Electric Excavators Market Trends

Growth Drivers

• Evolution of New Industries and Rapid Transformation – Rapid transformation and evolution of several industries in conjunction with booming infrastructure across the globe, especially in developing countries, are expected to fuel the progress of this market. On the other hand, large-scale construction companies are switching conventional heavy-duty excavators with electric excavators due to reduced noise emission, superior maneuverability, and operational ease that is set to drive the electric excavators market in the upcoming future.
• Growing Technological Advancement - High-performance electric mini excavators are attracting major players such as JCB, Volvo and Hitachi, which are leading construction companies that have launched 2-5 ton battery-powered mini excavators in their respective segments. These machines operate very efficiently thanks to their short tail blade design that allows efficient operation even in tight spaces. Compared to diesel excavators, users of this machine can expect low maintenance costs and reduced downtime. They are economical and easy to transport, small electric excavators are easy to transport from place to place and easily fit on a trailer or extended pickup bed. Mini excavators integrate new technologies such as lithium-ion batteries and electric cylinders that do not use hydraulics. Its advanced functionality is connected to vehicle control sensors and operational activities via a wireless system. These types of technological advancements are estimated to offer lucrative growth opportunities for the market in the forecast time period. 
• Growing Demand for Low-Noise Construction Activities - Increasing noise pollution in cities is becoming a potential hazard due to the increasing number of construction projects within city limits. Most municipalities have imposed regulations and restrictions on noise at construction sites. The main cause of noise on residential construction sites is mainly construction machinery powered by diesel engines. Noise from diesel-powered construction machinery is stimulating the development of initiatives and policies related to noise reduction in residential areas. Such as, the Oslo city government plans to operate all public construction sites with such machinery by 2025.

Challenges

• High Upfront Cost – Electric excavators are typically more than diesel-powered excavators upfront. This is due to the cost of the batteries and other electric components. However, the lower operating costs of electric excavators can offset the higher upfront cost over time. This is estimated to hamper the market growth in the upcoming future.
• Limited Charging Infrastructure is Set to Pose Limitation on the Market Growth in the Projected Period.
• Lack of Awareness is Predicted to Restrict the Market Growth in the Forecast Period.