USD 56.0 billion
Report ID:
SQMIG45J2260 |
Region:
Global |
Published Date: February, 2025
Pages:
192
|Tables:
95
|Figures:
71
Global Compact Electric Construction Equipment market size was valued at USD 56.0 billion in 2023 and is poised to grow from USD 63.2 billion in 2024 to USD 174.5 billion by 2032, growing at a CAGR of 12.74% in the forecast period (2025-2032).
Rapid urbanization in developing countries demands better infrastructure which includes, not just houses, schools, hospitals, stadiums, government buildings, and airports, but many more. Therefore, there is a growing demand for compact construction machinery in developing countries. Otherwise, other forklifts such as pallet jacks and stand-up riders are becoming considerably more important among warehouse owners as they are well designed towards lifting heavy weights and can be accommodating at greater heights. The warehouse owner's attitude towards reducing the cost of operation and improving transparency within the warehouse is predicted to drive demand for compact electric construction equipment.
Demand for compact electric construction equipment can be due to the growing level of global construction activities along with environmental regulations that are getting strict. Governments are also concerned with infrastructure development as the growth rate is fast. Therefore, an exponential increase in construction activities is boosting the demand for compact equipment that can work in narrow spaces, is easy to transport, and has less maintenance & operational costs. This aspect is expected to augment the global compact electric construction equipment market growth. In addition, activities involving renting construction equipment are expanding rapidly. Customers renting construction equipment allows them to bypass the expenses on purchasing and operating the equipment. To expand their share in the market, many heavy machine manufacturers such as Mitsubishi Corporation, Komatsu Ltd, and Hyundai Construction Co, Ltd, etc. have sought rental businesses. Industry growth is projected to be promoted by the substantial demand of this industry for renting electric excavators, electric loaders, and electric forklifts.
Market snapshot - (2025-2032)
Global Market Size
USD 56.0 billion
Largest Segment
Below 5 Ton
Fastest Growth
8 to 10 Ton
Growth Rate
12.74% CAGR
To get more reports on the above market click here to Buy The Report
The global compact electric construction equipment market is segmented into product, ton, end user, and region. By product, the market is classified into forklift, loader, excavator, and AWP. Depending on ton, it is divided into below 5 ton, 6 to 8 ton, and 8 to 10 ton. According to end user, the market is categorized into residential construction, commercial construction, industrial construction, infrastructure development, landscaping, mining, and others. Regionally, it is studied across North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Product
As per the 2024 global compact electric construction equipment market analysis, the forklift segment dominated the market and is expected to remain the market leader. Electric forklifts are gaining more popularity as their operating costs are lower. Compared to traditional diesel-powered forklifts, electric versions have fewer moving parts, which in turn results in lower maintenance needs. They are more energy efficient as they consume much less electricity; therefore, the operation costs are lowered. The reduced maintenance requirement and that electric forklifts would be environmentally friendlier, resulting in lower exhaust emissions, add to their demands. These lift trucks are more suitable for utilization in indoor location applications, especially in smooth floor factories, warehouses, and also distribution centers.
The loader segment is expected to grow at a high rate during the forecast period with an impressive CAGR of 49.7%. Increasing demand for compact loaders among the construction industries will be a key driver for this segment. Electric loaders provide various advantages over the conventional diesel-based loads. Fewer moving parts tend to lead to lower frequency maintenance activity and cost lesser servicing. Electric loaders are less expensive than diesel-fueled because electricity is also usually much cheaper compared to diesel fuel, providing any construction company good long-term saving opportunities. They also tend to be more silent and environmentally friendly; hence, those wanting fewer costs or lower carbon footprints would favor companies that are looking for such properties in their operations.
