The global electric construction equipment industry size is projected to grow from USD 10.2 billion in 2023 to USD 44.8 billion by 2030, at a CAGR of 23.6% from 2023 to 2030
Growing laws for low-noise construction machinery in residential areas, operational benefits including lower ventilation costs in underground mining and cheaper running costs of electric equipment, and the growing demand to reduce exhaust emissions are some of the reasons driving the market.
In 2023, electric dump trucks are anticipated to have the most market share.
The primary uses for dump trucks are in construction and mining. Both surface and underground mining companies can profit from dump truck electrification by lowering ventilation costs and overall operating expenses. In this international market, major firms including Komatsu Ltd., Caterpillar Inc., and Epiroc AB are well-known. With their embrace of sustainability and strict restrictions, electric dump trucks mark a revolutionary change in the mining industry. Two notable innovations that reduce emissions and improve efficiency are Sandvik’s battery-electric truck and Komatsu’s hybrid excavator. The partnership between industry titans like BHP Billiton and Caterpillar represents a group effort to build large-scale electric trucks. These developments promise significant cost savings, increased efficiency, and lower emissions.
Due of long-term fuel and maintenance savings, off-highway equipment manufacturers are giving preference to electric dump trucks despite their higher initial costs. Electric dump trucks are a good choice for longer transporting distances within mine sites because of their greater battery lifespan and range. The market for electric dump trucks is expected to expand at a promising rate because to projects like Caterpillar Inc.’s first large battery-electric dump truck prototype and Hitachi Construction Machinery and ABB’s partnership to produce emission-free dump trucks.
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According to estimates, the market for electric construction equipment is dominated by lithium-ion phosphate (LFP) batteries.
Because of their longer lifespan, more effective charging, and improved safety features over conventional batteries, lithium iron phosphate (LiFePO4) batteries are becoming more and more popular in the market. These batteries have a reduced footprint, faster recharging times, and reliable power delivery. Additionally, because these batteries don’t require minerals like cobalt or manganese, they are more cost-effective than others like NMC or NCA. Due to ethical concerns, automakers are using less cobalt and preferring LFP technology because of its greater charge preservation and reduced production costs. LFPs are appropriate for a variety of applications, particularly those with less crucial weight, because they allow for a full 100% charge without battery degradation despite their weight. In addition, the LFP batteries are more resistant to high temperatures than NMC or NCA batteries.
Because of their lower energy density, they take up more physical space, but they are safer and more stable, especially at higher temperatures.
China is a major producer of LiFePO4 batteries worldwide, and it also produces NMC cathodes. It is anticipated that Chinese production will continue to have a major impact. Concerns over dependency on China as the primary battery supply are raised by the concentration of LFP cell manufacture in China. Supply networks must be diversified as a result of this.
LFPs are beneficial for high-performance situations and quick charging when taking into account the benefits provided, which include a longer lifespan, resilience at higher temperatures, reduced costs, and quicker charge rates.
Growing electrification trends are expected to propel the Americas to become the second-largest market in 2023.
With major contributions from the US, Canada, Mexico, Brazil, and Argentina, the Americas region is thought to be the second-largest market for electric off-highway equipment. Stricter environmental rules and impending emission standards are driving this increase and forcing manufacturers to concentrate on electric and hybrid machinery. Innovation in this field is driven by major businesses including Dana Limited, Soletrac Inc., Deere & Company, and Caterpillar Inc.
A thriving mining industry is supported by the region’s wealth of natural resources, which include coal, iron, zinc, copper, cement, lithium, and precious metals. Due mostly to the need for small construction tools like excavators, loaders, and dozers, this industry is expected to become the second largest in the world.
By 2030, the US is predicted to dominate this market, with an anticipated valuation of USD XX billion. The increase is ascribed to growing demands for electrification in mining, construction, and agricultural vehicles because of the advantages of lower emissions. Growth is notably being driven by large US manufacturers’ investments in electric off-highway equipment, subsystems, and battery innovations, as well as partnerships and funding initiatives. For example, Caterpillar Inc.’s significant investment in the development of lithium-ion batteries highlights a focus on getting past traditional battery constraints and accelerating the expansion of electric equipment in the United States.
Key Players
Major players operating in the electric construction equipment market are Caterpillar Inc. (US), Komatsu Ltd. (Japan), Volvo Construction Equipment (Sweden), Hitachi Construction Machinery (Japan), and Deere & Company (US).
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