Compact Electric Construction Equipment Market

Market Study on Compact Electric Construction Equipment Market: Benefits, including Affordability, Lightweight, and Ease of use is Increasing the Demand for the Product

Compact Electric Construction Equipment Market Segmentation by Product Type Forklift | Loader | Excavator - Mini & Midi | AWP - Telehandler, Boom, Scissor

Compact Electric Construction Equipment Market Outlook (2022-2032)

The global market for compact electric construction equipment was estimated to be around US$ 52.4 Bn in the current year 2022, and during the years covering the period 2022 to 2032, it is anticipated to register at a CAGR of 13%. By the end of this forecast period in 2032, the net worth of the overall market is predicted to reach US$ 177.8 Bn.

A considerable rise in building activity worldwide and strict environmental restrictions are two factors that have contributed to the surge in sales of compact electric construction equipment over the last few years. Given the rising demand for public infrastructure, readily available buildings, and rising expenditure in industrial expansion operations in urban areas, the compact electric construction equipment market is expanding quickly in recent years.

Attributes

Details

Compact Electric Construction Equipment Market CAGR (2022-2032)

13%

Compact Electric Construction Equipment Market Size (2022)

US$ 52.4 Bn

Compact Electric Construction Equipment Market (2032)

US$ 177.8 Bn

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Companies

  • Caterpillar
  • JCB
  • HAULOTTE GROUP
  • Wacker Neuson SE
  • Toyota Motor Corporation
  • Hyster-Yale Group, Inc.
  • SANY Group
  • Volvo CE
  • Hyundai CE
  • Bobcat

What are the Major Reasons behind Global Compact Electric Construction Equipment Market Growth?

The fundamental benefit of compact electrical construction equipment is its versatility and ability to complete jobs that were previously only possible with huge machines. Furthermore, it is anticipated that strict government rules pertaining to environmental protection would promote the use of electric compact wheel loaders and excavators.

The market opportunities for compact electric construction equipment are expanding as a result of shifting consumer preferences away from pedal-operated vehicles and toward joystick-operated vehicles, as well as the affordable availability of suspension seats and air conditioning cabins in such vehicles. Another new trend that is very intriguing to most consumers is electric compact equipment with GPS tracking systems since it makes it simpler for them to monitor their equipment remotely and find it whenever they require them.

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What are the Future Growth Opportunities for the Compact Electric Construction Equipment Market Players?

Local authorities and municipalities are also concentrating on building infrastructure rapidly to enable fast development creating a huge demand for compact electric construction equipment. As an illustration, the Indian government said in 2019 that it will invest US$ 1.4 Trillion in several infrastructure projects between 2019 and 2023, indicating the country's impending need for small construction machinery and equipment in the coming days.

Additionally, the activity of renting such construction equipment is expanding quickly in emerging and underdeveloped economies. To increase their market share, several manufacturers of compact electric construction equipment, including Komatsu Ltd, Mitsubishi Corporation, and Hyundai Construction Co., Ltd, have begun working with rental businesses and launching new products.

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What are the Factors Hampering the Global Compact Electric Construction Equipment Market?

The expansion of the global market for compact electric construction equipment is anticipated to be hampered by the changing price of raw materials and the excessive cost of metals. Nevertheless, the market for smart electric construction equipment is projected to see new prospects as a result of the rapid developments in battery technology and significant investments in the development of charging stations.

The market for compact electrical construction equipment faces additional challenges, such as low entry barriers and a weak market structure, in addition to the volatility of fuel prices.

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Category-wise Insights

By Product Type, which Category is likely to dominate the Compact Electric Construction Equipment Market?

As per the analysis, nearly over 65% of the market's revenue was generated by the forklift category in 2021, and it is anticipated that this dominance should last throughout the projected timeline. Industrial applications requiring an indoor, smooth surface are perfect for compact electric forklift applications. So, electric forklifts from Product 1 are becoming more popular among numerous end-use sectors since they can operate in confined locations, are quieter, and emit no pollutants.

