About Electric Construction Vehicles
Electric Construction Vehicles run on electricity rather than diesel or gasoline. Buses, vans, and trucks, agricultural vehicles such as combine harvesters and tractors, and construction machinery such as excavators and wheel loaders are all examples. They are powered by an on-board battery that is recharged from the power grid. The electric motor, like in an e-car, converts electrical energy into mechanical energy. The DC-to-DC converter, which supplies the power network, is a critical component of the electrical system. The inverter in the drive converts the direct current from the battery into the alternating current needed to power the vehicle.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The increasing number of players expected to enter the global market is expected to increase competition while also encouraging overall market growth in the near future. Players are expected to focus on the development of electric and hydraulic compounds, which is expected to drive global market growth throughout the forecast period. Analyst at AMA Research estimates that United Kingdom Vendors will contribute the maximum growth to Global Electric Construction Vehicles market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Komatsu Limited (Japan), Caterpillar Inc. (United States), Hitachi (Japan), John Deere (United States), Volvo (Sweden), Atlas Copco (Sweden), SUNWARD (China), Doosan Corporation (South Korea), Merlo J C Bamford Excavators Ltd. (United Kingdom) and CNH Industrial N.V. (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are IVECO (Italy), FPT Industrial (Italy), FCA Fiat Chrysler Automobiles (United Kingdom) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Electric Construction Vehicles market by Type (Hybrid and Pure-electric), Application (Commercial, Agriculture and Mining) and Region.
On the basis of geography, the market of Electric Construction Vehicles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Battery Capacity, the sub-segment i.e. <50 kWh will boost the Electric Construction Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Equipment, the sub-segment i.e. Excavator will boost the Electric Construction Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Propulsion, the sub-segment i.e. Battery Electric Vehicle will boost the Electric Construction Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Power Output, the sub-segment i.e. <50 hp will boost the Electric Construction Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Popularity of Pop-Up EV Chargers and Growing Demand for Roadside EV Charging Cabinets and Lamp-Post EV Charging Points
Market Growth Drivers:
Rising Demand for Low Noise and Emission-Free Construction Machines in Residential Areas, Increase in Demand for Electric Construction Vehicles Charging System and Rising Prevalence of Range Anxiety
Challenges:
Slower Charging Compared To Other Charging Technologies Is Expected To Stifle Market Growth
Restraints:
High Cost of Upgrading to Wireless Charging Technology
Opportunities:
Increasing Initiatives from Governments for Wireless Charging and Rising Opportunities in Emerging Countries
Market Leaders and their expansionary development strategies
On 14th June 2022, Mahindra & Mahindra, India's leading utility vehicle manufacturer, has applied to the National Company Law Tribunal for permission to merge Mahindra Electric Mobility Ltd into Mahindra & Mahindra Ltd. M&M explained to the tribunal that the value chain required for end-to-end EV (Electric Vehicles) development, manufacturing, and sales is currently spread between M & M and MEML and needs to be consolidated.
On 26th April 2022, the number of electric construction equipment products on the market is steadily increasing, with nearly half of new launches being electric and as many as 140 non-combustion machines introduced in the KHL Group analysis. So far in 2022, 860 machines have been updated or added to KHL's online equipment sourcing guides, with approximately 75 of them being entirely new products. 36 of them are powered by electricity.
Electric Construction Vehicles emit little pollution, there is still concern about rising pollution due to the installation and operation of charging stations, which ultimately rely on highly polluting coal-fired thermal power plants, as well as battery recycling and disposal. The majority of used batteries end up in backyard smelters, which use highly polluting mechanisms to extract metal. As a result, the EPA seeks to alleviate such concerns by regulating industrial pollution emissions, e-waste disposal, water contamination, and so on. The EPA and the rules and regulations enacted under it require strict adherence to their provisions, and any failure to do so is punishable by both criminal and civil penalties.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Electric Construction Vehicles Manufacturer, Electric Construction Vehicles Distribution and Supplier, Government Bodies, Research Organizations, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.