Electric Excavators Market Size & Share, by Propulsion (Pure Electric, Hybrid); Product (Wheeled, Mini/ Compact, Crawler); End User (Construction, Mining, Forestry) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 2973
  • Published Date: Nov 03, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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.


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Electric Excavator Sector: Growth Drivers and Challenges

Growth Drivers

  • Evolution of New Industries and Rapid Transformation – Rapid transformation and evolution of several industries in conjunction with booming infrastructure across the globe, especially in developing countries, are expected to fuel the progress of this market. On the other hand, large-scale construction companies are switching conventional heavy-duty excavators with electric excavators due to reduced noise emission, superior maneuverability, and operational ease that is set to drive the electric excavators market in the upcoming future.
  • Growing Technological Advancement - High-performance electric mini excavators are attracting major players such as JCB, Volvo and Hitachi, which are leading construction companies that have launched 2-5 ton battery-powered mini excavators in their respective segments. These machines operate very efficiently thanks to their short tail blade design that allows efficient operation even in tight spaces. Compared to diesel excavators, users of this machine can expect low maintenance costs and reduced downtime. They are economical and easy to transport, small electric excavators are easy to transport from place to place and easily fit on a trailer or extended pickup bed. Mini excavators integrate new technologies such as lithium-ion batteries and electric cylinders that do not use hydraulics. Its advanced functionality is connected to vehicle control sensors and operational activities via a wireless system. These types of technological advancements are estimated to offer lucrative growth opportunities for the market in the forecast time period. 
  • Growing Demand for Low-Noise Construction Activities - Increasing noise pollution in cities is becoming a potential hazard due to the increasing number of construction projects within city limits. Most municipalities have imposed regulations and restrictions on noise at construction sites. The main cause of noise on residential construction sites is mainly construction machinery powered by diesel engines. Noise from diesel-powered construction machinery is stimulating the development of initiatives and policies related to noise reduction in residential areas. Such as, the Oslo city government plans to operate all public construction sites with such machinery by 2025.

Challenges

  • High Upfront Cost – Electric excavators are typically more than diesel-powered excavators upfront. This is due to the cost of the batteries and other electric components. However, the lower operating costs of electric excavators can offset the higher upfront cost over time. This is estimated to hamper the market growth in the upcoming future.
  • Limited Charging Infrastructure is Set to Pose Limitation on the Market Growth in the Projected Period.
  • Lack of Awareness is Predicted to Restrict the Market Growth in the Forecast Period.

Electric Excavators Market: Key Insights

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Electric Excavators Segmentation

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

  • Pure Electric
  • Hybrid

Product

  • Wheeled
  • Mini/ Compact
  • Crawler

End User

  • Construction
  • Mining
  • Forestry

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Electric Excavators Industry - Regional Synopsis

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.

Research Nester
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Companies Dominating the Electric Excavators Landscape

top-features-companies
    • Caterpillar Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • SENNEBOGEN
    • J C Bamford Excavators Ltd.
    • AB Volvo
    • Doosan Bobcat
    • Deere & Company
    • YANMAR HOLDINGS CO., LTD.
    • Xuzhou Construction Machinery Group Co., Ltd
    • KUBOTA Corporation

In the News

  • XCMG and Cummins collaborated to design and manufacture a 3.5-ton electric excavator as a propulsion demonstrator and potential future equipment solution. According to Cummins, the excavator can operate for a full eight hours a day on a charge of less than six hours. Due to short charging times, devices can be charged overnight, eliminating downtime and saving energy during off-peak hours.
  • Honda and Komatsu announced the start of joint development of electric microexcavators with removable batteries or a battery sharing system based on the Honda Mobile Power Pack (MPP). Honda MPP has the inherent advantage of allowing continuous use of the electric machine without having to recharge the battery.  PC01, equipped with Honda MPP, will streamline power distribution and improve consumer comfort.

Author Credits:  Harshita Srivastava, Saima Khursheed


  • Report ID: 2973
  • Published Date: Nov 03, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing evolution and development of several industries and growing technological advancements are some of the major factors anticipated to drive the growth of the electric excavator market.

The market is anticipated to attain a CAGR of 19% over the forecast period, i.e., 2024-2036.

The major players in the market are of J C Bamford Excavators Ltd., AB Volvo, Doosan Bobcat, Deere & Company, YANMAR HOLDINGS CO., LTD., Hitachi Construction Machinery Co., Ltd., and others.

The mini/ compact segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in Europe is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Electric Excavators Market Report Scope
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