Due to the substantial request for lightweight loaders from even the construction companies, the electric compact loader segment is anticipated to have significant expansion throughout the projected period. Additionally, it is anticipated that the launch of new items by competitors would help this segment to promote further. For instance, Doosan Bobcat unveiled the prototype of its T7X, which is an electric version of the T7X small track loader, this year. With the newly released T7X, all of the hydraulic systems, pollutants, and vibrations are eliminated, providing benefits.

Which Segment is Likely to Lead the Compact Electric Construction Equipment Market by Ton Capacity?

Based on Ton, until 2021, the sub 5 Ton sector had the highest revenue share and its contribution contributing around 38.4% as per the market survey done by PMR. This might be due to the rising demand for small-footprint construction equipment that has a less environmental effect and higher operating efficiency. Excavators and electric compact loaders that are lightweight are electrified more quickly than excavators that are medium or huge.

As a result, it is anticipated that manufacturers would steadily advance their strategy for electrifying compact excavators of less than 5-ton segments over the projection period. Other than that, given the growing demand among end-use sectors for ECR25 electric compact excavators and loaders that are capable of high load-bearing performance, the 8 to 10-ton sector is anticipated to have substantial expansion in the worldwide market.

Comparative View of the Adjacent Compact Electric Construction Equipment Market

Attributes

Compact Electric Construction Equipment Market

CAGR (2022 to 2032)

13%

Market Value (2022)

US$ 52.4 Bn

Growth Factor

The necessity for light-weight and small construction machinery to operate in busy construction sites, particularly in cities.

Future Opportunities

Stringent government regulations to control the pollution emissions by the construction sector to drive the demand.

Market Trends

The extension of business activities through the online sales channel is a very recent development by the market players.

Comparative View of the Adjacent Bio Based Construction Polymer Market

Attributes

Bio Based Construction Polymer Market

CAGR (2022 to 2032)

3.4%

Market Value (2022)

US$ 32 Bn

Growth Factor

Increased regulatory intervention to reduce dependence on petrochemical products and to minimize carbon and GHG emissions.

Future Opportunities

Rising demand in the construction industry for a variety of applications, including cladding panels, FRP bridge sections, and glazing sealant.

Market Trends

Epoxies and cellulose acetate are in high demand, and construction activity is expanding in South America and Asia.

Comparative View of the Adjacent Heavy Construction Equipment Market

Attributes

Heavy Construction Equipment Market

CAGR (2022 to 2032)

5.5%

Market Value (2022)

US$ 77.2 Bn

Growth Factor

Increased investment in the public infrastructure sector as well as private real estate development businesses around the world.

Future Opportunities

a consistent rise in residential property prices and a growth in housing supply in emerging economies to boost the market.

Market Trends

In recent years, the U.S. construction industry has seen weak demand consequently shifting the market trends in favoring the Asia Pacific nations.

Country-wise Insights

What are the Strategies adopted by the Compact Electric Construction Equipment Manufacturers in the United States?

As per the analysis, the United States is the leading market in the development and sales of compact electric construction equipment in current years. By the virtue of the presence of many leading market players in the country and its strong export infrastructure, it is expected to continue its top position in the global market in the coming years.

However, due to comparatively fewer construction activities, it is projected that the US compact electric construction equipment market's overall growth rate would stay lower than that of some other emerging economies, such as China. Many leading players are also enthusiastically extending their production units in Asia Pacific regions.

Which Countries are the Major Contributors to the Compact Electric Construction Equipment Market in Europe?

Europe is anticipated to be a lucrative market during the forecast period. Europe held over 40% of the overall profit share last year and is also anticipated to continue expanding over the projected timeframe.

The rapid acceptance of zero-emission technology can be linked to the recent expansion of infrastructure projects in the cities of Norway, Helsinki Finland, the UK, Denmark, the Netherlands, and Sweden). Developed economies like Germany, the UK, and France are at the forefront of the demand for compact electric construction equipment.

