Electric Excavators Market size is anticipated to surpass USD 275 billion by the end of 2036, expanding around 19% CAGR during the forecast period i.e., 2024-2036. In the year 2023, the industry size of electric excavators was over USD 50 billion. Electric excavators are particularly attractive because of the many opportunities for energy recovery due to boom and bucket movements throughout the daily work cycle. However, many OEMs are considering developing electrical equipment. For example, Cummins demonstrated an electric mini excavator prototype developed in partnership with Hyundai in 2019. A Cummins BM4.4E flexible battery module, each generating 4, 4 kWh, is the power source of the excavator.
Factors such as the rapid development and transformation of many sectors as well as infrastructure growth globally, especially in developing countries, are expected to drive the growth of this market. Additionally, due to reduced noise emissions, greater maneuverability, and greater user comfort, major construction companies are replacing conventional heavy excavators with electric excavators, which is expected will drive the electric excavators market in the near future.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024 - 2036 |
|
CAGR |
~19% |
|
Base Year Market Size |
~USD 50 billion |
|
Forecast Year Market Size |
~USD 275 billion |
|
Regional Scope |
|
Product (Wheeled, Mini/ Compact, Crawler)
In term of product segmentation, the mini/ compact product segment is predicted to account for the highest market share of 40% by the end of 2036. This growth can be attributed to an increase in construction activities, which will increase the demand for tools and equipment that can fit into tight spaces and fragile structures, and perform various digging, securing, raking and lifting tasks. Additionally, as they are quick and efficient tools that help reduce manual labor in industries, compact excavators are expected to contribute to the growth of this segment during the forecast period.
End User (Construction, Mining, Forestry)
Based on end user, construction segment is anticipated to hold the highest CAGR during the time period between 2024 – 2036. It is expected that a significant increase in the construction segment of the market for electrical excavators will take place over the projection period. An expansion of these segments is attributable to an increase in building activity and rising investment on the global infrastructure market. There are about USD 1.6 trillion worth of building projects in the United States planned for 2021.
Our in-depth analysis of the global market includes the following segments:
|
Propulsion |
|
|
Product |
|
|
End User |
|
Europe Market Forecasts
The electric excavators market in Europe region is predicted to hold the highest CAGR of 33% by the end of 2036. Europe is forecast to lead the market for electrical excavator, due to growing electrification trends in industrialized countries as well as strong demand for building and mining equipment. One of the main reasons for this region's high market share in electric excavator with USD is stricter emission standards and a number of sustainable government initiatives. In 2027, it will reach 9,512.3 million.
Latin America Market Statistics
The electric excavators market in the Latin America region is estimated to grow substantially during the time period between 2024 – 2036. In the context of rapidly growing economies in Latin America and resulting in a significant number of industry applications due to demand for increasingly sophisticated machines, this area is experiencing considerable market growth over the coming years.
Author Credits: Harshita Srivastava, Saima Khursheed
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?