Analysis By Ton
Based on the 2024 global compact electric construction equipment market forecast, the largest revenue share of approx 38.0% was accounted for by the below 5-ton segment. This is driven by the need for compact construction equipment that provides efficient operations and lower environmental impact. Electrification of lightweight excavators and loaders is more common because manufacturers are becoming more sustainable and efficient. Since smaller machines are easier to develop, transition, and adapt to electric, their market adoption would be faster than that of larger models. As the construction industry continues to emphasize compactness and friendliness to the environment, demand for electric models below 5 tons is expected to steadily increase, and manufacturers will continue to accelerate development and adoption of electrified solutions.
The 8-to-10-ton segment is expected to grow in the global market by a huge margin, as demand for compact electric excavators and loaders that can carry a higher load is increasing. These are large machines used in construction, mining, and infrastructure industries where robust performance and power are of utmost importance. The other significant reason for demand is the increased safety focus in the construction industry. The quieter operation of electric construction equipment makes the use of less noise polluting sites with easier working conditions as well. Further, it reduces its emission that assures safety bettering air quality; making electric construction a popular option to serve sustainable operations that demand productivity in the workplace.
To get detailed analysis on other segments, Request For Free Sample Report
Europe had a revenue share of more than 40.0% in the year 2024 and the regional market is anticipated to grow steadily over the forecast period. The European Union has aggressive targets to cut down greenhouse gas emissions for climatic change. For the implementation of these goals, the EU government has imposed regulations to encourage electric vehicles and equipment. For instance, the EU has already set a goal of reducing 37.5% of CO2 emission for new cars in 2030 than in 2021. Additionally, there is London's Low Emission Zone, which limits the use of diesel-powered machinery in particular locations. Increased use of zero-emission machinery and more infrastructure projects in the region especially in places such as Oslo, Norway; Helsinki, Finland; London, UK; Copenhagen, Denmark; Amsterdam, Netherlands; and Stockholm, Sweden, are responsible for the region's growth.
Asia Pacific is expected to grow with a significant CAGR of more than 17.0% over the forecast period based on the pace of rapid infrastructure development activities that have been witnessed within the region. Some Asia Pacific countries such as China, Japan, and South Korea have announced policies and programs about use of electric vehicles and equipment. They give subsidies and incentive rewards for using the environmentally-friendly product lines like compact electric construction equipment. China sealed its free trade pact deal in Asia Pacific regional partnership dubbed as the Regional Comprehensive Economic Partnership RCEP to Asian-Pacific regions which comprise the three most prosperous and economic economies including Japan and South Korea in East Asia Australia plus some other much smaller economies.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Drivers
Efficiency and Cost Savings
Sustainability Objectives and Environmental Regulations
Restraints
High Purchase Prices for Initial Cost
Limited Charging Infrastructures and Poor Battery Life
Request Free Customization of this report to help us to meet your business objectives.
The competitive landscape of the global compact electric construction equipment industry hosts several significant manufacturers such as JCB, Volvo Construction Equipment, and Caterpillar. To cope with the rising demand, these companies are focusing on innovation and investing in sustainable solutions and electric technology. In the pursuit of updating their product lines, companies often enter strategic alliances, acquisitions, and collaborations. It is further competing markets due to increasing local players, start-up firms, which push on fast new products development and electronification.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global compact electric construction equipment market is expected to witness significant growth due to the growing demand for cost-effective, eco-friendly machinery and stricter environmental regulations. Construction companies are seeking to reduce their operational costs and carbon footprints by replacing the traditional diesel-powered machines with electric ones. The market is supported by developing technology in the fields of battery efficiency, energy management, and charging infrastructure, increasing the performance and practicality of electric machines. Still, issues such as an initial high cost of purchase and limited battery life will continue to exist. However, the market is expected to grow rapidly through large and small players innovating and adopting sustainable practices to meet the evolving needs of the construction industry.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 56.0 billion |
Market size value in 2032 | USD 174.5 billion |
Growth Rate | 12.74% |
Base year | 2024 |
Forecast period | (2025-2032) |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Compact Electric Construction Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Compact Electric Construction Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Compact Electric Construction Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Compact Electric Construction Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Feedback From Our Clients
Report ID: SQMIG45J2260
[email protected]
USA +1 351-333-4748