market is segmented into electric excavators, electric earth mover, electric wheel loader, electric asphalt equipment and others. Among these, electric excavators segment is having a high market share in 2022. Electric excavators significantly lower operational costs over their lifespan, as they require less maintenance and utilize cheaper electricity compared to traditional fuel-powered excavators. This compelling cost-effectiveness has driven widespread adoption, with construction companies recognizing the long-term financial advantages.
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Global Electric Construction Equipment Market Segmentation
Market Insight, by Equipment Type
- Electric Excavator
- Electric Earth mover
- Electric Wheel loader
- Electric Asphalt Equipment
- Others (Electric Dump Truck, Electric laud haul dump, Electric Dozers, Graders)
Market Insight, by Battery Output
- Less than 50 HP
- 50-150 HP
- 151-300 HP
- Above 300 HP
Market Insight, by Battery Type
- Lithium-ion
- Lead-acid
- Others
Market Insight, by Application
- Construction
- Mining
- Industrial
- Agriculture
Market Insight, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of APAC
- Rest of the World
Top Company Profiles
- Caterpillar Inc
- Hitachi Construction Machinery
- Komatsu Ltd
- XCMG
- CNH Industrial NV
- JCB
- Sany Heavy Industry Co Ltd
- Hyundai CE
- Liebherr-International AG
- Volvo CE
