Electric construction equipment market worth $44.8 billion by 2030

The electric construction equipment market is projected to grow from USD $10.2 billion in 2023 to USD $44.8 billion by 2030, at a CAGR of 23.6% from 2023 to 2030, according to a new report by MarketsandMarkets. The market is driven by factors such as increasing demand to minimize exhaust emissions, operational benefits such as decreased ventilation costs in underground mining and lower operating costs of electric equipment, and growing regulations for low-noise construction machines in residential areas.

Electric dump trucks are expected to hold the largest market share in 2023, while Lithium-Ion Phosphate (LFP) batteries are estimated to dominate the electric construction equipment market. Dump truck electrification can curb ventilation costs and reduce overall operational costs, benefiting surface and underground operations in mining, and Lithium iron phosphate (LiFePO4) batteries are gaining traction in the market due to their extended lifespan, efficient charging, and enhanced safety features compared to traditional ones.