Press Release

Compact Electric Construction Equipment Market Expands with 6 To 8 Ton Segment at a robust CAGR

The increasing global compact electric construction equipment market is driven by environmental regulations and sustainability initiatives, cost savings and operational efficiency during the forecast period 2024-2028.

           

According to TechSci Research report, “Global Compact Electric Construction Equipment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028, The Global Compact Electric Construction Equipment Market is currently undergoing a transformative shift as the construction industry embraces more sustainable and environmentally conscious practices. This market encompasses a diverse range of construction equipment, including forklifts, loaders, excavators, and aerial work platforms (AWPs), all powered by electricity.

Several key factors are driving the growth of this market. First and foremost, stringent environmental regulations and the urgent need to reduce carbon emissions have prompted construction companies to seek cleaner alternatives to traditional diesel-powered machinery. Compact electric construction equipment has emerged as a compelling solution, as it produces zero tailpipe emissions, aligning with global sustainability goals and helping construction projects adhere to local emissions regulations.

Advancements in battery technology have also played a pivotal role in propelling the market forward. These innovations have led to improved performance, longer battery life, and faster charging times for electric construction equipment. As a result, electric machinery now offers a viable and efficient alternative to diesel-powered counterparts.

Governments and regulatory bodies worldwide are actively promoting the adoption of electric construction equipment through incentives such as tax credits, grants, and subsidies. These financial incentives reduce the upfront costs for construction companies and encourage the transition to electric machinery.

Compact electric construction equipment is known for its ability to operate quietly, minimizing noise pollution—a crucial consideration in urban and indoor construction environments where noise restrictions are prevalent. This attribute positions electric machinery as the preferred choice for projects in densely populated areas, commercial zones, and confined indoor spaces.

While the initial capital costs of electric equipment may be higher than diesel counterparts, construction companies are increasingly recognizing the long-term cost savings. Electric machinery boasts lower operating costs, reduced maintenance requirements, and energy efficiency, making it an economically sound investment.

Safety features, adaptability to diverse construction applications, and an expanding range of available models have further contributed to the market's growth. Compact electric construction equipment is becoming increasingly versatile and attractive to construction companies of all sizes.

 

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Compact Electric Construction Equipment Market."

 

The global Compact Electric Construction Equipment market is segmented into product, ton, and region. Based on product, the market is segmented into forklift, loader, excavator, AWP.  Based on ton, the market is segmented into below 5 ton, 6 to 8 ton, above 8 ton. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Based on ton, 6 To 8 Ton segment dominated in the global compact electric construction equipment market in 2022. The "6 To 8 Ton" segment occupies a sweet spot in terms of lifting capacity, offering a versatile range of compact electric construction equipment that can cater to a wide array of construction projects. These machines strike a balance between power and maneuverability, making them suitable for various applications.

Construction projects often require equipment with medium lifting capacity to handle materials, perform excavation, and assist in general construction tasks. The "6 To 8 Ton" segment is well-suited for medium-sized projects, including residential, commercial, and light industrial construction.

Urban construction projects, which are common in densely populated areas, often have size and weight restrictions due to space limitations and noise regulations. The compact nature of "6 To 8 Ton" electric equipment makes it ideal for urban construction, where maneuverability and minimal environmental impact are essential.

Advances in battery technology have led to improvements in the performance and efficiency of compact electric construction equipment within the "6 To 8 Ton" range. These machines now offer longer battery life, faster charging times, and enhanced productivity, all of which contribute to their dominance.

 

Key market players in the global compact electric construction equipment market are:

  • Caterpillar Inc.
  • Komatsu Ltd.
  • JCB
  • Volvo Construction Equipment
  • Hyundai CE
  • Bobcat
  • Wacker Neuson SE
  • Toyota Motor Corporation
  • Hyster-Yale Group, Inc.
  • SANY Group

 

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“The Global Compact Electric Construction Equipment Market is experiencing rapid growth as construction companies worldwide shift towards more sustainable and environmentally friendly practices. This market encompasses a range of equipment, including forklifts, loaders, excavators, and aerial work platforms (AWPs), all powered by electricity. The key drivers for this market include stringent emissions regulations, advancements in battery technology, and government incentives promoting the adoption of electric machinery. These compact electric construction machines offer numerous benefits, such as zero emissions, reduced noise levels, and lower operating costs. As the construction industry continues to prioritize eco-friendliness, the market for compact electric equipment is expected to expand significantly.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Compact Electric Construction Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Forklift, Loader, Excavator, AWP), By Ton (Below 5 Ton, 6 To 8 Ton, Above 8 Ton), By Region, and By Competition, 2018-2028,” has evaluated the future growth potential of Global Compact Electric Construction Equipment Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Compact Electric Construction Equipment Market.

 

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Relevant Reports

Compact Electric Construction Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Forklift, Loader, Excavator, AWP), By Ton (Below 5 Ton, 6 To 8 Ton, Above 8 Ton), By Region, and By Competition 2018-2028

Infrastructure | Oct, 2023

The increasing global compact electric construction equipment market is driven by environmental regulations and sustainability initiatives, cost savings and operational efficiency during the forecast period 2024-2028.

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