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.

Caterpillar Inc.

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.

SENNEBOGEN

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
  • Hybrid

Based on product type, the electric excavator market can be classified into

  • Wheeled
  • Crawler
  • Mini/ Compact
  • Others

Based on end-use industry, the electric excavator market can be segregated into

  • Construction
  • Mining
  • Forestry
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Electric Excavator Market

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