The global electric construction equipment market is projected to grow from USD 10.2 billion in 2023 to USD 44.8 billion by 2030, at a CAGR of 23.6% from 2023 to 2030
The market is driven by factors such as - increasing demand to minimize exhaust emissions, operational benefits such as decreased ventilation costs in underground mining & lower operating costs of electric equipment, and growing regulations for low-noise construction machines in residential areas.
The electric dump trucks are expected to hold the largest market share in 2023
Dump trucks mainly find their applications in mining and construction. Dump truck electrification can curb ventilation costs and reduce overall operational costs, benefiting surface and underground operations in mining. Key players like Komatsu Ltd., Caterpillar Inc., and Epiroc AB are prominent in this global market. Electric dump trucks represent a transformative shift in mining, embracing sustainability and stringent regulations. Notable advancements include Komatsu's hybrid excavator and Sandvik's battery-electric truck, which minimize emissions and enhance efficiency. Industry giants like BHP Billiton and Caterpillar's collaboration signifies a collective push toward large-scale electric truck development. These innovations promise reduced emissions, improved efficiency, and substantial cost savings.
Off-highway equipment manufacturers are prioritizing electric dump trucks despite higher initial costs due to long-term savings in fuel and maintenance. With increased battery range and lifespan electric dump trucks are a viable option for longer hauling distances within mine sites. With initiatives like Hitachi Construction Machinery and ABB partnering to develop emission-free dump trucks or Caterpillar Inc.'s first large battery-electric dump truck prototype, the market for electric dump trucks is set to grow at a promising rate.
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