Electric Excavators Market 2021 Opportunities, Driving Forces, COVID-19 Impact Analysis, And Future Potential 2029
Research Nester released a report titled “Electric Excavators Market: Global Demand Analysis & Opportunity Outlook 2029”which delivers detailed overview of the global electric excavators market in terms of market segmentation by propulsion, product type, end-use industry and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The electric excavators market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of the rapid transformation and evolution of several industries in conjunction with booming infrastructure across the globe and the adoption of conventional heavy-duty excavators with electric excavators from large scale construction companies.
The market is segmented based on product type into wheeled, mini/compact, crawler, and others. Among these segments, the mini/compact product segment is anticipated to hold the largest share by the end of 2021 in the electric excavator market on account of rising construction activities that demand for equipment and devices that can pervade narrow spaces and delicate structures to perform a variety of functions related to excavation, clawing, fixing and lifting.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the electric excavators market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in the North America holds the largest share. This can be attributed to the growing investment in the infrastructure sector from public and private organizations in the region, especially in the United States.
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Manufacturers Designing Electric Excavator to Work for Numerous Applications to Drive Market Growth
In April 2021, German Swiss equipment manufacturer Liebherr launched R 976-E and R 980 SME-E electric crawler excavators. These excavators offer low noise level, optimum versatility, zero CO2/greenhouse gas emissions during operation, and capable of withstanding extreme conditions.
With the advancement in technology, product innovation has taken a pace in the development of excavators. Companies prioritize manufacturing equipment that can provide its user operational ease, withhold regulatory requirements, and significantly reduce operating costs. These all factors have enlarged the scope of excavators' use in other non-traditional end-use industries. However, high battery cost and untested battery performance in extreme working conditions are some of the factors that are estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global electric excavators market which includes company profiling of Caterpillar (NYSE: CAT), SENNEBOGEN, J C Bamford Excavators Ltd, AB Volvo (STO: VOLV-B), Doosan Bobcat (KRX: 241560), Komatsu Ltd. (TYO: 6301), Deere & Company (NYSE: DE), YANMAR HOLDINGS CO., LTD. (SWX: NOVN), Hitachi Construction Machinery Co., Ltd (TYO: 6305), and KUBOTA Corporation (TYO: 6326). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electric excavators market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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