What is Electric Construction Vehicles?
Electric Construction Vehicles run on electricity rather than diesel or gasoline. Buses, vans, and trucks, agricultural vehicles such as combine harvesters and tractors, and construction machinery such as excavators and wheel loaders are all examples. They are powered by an on-board battery that is recharged from the power grid. The electric motor, like in an e-car, converts electrical energy into mechanical energy. The DC-to-DC converter, which supplies the power network, is a critical component of the electrical system. The inverter in the drive converts the direct current from the battery into the alternating current needed to power the vehicle.
|Unit||Value (USD Million)|
|Key Companies Profiled||Komatsu Limited (Japan), Caterpillar Inc. (United States), Hitachi (Japan), John Deere (United States), Volvo (Sweden), Atlas Copco (Sweden), SUNWARD (China), Doosan Corporation (South Korea), Merlo J C Bamford Excavators Ltd. (United Kingdom) and CNH Industrial N.V. (United Kingdom)|
The study covers a detailed analysis segmented by key business segments i.e. by type (Hybrid and Pure-electric) , by application (Commercial, Agriculture and Mining) and major geographies. Research Analyst at AMA predicts that United Kingdom Vendors will contribute to the maximum growth of Global Electric Construction Vehicles market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Electric Construction Vehicles market report suggests strategies that Vendors can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Vendors, some of them are Komatsu Limited (Japan), Caterpillar Inc. (United States), Hitachi (Japan), John Deere (United States), Volvo (Sweden), Atlas Copco (Sweden), SUNWARD (China), Doosan Corporation (South Korea), Merlo J C Bamford Excavators Ltd. (United Kingdom) and CNH Industrial N.V. (United Kingdom).
On 14th June 2022, Mahindra & Mahindra, India's leading utility vehicle manufacturer, has applied to the National Company Law Tribunal for permission to merge Mahindra Electric Mobility Ltd into Mahindra & Mahindra Ltd. M&M explained to the tribunal that the value chain required for end-to-end EV (Electric Vehicles) development, manufacturing, and sales is currently spread between M & M and MEML and needs to be consolidated.
Electric Construction Vehicles emit little pollution, there is still concern about rising pollution due to the installation and operation of charging stations, which ultimately rely on highly polluting coal-fired thermal power plants, as well as battery recycling and disposal. The majority of used batteries end up in backyard smelters, which use highly polluting mechanisms to extract metal. As a result, the EPA seeks to alleviate such concerns by regulating industrial pollution emissions, e-waste disposal, water contamination, and so on. The EPA and the rules and regulations enacted under it require strict adherence to their provisions, and any failure to do so is punishable by both criminal and civil penalties.
The increasing number of players expected to enter the global market is expected to increase competition while also encouraging overall market growth in the near future. Players are expected to focus on the development of electric and hydraulic compounds, which is expected to drive global market growth throughout the forecast period.
Increasing Popularity of Pop-Up EV Chargers and Growing Demand for Roadside EV Charging Cabinets and Lamp-Post EV Charging Points
- High Cost of Upgrading to Wireless Charging Technology
Increasing Initiatives from Governments for Wireless Charging and Rising Opportunities in Emerging Countries
Key highlights of the Global Electric Construction Vehicles market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Electric Construction Vehicles market in next few years.
Detailed Insights on futuristic trends and changing consumer behaviour
Forecast of the Global Electric Construction Vehicles market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Vendors
Comprehensive information about factors that will challenge the growth of Electric Construction Vehicles Vendors
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Electric Construction Vehicles market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Electric Construction Vehicles market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Electric Construction Vehicles Manufacturer, Electric Construction Vehicles Distribution and Supplier, Government Bodies, Research Organizations, End-Users and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.