Stringent environmental regulations worldwide increasing adoption of compact electric construction equipment. Fact.MR’s report reveals more!

ROCKVILLE PIKE SUITE, ROCKVILLE, UNITED STATE, May 13, 2024 /EINPresswire.com/ -- As per a new study by Fact.MR, a market research and competitive intelligence provider, the global compact electric construction equipment market is approximated at a value of US$ 62.12 billion in 2024 and is projected to reach US$ 214.63 billion by 2034.

Compact electric construction equipment offers a cleaner and more energy-efficient alternative to traditional diesel or gasoline-powered machinery. Sales of compact electric construction equipment are driven by increasing shift of industries towards sustainable practices and strict environmental regulations. One of the notable trends in the market is the electrification of construction equipment. Manufacturers are consistently innovating to develop compact machines powered by electric motors, introducing features such as regenerative braking, advanced telematics, and smart control systems.

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Continuous advancements in battery technology are also further fuelling the overall market growth. Key market players are focusing on improving battery efficiency, energy density, and overall performance. Lithium-ion batteries are becoming prevalent, offering higher energy storage capacities and faster charging times. Compact electric equipment with versatile attachments and applications is widely popular, allowing businesses to tailor machines to specific construction project requirements. Industry leaders are responding to diverse customer needs by offering customizable solutions.

Key Takeaways from Market Study

The global market for compact electric construction equipment is expected to experience significant growth, with a projected compound annual growth rate (CAGR) of 13.2% through 2034. In the United States, sales of compact electric construction equipment are estimated to reach US$ 10.45 billion in 2024. Japan's market is also poised for substantial expansion, with projections indicating it could reach US$ 22.03 billion by 2034. Factors such as stringent emissions regulations, government backing, and a growing inclination towards eco-friendly solutions are fueling the market's advancement in Germany.

“Many construction companies and contractors opt for rental services to access electric machinery for specific projects, creating profitable opportunities for compact electric construction equipment suppliers”, says a Fact.MR analyst.

Key Market Players

Some of the leading manufacturers of compact electric construction equipment include J.C. Bamford Excavators Limited, Caterpillar, Deere & Company, Hyster-Yale Group, Inc., and Volvo CE. Competition revolves around product innovation, advancements in battery technology, customization, and global market reach. Key market players are investing in R&D activities, forming strategic partnerships, and expanding their product portfolios to gain a competitive edge.

Competitive Landscape

Constant innovation and the development of new and improved products are helping key players in the compact electric construction equipment market to stay ahead of the competition. By introducing cutting-edge solutions, companies can meet evolving customer needs, differentiate themselves, and command premium pricing.

At CES^® 2022, the renowned global technology event hosted in Las Vegas, Doosan Bobcat revealed its latest innovation the all-electric Bobcat T7X compact track loader.

Category-wise Analysis
The surge in sales for compact electric forklifts can be credited to their environmental friendliness, cost-effectiveness over time, energy efficiency, diminished noise output, and adaptability for both indoor and outdoor operations.

A significant catalyst propelling forklift sales is the escalating focus on environmental sustainability. With zero emissions during operation, electric forklifts promote a cleaner work environment and align with businesses' efforts to shrink their carbon footprint and adhere to environmental regulations.

Electric forklifts, especially, offer versatility, suitable for various indoor and outdoor applications. Their emission-free operation makes them ideal for indoor use, where ventilation may be restricted. Moreover, ongoing advancements in battery technology are extending their runtime and enhancing performance, rendering them viable for outdoor tasks.

The demand for compact electric construction equipment, capable of carrying loads below 5 tons, is on the rise owing to their versatility, suitability for urban settings, reduced environmental impact, and cost-effectiveness, particularly appealing to smaller businesses. These factors collectively drive the increasing popularity and adoption of compact electric construction equipment under 5 tons.

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