Electric Excavator Market Introduction
Electric excavator is an electrically powered heavy construction equipment that is used to dig holes and trenches, and for material handling, mining, construction, forestry mulching, general grading, river dredging, drilling shafts, driving piles, and other such applications. It comprises a dipper, bucket, boom, and a cab on a rotating platform. The electric excavator is powered by a massive kilowatt-hour battery pack, instead of a conventional internal combustion engine, and is considered as low or zero-emission equipment vehicle, as no carbon dioxide, nitrogen oxide, or other particulate matter is released into the atmosphere. The global electric excavator market has been expanding significantly for the last couple of years. It is likely to expand at a noteworthy pace in the near future.
Electric excavator Market - Competitive Landscape
- Recently, Caterpillar Inc. formed a joint venture with Pon Equipment in an effort to electrify construction machinery and introduced an all-electric 26-ton excavator, which contains a giant 300 kilowatt-hour battery pack. The company believes that the electric excavator outcome would offer a better experience toward reduction of noise and air pollution at construction or operating sites.
- Volvo Construction Equipment (Volvo CE), the Sweden-based company, recently showcased its new range of electric compact machine, ECR25 excavator, a complete electric excavator fitted with lithium-ion batteries, onboard chargers, and an electric motor to power the hydraulics of the machine.
Established in 1925, Caterpillar Inc. with headquartered in Deerfield, U.S. The company is a major manufacturer of construction and mining equipment. It diverse product portfolio includes 21 brands.
Founded in 1952, SENNEBOGEN with headquartered in Straubing, Germany. The company develops and manufactures cranes, electric excavators, telehandlers, material handlers, as well as base carriers. The company has been implementing material handlers in conjunction with electric drives for the last 25 years, and this experience accentuates the company status as a leader in innovation.
J C Bamford Excavators Ltd.
Established in 1945, J C Bamford Excavators Ltd. with headquartered in the Rocester, United Kingdom. The company is a leading manufacturer of construction and agricultural equipment. Its diverse product portfolio includes around 300 types of machinery.
IHI Compact Excavator Sales Corp.
Incorporated in 1994, IHI Compact Excavator Sales Corp. with headquartered in Kentucky, U.S. IHI Compact Excavator Sales is the largest supplier of IHI mini excavators, crawler carriers, and track loaders around the world.
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Electric Excavator Market Dynamics
Evolution in industry and booming infrastructure coupled with surging pollution are driving demand for electric excavator
Rapid transformation and evolution of several industries in conjunction with booming infrastructure across the globe, especially in developing countries, have fueled the demand for electric excavator. Moreover, surge in urban and metropolitan building sites, which requires high performance, more compact, and environment-friendly solutions, is anticipated to drive the electric excavator market in the near future
Furthermore, transportation pollution is a key factor driving the adoption of electric excavators, as traditional excavators emit harmful gases that are injurious to both humans and the environment. These factors are likely to boost the demand for electric excavator in next couple of years.
Manufacturers designing electric excavator to work for numerous applications
Electric excavators are designed and manufactured by equipment and machinery manufacturers to be employed in a variety of applications, ranging from river dredging and digging holes to demolition of unwanted infrastructure to construction. Manufacturers are constantly developing battery packs and electric motors to enhance the power of the electric excavator in order to cater to multiple applications.
Higher cost of battery to hamper the electric excavator market
The battery, which is a vital component of any electric mobility, accounts for around 40% of the total cost of electric mobility. The high cost of the battery has been recognized as a major challenge to the commercialization of electric excavators in mainstream consumer applications. Additionally, higher maintenance cost of electric excavators is also anticipated to hamper the electric excavator market in the near future.
Another challenge to the commercialization of electric excavators is the option of rapidly recharge the batteries, as it necessitate more powerful grid access.
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Electric Excavator Market Segmentation
Based on propulsion, the electric excavator market can be segmented into
- Pure Electric
Based on product type, the electric excavator market can be classified into
- Mini/ Compact
Based on end-use industry, the electric excavator market can be segregated into
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