Electric Construction and Agriculture Equipment Market to Reach $24.3 Billion by 2032 at 21.1% CAGR: Allied Market Research

Major players in the electric construction and agriculture equipment industry have focused on product launch strategies to gain maximum share in the market. This further results in the consolidation of the global electric construction and agriculture equipment market

WILMINGTON, Del. , March 7, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, Electric Construction and Agriculture Equipment Market by Type (Construction and Agriculture), Battery Capacity (75kWh up to 100 kW, 101 kW up to 125kW, and 126 kW to 150kW), and Electric Fuel Type (Battery Electric, Plug-in Hybrid, and Fuel Cell/Hydrogen): Global Opportunity Analysis and Industry Forecast, 2023-2032. According to the report, the global electric construction and agriculture equipment market was valued at $3.6 billion in 2022 and is projected to reach $24.3 billion by 2032, registering a CAGR of 21.1% from 2023 to 2032.

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Electric construction equipment refers to machinery and vehicles used in construction that are powered by electricity rather than traditional fossil fuels such as diesel or gasoline. These machines utilize electric motors and batteries or connect to electric grids to operate, reduce or eliminate exhaust emissions and noise pollution, and in some cases, improve the overall efficiency. Agricultural construction equipment refers to machinery specifically designed and used in agricultural settings to perform various tasks related to land preparation, cultivation, harvesting, and other farming activities.

Prime determinants of growth

Growth in the construction and infrastructure industry is significantly contributing toward the market growth. However, countries such as the U.S., Germany, and other developing countries are focused on developing new technologies in the electric construction and agriculture equipment industry to sustain their market share during the forecast period.

Report coverage & details:

The construction segment was the highest revenue contributor to the market, in 2022, and is estimated to witness a CAGR of 20.6%. during the forecast period. The agriculture segment is estimated to witness a significant CAGR of 27.5% during the forecast period.

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By type, the electric construction and agriculture equipment market is classified into construction and agriculture.

Surge in demand for electrically powered construction equipment and other heavy-duty gear acts as the key driving force of the construction equipment segment. The incorporation of hydraulics in construction demonstrates its indispensable role in powering heavy machinery and spearheading advancements in efficient and resilient hydraulic systems, thereby fortifying the industry's pivotal position in driving innovation and reliability. Excavators, loaders, bulldozers, dump trucks, and other vehicles are among those propelled by electric motors fueled by rechargeable batteries. The capacity of these electric alternatives to reduce noise pollution, run with zero emissions, and offer increased efficiency is driving the transition from traditional diesel-powered machinery toward these battery-operated alternatives in the construction industry.

The 126 kW to 150kW segment is expected to witness high CAGR throughout the forecast period

By battery capacity, the electric construction and agriculture equipment market is divided into 75kWh up to 100 kW, 101 kW up to 125kW, and 126 kW to 150kW battery capacity. 75kWh up to 100 kW segment is accounting for more than half of the market revenue.

Compact loaders, micro excavators, and smaller tractors used for less intensive agricultural tasks or smaller construction projects are typical instances of equipment in this category. These machines are designed to provide adequate power for operations that need flexibility and agility in constrained spaces, indicating their usefulness for a variety of agricultural and construction applications. These diverse power ranges and battery capacities provide adaptability and performance across a wide variety of applications, impacting the efficiency and usability of electric gear for certain jobs in agriculture and construction.

The plug-in hybrid segment held majority of share in terms of revenue in 2022

By electric fuel type, the electric construction and agriculture equipment market is classified into battery electric (BE), plug-in hybrid (PHEV), and fuel cell/hydrogen-powered (FCEV). Out of these, the plug-in hybrid segment accounted for more than half market share in terms of revenue in 2022.

Rise in the adoption of PHEV products, pushed by manufacturers attempting to suit varying consumer wants, acts as the key driver of the segment. In addition, government incentives, such as subsidies and tax credits, have been critical in pushing the adoption of PHEVs, significantly contributing to their market growth. Furthermore, continuous advances in battery technology and engine efficiency have significantly improved the all-electric range and overall performance of PHEVs, making them more desirable to customers. Plug-in hybrids powered by bioethanol are an efficient way to minimize vehicle emissions while also better meeting the demands of motorists. The regulations on CO2 emissions from light vehicles continue to play an important role. According to a study by the European Commission, these plug-in hybrid cars travel 40% of the distance of an electric vehicle and 60% of the distance of an internal combustion engine vehicle.

North America dominated the market share in terms of revenue in 2022

The electric construction and agriculture equipment market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2022, North America accounted for more than one-third of the market share, and Asia-Pacific is expected to grow at a significant CAGR throughout the forecast period. China holds the maximum share in the electric construction and agriculture equipment market industry in the Asia-Pacific region. Countries such as India, South Korea, and others, possess high growth opportunities, owing to rapid infrastructural development. However, the construction industry was impacted owing to the liquidity crisis during 2019. Equipment manufacturing companies were highly impacted during the period.

Rise in environmental concerns and growth in demand for greener alternatives act as the key driving factors of the electric construction and agriculture equipment market in Asia-Pacific. In addition, government backing, market potential fueled by economic expansion, and focus on technical innovation contribute toward the market growth. The region's growing need for sustainable solutions in the building and agricultural sectors is further expected to open new avenues for the expansion of the market during the forecast period.

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Leading Market Players: -

• Komatsu Ltd.
• AB Volvo
• KUBOTA Corporation
• Caterpillar
• Deere and Company
• Doosan Corporation
• Sandvik AB
• Epicroc
• Liebherr Group
• Hitachi

The report provides a detailed analysis of these key players in the electric construction and agriculture equipment market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research