IDTechEx’s report on electric construction machines aims to boost industry growth, forecasting a US$126 billion market by 2044 with ongoing advancements in technologies and market expansion.
According to IDTechEx’s report, the electric construction machine industry is poised for significant growth, projected to be worth US$126 billion in 2044, representing a 21% CAGR over 20 years. The report stated that the industry is in its early stages, but OEMs are rapidly expanding their electric product offerings. Customers are willing to adopt electric machines due to their zero-emission operation and other benefits, indicating a promising future for the industry.
IDTechEx’s latest report, “Electric Vehicles in Construction: Technologies, Players, Forecasts,” provides a comprehensive analysis of over 200 electric construction machine models from major OEMs like Caterpillar, Komatsu, and Volvo, highlighting ongoing technological and market developments.
One of the significant advantages highlighted in the report is the potential for substantial cost savings with electric machines. For instance, a typical 10-tonne excavator incurs annual fuel costs of approximately USD 6,500 for diesel, compared to just USD 3,350 for electricity. This cost efficiency is crucial in driving short-term adoption, further supported by government policies such as purchase grants and emissions charges that favour electric options.
Mini-excavators emerge as the most mature segment within the electric construction machine market, capable of achieving up to 8 hours of continuous operation on a single charge. Larger machines, such as excavators and wheel loaders, are also making strides with battery capacities ranging from 200 to 500 kWh, marking a significant step towards the industry’s decarbonization goals.
Despite their initial high costs due to expensive batteries and powertrains, ongoing technological advancements such as improved battery technology, more efficient powertrains, and economies of scale in production are expected to drive down prices over time, making electric construction machines increasingly competitive.
