The global electric excavator market accounted for US$ 5,056.3 Mn in 2020 with a considerable CAGR of 19% during the forecast period of 2021 to 2028.
|Market||Electric Excavator Market|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Propulsion, By Product Type, By End-use Industry, By Power, and By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||
Bobcat (Doosan), Komatsu, Volvo Construction Equipment, Kubota, Hyundai Construction Equipment, Wacker Neuson, LiuGong, Mecalac, Hitachi, Caterpillar, SENNEBOGEN, and Others.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Automobile industry is shifting to clean & green energy and electric or battery-operated vehicles are the future of this industry; similarly, the off-highway vehicle segment is also rapidly converting to electric. More than 156 electric vehicle models are available for purchase in agriculture, construction, mining, logistics, and material handling until August 2020.
An electric excavator is a component of heavy construction equipment that is powered by electricity and is used to dig holes and trenches as well as for material handling, mining, construction, forestry mulching, and other similar tasks. Instead of a conventional internal combustion engine, the electric excavator is powered by a massive kilowatt-hour battery pack, and it is classified as a low or zero-emission equipment vehicle because no carbon dioxide, nitrogen oxide, or other particulate matter is emitted into the atmosphere. For the last few years, the global electric excavator market has been rapidly expanding. It is expected to grow at a rapid pace in the near future.
Impact of COVID 19
Despite the impact of the COVID-19 pandemic, which resulted in a sharp reduction in auto sales in the second quarter of 2020, zero-emission vehicle (ZEV) sales kept a 3.3 percent market share in the first half of 2020. Furthermore, it has compelled governments all over the world to impose lockdowns in their individual countries, resulting in factories being shut down partially or totally. Export and manufacturing companies were forced to put their operations on hold for the time being. This has had a negative influence on the global market for electric excavators.
Industry evolution and booming infrastructure, combined with rising pollution, are driving demand for electric excavators.
Electric excavators are particularly appealing because of the numerous opportunities for energy recuperation provided by boom and bucket movements throughout the daily duty cycle. However, many OEMs are considering developing electric equipment. For instance, Cummins represented an electric mini excavator prototype developed in collaboration with Hyundai in 2019. A Cummins BM4.4E flexible battery module, each producing 4.4 kWh of power, is the powerhouse of the excavator. It can power a full work shift and recharge in three hours. Due to less emission and noise pollution, Volvo Construction Equipment announces stoppage of diesel excavators and wheel loaders productions from mid-2020 and will replace them with compact electric excavators such as ECR25 and L25 electric wheel loader.
Electric excavators are designed and built by equipment and machinery manufacturers for a wide range of purposes, including river dredging and hole digging, as well as the demolition of unnecessary infrastructure and construction. Manufacturers are continually upgrading battery packs and electric motors to boost the power of the electric excavator so that it can do a variety of tasks.
Higher cost of battery to hamper the electric excavator market
In the electric excavator, the battery represents a significant portion of the total vehicle/equipment cost. In the current market, the high cost of batteries and large maintenance costs are the major drawbacks in the electric excavators market. Furthermore, taking a long time to charge and less fast charging infrastructure of electric excavators are also anticipated to hamper the electric excavator market in the near future.
The global electric excavator market is characterized by the presence of experienced and established players. Key companies include Bobcat (Doosan), Komatsu, Volvo Construction Equipment, Kubota, Hyundai Construction Equipment, Wacker Neuson, LiuGong, Mecalac, Hitachi, Caterpillar, SENNEBOGEN, and Others.
Market By Propulsion
Market By Product Type
Market By End-use Industry
Market By Power
Market By Geography
The estimated value of global Electric excavator market by 2028 was accounted to be US$ 19,142.3 Million
The projected CAGR of Electric excavator during the analysis period of 2021 to 2028 is 19%.
Growing emphasis on research & development activities in the zero emission and noise pollution construction equipment as well as Industry evolution and booming infrastructure are the prominent factors that fuel the growth of global Electric excavator market
Asia Pacific held the dominating share for Electric excavator during the analysis period of 2021 to 2028