
Report ID: SQMIG45J2260
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.
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Report ID: SQMIG45J2260