The global electric construction equipment market is projected to grow from USD 10.2 billion in 2023 to USD 44.8 billion by 2030, at a CAGR of 23.6% during the forecast period. The electric construction equipment market has shown significant growth recently. The market growth is primarily driven by the increasing demand to minimize exhaust emissions from construction equipment, reduce ventilation costs in underground mining, and the preference for low noise construction machines in residential areas.
Rising demand for low-noise construction activities in residential areas would drive the demand for electric construction vehicles market
The surge in construction activities within city limits has heightened noise pollution concerns, leading to stringent regulations in many metropolitan areas. Diesel-powered construction machinery is a primary source of this noise, impacting health and urban tranquillity. To counter this, cities like Oslo and London are pioneering initiatives mandating electric equipment on public construction sites to curb noise and emissions. This move aligns with broader plans in London and Paris to reduce vehicle pollution in residential areas. Several companies, including Volvo, offer machinery designed explicitly for noise-sensitive areas. These machines prioritize lower noise emissions, making them suitable for environments where noise reduction is crucial. JCB, for instance, has a range of construction equipment models engineered to operate quietly, minimizing disruptions in noise-sensitive locations such as urban areas or residential zones. JCB 403E wheel loader ensures a more productive environment. It is ideal for noise-sensitive areas like hospitals or schools, and it minimizes fatigue, facilitates communication, and supports uninterrupted work.
The noise regulations have spurred the preference for electric construction equipment. The electric machines comply with noise limits and enhance operational efficiency, enabling work within city limits during the day. Major manufacturers are introducing compact electric machinery tailored for urban settings, meeting noise standards while offering comfort and safety benefits. Quieter operations reduce fatigue for operators and improve overall staff well-being, potentially expanding work opportunities in noise-sensitive areas. Ultimately, the shift to electric equipment aligns with regulations, boosts employee satisfaction, and aids in bidding for restricted projects due to noise concerns.
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Emergence of hydrogen-powered construction equipment
The emergence of hydrogen-powered construction equipment presents a significant market opportunity. Hydrogen fuel cells, along with combustion engines, stand as key elements in transitioning toward carbon-neutral transportation and infrastructure. These fuel cells, used in vehicles and machines, boast efficiency and quick refueling, offering a longer range compared to battery electric vehicles. They excel in applications where weight and quick refueling are vital, such as long-haul trucking and heavy machinery.
Volvo Group views hydrogen fuel cells as pivotal in achieving fossil-free transportation systems, envisioning a balance of power, flexibility, and zero emissions. The process involves the chemical reaction of hydrogen and oxygen, producing electricity and water vapor as the sole emission. In various applications like off-road vehicles, marine, and industrial machinery, hydrogen fuel cells offer promise, contingent upon local hydrogen generation infrastructure. In November 2020, Ineos and Hyundai collaborated for hydrogen fuel cells for off-road vehicles which further emphasizes the potential of this technology. The partnership aims to develop reliable hydrogen supplies and utilize fuel cells in vehicles, acknowledging the limitations of battery electric power in challenging environments. With hydrogen’s higher energy density, it’s seen as a leading technology for larger vehicles, from buses to trains, due to its promising capabilities and lower emissions compared to traditional engines. JCB also provides hydrogen-powered machinery, aiming for mass production; already piloting them in the UK on off-road machines like backhoe loaders. With zero carbon emissions and only water vapor output, their hydrogen combustion engines aim for commercial deployment in India and globally.
Asia Pacific is projected to be the largest market for electric construction equipment
The leading countries such as includes China, Japan, India, South Korea, and the Rest of Asia Pacific are considered under the Asia Pacific region. The electric off-highway equipment demand in Americas is rapidly increasing because of the environmental protection measures adopted in these key countries. In addition, entry of multinational electric construction equipment manufacturing companies and increasing awareness about electrification are expected to drive the electric construction equipment market in the region. Increasing demand for electric construction equipment in countries such as Japan and South Korea is one of the major drivers of the growth of this market.
Key Market Players
The electric construction equipment market is dominated by a few globally established companies such as, Caterpillar Inc. (US), Komatsu Ltd. (Japan), Volvo Construction Equipment (Sweden), Hitachi Construction Machinery Co., Ltd. (Japan), and Deere & Company (US).
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