The electric excavators market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. 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 manoeuvrability, and operational ease, which is anticipated to drive the electric excavator market in the near future.
The market is segmented based on product type into wheeled, mini/compact, crawler, and others, out of which, the mini/compact product segment is anticipated to grab the largest share by the end of 2021 on account of rising construction activities that demand for equipment and devices that can pervade narrow spaces and delicate structures to perform a variety of functions related to excavation, fixing, clawing, and lifting. Furthermore, compact excavators are agile and effective devices that help reduce manual labour across industries, which is also projected to contribute to the segment's growth during the forecast period.
On the basis of end-use industry, the construction segment in the global electric excavators market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the rising construction activities and increasing investment in the infrastructure sector on a global level.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rising demand for excavating activities in the various end-use industry and rapid urbanization & industrializations in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing investment in infrastructure sector from public and private organizations. Alternatively, the market in Europe is also anticipated to occupy a significant share in the electric excavators market.
The global electric excavators market is further classified on the basis of region as follows:
Our in-depth analysis of the global electric excavators market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Booming infrastructure sector and development of electric excavator to work for numerous applications are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
High battery cost and untested battery performance in extreme working conditions is estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to rising excavating activities and rapid urbanization.
The major players dominating the electric excavators market are Caterpillar, SENNEBOGEN, J C Bamford Excavators Ltd, and AB Volvo among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by propulsion, product type, end-use industry and region.
With respect to end use industry, the construction segment is anticipated to hold the largest market share owing to the rising construction activities across globe.
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