Compact Electric Construction Equipment Market Size to Surpass US$ 201.32 Billion by 2033, The Brainy Insights

Newark, June 11, 2024 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, The global compact electric construction equipment market is expected to grow from USD 57.5 Billion in 2023 to USD 201.32 Billion by 2033, at a CAGR of 13.35% during the forecast period 2023-2033.

This market growth is due to rapid urbanization and a surge in infrastructure development. Urban areas are growing along with the fast adoption of eco-friendly and sustainable construction solutions due to growing people’s awareness of the environment.

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Competitive Strategy

To enhance their market position in the global Compact Electric Construction Equipment market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• In October 2022: Caterpillar expanded its construction sector portfolio with the launch of its four battery electric machines, which were 301.9 mini excavators, 950 GC medium wheel loaders and 906 compact wheel loaders. It helped the organization expand its market share in the Compact Electric Construction Equipment market.

Report Scope and Segmentation –

Report Coverage Details
Forecast Period 2024-2033
Forecast CAGR 13.35%
2033 Value Projection USD 201.32 Billion
Market Size in 2023 USD 57.5 Billion
Historical Data 2020-2022
No. of Pages 238
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered by Product, Ton, Regions
Regions Covered The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Compact Electric Construction Equipment Market Growth Drivers Demand in developed Economies

Market Growth & Trends

These compact electric construction equipment are different types of machinery that have applications in the construction sector and work on electric power. These equipment are environmentally friendly and often have lower noise levels than traditional products. Also, government regulations encourage sustainable practices, and the construction sector focuses on innovation and efficiency. It has been observed that the advancement in battery technology and the growing efficiency of electric motors are leading to the development of more powerful and compact electric construction equipment. Also, there is a growing trend for integrating autonomous and connected technologies in compact electric equipment, leading to better productivity and proper fleet management. These compact construction machines are generally not defined based on their size but based on the utilities. These compact equipment provide different levels of versatility and capability to perform several tasks which otherwise would have been done by heavy machinery. The cost becomes less comparatively as there is less fuel use. Also, it is lighter in weight, making it easy to transport and operate. This equipment is getting popular as a rental machine due to its portability and versatility. Urban expansion and construction of road-like activities are crucial in the construction equipment sector. Compact construction equipment is a type of machinery that includes excavators, skid steers, loaders, backhoes, and other small-scale construction equipment. These machinery are generally smaller than traditional construction equipment but are more efficient and can perform several tasks. The compact electric construction equipment market has been growing because of the rapid development of infrastructure in developing nations and developed countries, specifically in commercial, housing, and industrial infrastructure. The developed countries are trying to make better infrastructure to provide ease to the people and boost many construction projects like constructing state-of-the-art buildings for tourist attractions and expanding the market. The Compact Electric Construction Equipment market is expected to expand significantly in the next few years, owing to the rapid industrialization in developing nations. All these factors eventually drive the Compact Electric Construction Equipment market in the forecasting period.

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Key Findings

• In 2023, the forklift segment dominated the market with the largest market share of 77.65% and market revenue of USD 44.65 Billion.

The product segment is divided into forklift, loader, excavator and AWP. In 2023, the forklift segment dominated the market with the largest market share of 77.65% and market revenue of USD 44.65 Billion. This significant market share is attributed to its low maintenance requirements and energy efficiency compared to its traditional counterpart due to its lightweight and small size.

• In 2023, the less Than 5 Ton segment dominated the market with the largest market share of 40.11% and market revenue of USD 23.06 Billion.

The ton segment is divided into less than 5 ton, 6 to 8 ton and 8 to 10 ton. In 2023, the less Than 5 Ton segment dominated the market with the largest market share of 40.11% and market revenue of USD 23.06 Billion. This market share is attributed to a growing focus on operational efficiency; hence, compact construction machinery is used more.

Regional Segment Analysis of the Compact Electric Construction Equipment Market:

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

The Europe region occurred as the largest market for the global Compact Electric Construction Equipment industry, with a market share of 42.21% and a market value of around USD 24.27 Billion in 2023. It is attributed to the growing adoption of compact electric construction equipment in the region due to several government policies supporting it and initiatives like ‘Go Green’, boosting environmentally friendly solutions. Asia Pacific has the fastest-growing CAGR in the forecasting period. It is attributed to rapid urbanization and infrastructure development in emerging economies like China, India, Japan and South Korea.

Key players operating in the global Compact Electric Construction Equipment market are:

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

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Compact Electric Construction Equipment market based on below mentioned segments:

Global Compact Electric Construction Equipment Market by Product:

• Forklift
• Loader
• Excavator
• AWP

Global Compact Electric Construction Equipment Market by Ton:

• Less Than 5 Ton
• 6 to 8 Ton
• 8 to 10 Ton

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About the report:

The global Compact Electric Construction Equipment market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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