How Japan is Profiteering from the Global Compact Electric Construction Equipment Market?

Owing to the region's fast infrastructural development and stringent environmental protection regulations, the market for compact electric construction equipment in the Asia Pacific market is predicted to grow quickly throughout the projection period. Hence, Japan is trying to expand its industrial equipment and automobile manufacturing industry by strengthening its export network and supporting the domestic players operating in this sector. For instance, Volvo Group of Japan introduced its new electric excavator for the Chinese market in November 2020 via an online platform, which worked well for boosting sales of its domestic players.

What are the Emerging Opportunities for the South Korea Market Share?

Rapid investment in urban public infrastructure and a trend toward using small, smart equipment in densely populated areas are likely to lead to rapid economic growth in nations like South Korea and India and are expected to increase demand for compact electric construction equipment. Moreover, South Korea has a very strong foundation in the electronics and heavy machinery production sector that could be instrumental in the development of the regional market for compact electric construction equipment.

What is the Competition Status in the Global Compact Electric Construction Equipment Market?

Key players in the global compact electric construction equipment market are Caterpillar, JCB, HAULOTTE GROUP, Wacker Neuson SE, Toyota Motor Corporation, Hyster-Yale Group, Inc., SANY Group, Volvo CE, Hyundai CE, and Bobcat among others.

The key players focus on the introduction of new cutting-edge products and securing a solid presence through agreements and takeovers are expected to boost the expansion of the compact electric construction equipment market. Most of the compact electric construction equipment manufacturers are actively engaged in new product development activities to cater to the diversifying needs of their new as well as existing customers.

To increase their sales and business activity, prominent market players are turning to rapidly proliferate online sales channels, which is anticipated to drive market growth in the coming days.

  • Manitex Vall introduced the brand-new V 110 R Electric Mobile Crane in February of 2021 which has a lifting height of more than 10 meters, a weight capability of approximately 11,000 kg, operates by lithium-ion batteries, and can be controlled remotely.
  • The leading manufacturer of construction equipment in Japan, Hitachi, stated in January this year that it is going to sell 50% ownership with a fleet of equipment valued at nearly US$ 1.6 Bn. Additionally, Itochu will partner with Japan Industrial Partners to purchase Hitachi's shareholding for 3,300 yen per share.

Report Scope

Attributes

Details

Forecast Period

2022 to 2032

Historical Data Available For

2016 to 2021

Market Analysis

US$ Mn for Value

Key Countries Covered

  • U.S.
  • Canada
  • Mexico
  • Brazil
  • Germany
  • Italy
  • France
  • U.K.
  • BENELUX
  • Nordics
  • China
  • Japan
  • South Korea
  • GCC Countries
  • South Africa
  • Turkey

By Market Segments

  • Product Type
  • Ton Type
  • Region

Key Companies Profiled

  • Caterpillar
  • JCB
  • HAULOTTE GROUP
  • Wacker Neuson SE
  • Toyota Motor Corporation
  • Hyster-Yale Group, Inc.
  • SANY Group
  • Volvo CE
  • Hyundai CE
  • Bobcat

Pricing

Available Upon Request

Key Segments Covered in the Compact Electric Construction Equipment Industry Report

Compact Electric Construction Equipment Industry by Product Type

  • Forklift
  • Loader
  • Excavator
    • Mini
    • Midi
  • AWP
    • Telehandler
    • Boom
    • Scissor

Compact Electric Construction Equipment Industry by Ton Type

  • Below 5 Ton
  • 6 to 8 Ton
  • 8 to 10 Ton

PMR Market by Region

  • North America Market
  • Europe Market
  • Asia-Pacific Market
  • Middle East & Africa Market
  • South America Market

- FAQs -

The global market is estimated to be around US$ 52.4 Bn in 2022.

The global market is likely to grow at a rate of 13% through 2032

The global market is expected to reach US$ 177.8 Bn by 2032

US is figured out to be the leading regional market.

The Forklift segment contributes for more than 65% of the market revenue.

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