Global Electric Excavator Market 2024-2030

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    ELECTRIC EXCAVATOR MARKET

     

    INTRODUCTION

    As the auto industry worldwide moves to a sustainable, electrified future, a similar movement can be seen in off highway vehicle segment. As of Aug 2020, there are 156 electrified models available for sales across construction, agricultural and material handing segment as compared to less than 50, five years ago.

     

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    In compact excavator segment, the push towards electrification is higher due to ecological aspects as these machines primarily operate in urban environment.

     

    In terms of operating cost, a battery powered earthmover is lower than that of a diesel-powered machine

     

    ELECTRIC EXCAVATOR MARKET DYNAMICS

    In Europe, especially in city centres there has been an increasing trend of banning high emission vehicles and subsequently there has been growing demand for zero emission, low noise machines. Examples include indoor demolition and basement projects, urban/city centre developments, night-time work and construction in hospitals, schools etc

     

    The further development of electric vehicle battery and charging solutions has further aided the development of electric excavator market.

     

    In Bauma 2016, Bobcat showcased the prototype of the E10e, which generated tremendous interest and traction from prospects.

     

    Sr. No. Timeline Company Updates
    1 August 2021 Komatsu Komatsu launched Komatsu Greenhouse Gas (GHG) Alliance, a collaboration with leading mining companies, aimed at accelerating the development of the next generation of zero-emission mining equipment and infrastructure.
    2 August 2021 Kubota Corporation and Accenture Kubota Corporation strategically partnered with Accenture to accelerate its ongoing digital transformation by evolving its business model to further contribute to solutions for food, water, and environmental sustainability.
    3 April 2021 Kubota Corporation and StartLife Kubota Corporation and StartLife partnered to access a whole ecosystem of innovative agriculture startups to help overcome challenges facing the industry.
    4 July 2020 Doosan Bobcat and Green Machine Equipment Doosan Bobcat North America and Green Machine Equipment, Inc., strategically partnered to produce electric/hydraulic Bobcat compact excavators.
    5 June 2020 Doosan Bobcat and Ainstein AI Doosan Bobcat North America partnered with Ainstein AI, In to develop next-generation radar sensor systems for Bobcat equipment. Through this partnership, Ainstein and Doosan Bobcat North America collaborated to create radar-based sensing solutions to detect objects on job sites.

     

    NEW PRODUCTS DEVELOPED IN ELECTRIC EXCAVATOR MARKET

    Feb 2019– Bobcat launched new E10e, 1 tonne, zero tail swing (ZTS) mini-excavator based on the very successful diesel powered E10 ZTS mini-excavator for indoor applications such as demolition and basement construction. The biggest advantage of this excavator is that when charged with a 400V supercharger it can operate throughout a full working day and can be recharged to 80% of the capacity in under 2 hours

     

    April 2019– Hyundai, unveiled HX10A, powered by a Yanmar diesel engine but can also be bought with an HPU electro hydraulic unit.

     

    July 2018- France based Mecalac started producing a wheeled electric excavator, the e12, which has an operational range of eight hours and 146kW per hour of power. The powertrain is supplied by Dana.

     

    ELECTRIC EXCAVATOR MARKET SIZE AND FORECAST

    In 2020, post COVID, Europe is expected to be the fastest growing market for electric vehicles and it is no different in case of electric excavators. Bobcat is already producing E10e at Dobris, Czech Republic to take advantage of this.

     

    Higher battery cost and untested battery performance in extreme working conditions will further decide the growth if this market.

     

    The global Electric excavator market is estimated at $XX Million in 2022, growing at –% CAGR till 2030.

     

    ELECTRIC EXCAVATOR MARKET COMPETITIVE LANDSCAPE

    The conventional excavator market has always been consolidated and it is no different in case of electric excavators. However, OEMs are following different strategies and setting different milestones to achieve higher electrification.

     

    Volvo Construction equipment has already announced that the company would not produce diesel powered compact excavators or wheeled loaders in the future.

     

    Hyundai is working with Cummins on a 100% electric-powered excavator –believes that by offering a plug-in system with no charging required it can appeal to larger chunk of fleet operators

     

    Germany based Wacker Neuson is one of the prominent manufacturers of electric equipment but does not believe that in the medium term all products will be electric.

     

    China-based LiuGong utilises most of the diesel excavator’s hydraulic system allowing a reduced R&D timeline.

     

    Sr. No. Timeline Company Sales
    1 Q3-2021

    (Ending September 2021)

    Doosan Bobcat Doosan Bobcat Inc.’s net income fell 21.2 percent in the third quarter from a year earlier on foreign exchange losses. Net profit came to 54.4 billion won (US$46.6 million) in the July-September period, compared with 69 billion won a year earlier.
    2 Q3-2021

    (Ending September 2021)

    Volvo CE Due to continuing high levels of investment in both infrastructure refurbishment and more sustainable products of the future, Volvo CE,s net sales in the third quarter increased by 11% to $2,152M, from $1,931M in 2020.
    3 Q3-2021

    (Ending September 2021)

    Kubota Corporation Kubota Corporation’s revenue for the third quarter of 2021 came in at $4,728.8 million, up 14.3% from $4,137 in the same quarter last year because of significantly increased sales of farm equipment and construction machinery.
    4 Q2-2021 (Ending September 2021) Hitachi Construction Machinery Hitachi Construction Machinery recorded total revenue of 473,692 million yens, a 31.3% increment from the same period a year ago. The net income was 33,989 million yens as compared to 2,168 million yens the previous year.

     

    ELECTRIC EXCAVATOR MARKET COMPANY PROFILES

    1. Bobcat(Doosan)
    2. Komatsu
    3. Volvo Construction equipment
    4. Kubota
    5. Hyundai Construction Equipment
    6. Wacker Neuson
    7. LiuGong
    8. Mecalac
    9. Hitachi

     

    ELECTRIC EXCAVATOR MARKET THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

    1. Market Size and Forecast (2024-2030), Units and $M
    2. Market split by region, end use segment and excavator Power output
    3. Market share of leading vendors, 2024
    4. COVID impact on Electric excavator market and OEMs earnings
    5. Electric excavator technology trends
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2024-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2024-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2024-2030
    21 Product installation rate by OEM, 2023
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
       
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