Electric Excavators Market Size

Electric Excavators Market size is anticipated to surpass USD 275 billion by the end of 2036, expanding around 19% CAGR during the forecast period i.e., 2024-2036. In the year 2023, the industry size of electric excavators was over USD 50 billion. Electric excavators are particularly attractive because of the many opportunities for energy recovery due to boom and bucket movements throughout the daily work cycle. However, many OEMs are considering developing electrical equipment. For example, Cummins demonstrated an electric mini excavator prototype developed in partnership with Hyundai in 2019. A Cummins BM4.4E flexible battery module, each generating 4, 4 kWh, is the power source of the excavator.

Factors such as the rapid development and transformation of many sectors as well as infrastructure growth globally, especially in developing countries, are expected to drive the growth of this market. Additionally, due to reduced noise emissions, greater maneuverability, and greater user comfort, major construction companies are replacing conventional heavy excavators with electric excavators, which is expected will drive the electric excavators market in the near future.