According to Arizton’s latest research report, the US electric construction equipment market is growing at a CAGR of 28.06% during 2024-2030.
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Report Scope:
Market Size – Volume (2030): 1.94 Thousand Units
Market Size – Volume (2024): 441 Units
CAGR (2024-2030): 28.06%
Market Size Revenue (2030): USD 541.4 Million
Historic Year: 2021-2023
Base Year: 2024
Forecast Year: 2025-2030
Market Segmentation: Equipment, Battery Capacity, Battery Chemistry, and End User
In 2024, the US market saw significant growth in the demand for electric construction equipment, particularly in the compact equipment segment. This segment, which includes mini excavators, compact wheel loaders, and track loaders, has the highest electrification rate at around 21%. The high electrification rate is due to the simpler, less complex structure of compact equipment, making it easier to develop electric alternatives. Additionally, these machines have modest power demands, making them more suitable for electrification compared to larger equipment. The compact size of these machines allows for indoor operation, reducing emissions and improving health conditions, especially in confined spaces like basements or during demolition. Furthermore, electric equipment produces less noise than diesel models, making them ideal for urban construction projects, particularly in residential areas. The global adoption of battery-electric compact equipment is expected to reach over 10% by 2030, with construction equipment weighing under 10 tons seeing the highest electrification rate in the US.
Recent Developments in the U.S. Electric Construction Equipment Market
Geographical Analysis
Key Infrastructure Initiatives in California and Texas (FY 2023-2024)
California’s Transportation Infrastructure Expansion In FY 2023-2024, California allocated $16.1 billion to expand transportation infrastructure, including investments in roadways, bridges, public transit, and active transportation like bike lanes and sidewalks. Additionally, Senate Bill 1 (SB 1) passed in June 2023 secured an extra $1.7 billion through competitive grant programs for trade corridors, congested routes, and local collaborations. Notable ongoing projects include the California High-Speed Rail (CHSR) Phase 1, connecting Merced to Bakersfield, expected to complete by 2029, and the Los Angeles Metro Crenshaw/LAX Line, slated for completion in 2027. The Bay Bridge Forward Seismic Retrofit Project, which enhances seismic resilience, is anticipated to be completed by 2030.
Texas Infrastructure Fund and Major Projects In November 2023, Texas voters approved three constitutional amendments, establishing $7.5 billion for infrastructure, with allocations for water, broadband, and dispatchable energy projects, including natural gas power plants. The I-35E Expansion in Dallas, valued at $7.5 billion, involves adding tolled lanes, enhancing existing lanes, and constructing new interchanges. The project began in 2022, with Phase 1 expected to finish by 2028. In West Texas, the Western Solar Fields and Storage project, a major solar photovoltaic farm with battery storage, is set to contribute clean energy to the grid and is expected to conclude in stages by 2024.
U.S. Electric Construction Equipment Market Dynamics
Drivers
Trends
Key Company Profiles
Component Suppliers
Market Segmentation
Equipment
Battery Capacity
Battery Chemistry
End User
What Key Findings Will Our Research Analysis Reveal?
How big is the U.S. electric construction equipment market?
What is the growth rate of the U.S. electric construction equipment market?
Who are the key players in the U.S. electric construction equipment market?
Which are the major component suppliers in the U.S. electric construction equipment market?
What are the trends in the U.S. electric construction equipment market?
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