Construction Motor Market Trends and Forecast
The future of the global construction motor market looks promising with opportunities in the hoisting motor, traction motor, and pump motor markets. The global construction motor market is expected to grow with a CAGR of 4.7% from 2024 to 2030. The major drivers for this market are increased funding in construction projects and growing adoption of automated construction process.
• Lucintel forecasts that electric motor is expected to witness the highest growth over the forecast period.
• Within this market, hoisting motor is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Construction Motor Market
• United States: In the United States, there has been a significant focus on electric construction motors to reduce carbon emissions. Companies like Caterpillar and Deere & Company have announced initiatives to develop electric-powered construction equipment, aiming to meet environmental regulations and customer demands for sustainable solutions. The U.S. government has set targets under the Clean Power Plan and infrastructure bills to promote the adoption of electric motors in construction machinery, supporting a shift towards cleaner technologies.
• India: IndiaÄX%$%Xs construction sector is experiencing growth with initiatives from companies like Larsen & Toubro (L&T), which has invested in research and development of efficient construction motors. L&T aims to enhance productivity and reduce operational costs through advanced motor technologies. The Indian governmentÄX%$%Xs targets include promoting Make in India initiatives and enhancing infrastructure development, encouraging domestic manufacturing of construction motors to meet growing demand.
• China: In China, companies such as Sany Group and Zoomlion Heavy Industry Science & Technology Co., Ltd. are leading advancements in construction motor technology. These companies are focusing on developing high-efficiency motors and integrating smart technologies into construction equipment. The Chinese governmentÄX%$%Xs targets under the 14th Five-Year Plan emphasize technological innovation and green development in the construction sector, driving the adoption of energy-efficient construction motors.
• Germany: Germany is advancing in the Construction Motors Market with initiatives from companies like Siemens and Bosch Rexroth AG, which are developing smart and energy-efficient motors for construction applications. These initiatives align with GermanyÄX%$%Xs Energiewende goals and focus on sustainable development in the construction industry. The German governmentÄX%$%Xs targets under its Climate Action Plan 2050 include promoting energy efficiency in buildings and infrastructure, supporting the integration of advanced construction motor technologies
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Construction Motor Market by Segment
The study includes a forecast for the global construction motor market by type, application, and region.
Construction Motor Market by Type [Value from 2018 to 2030]:
• Electric Motor
• Hydraulic Motor
• Pneumatic Motor
Construction Motor Market by Application [Value from 2018 to 2030]:
• Hoisting Motor
• Traction Motor
• Pump Motor
• Others
Construction Motor Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Construction Motor Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies construction motor companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the construction motor companies profiled in this report include-
• Toshiba
• ABB
• Nidec Motor
• Rockwell Automation
• Ametek
• Regal Beloit
• Johnson Electric
Recent Development in the Construction Motor Market
• Caterpillar Inc. : Caterpillar has been focusing on the development and deployment of electric construction motors and equipment. Their initiative includes the introduction of electric excavators and loaders, aiming to reduce carbon emissions and meet stringent environmental regulations globally. This shift towards electric motors underscores CaterpillarÄX%$%Xs commitment to sustainability and innovation in construction machinery.
• Volvo Construction Equipment : Volvo Construction Equipment has launched a comprehensive electrification strategy for its construction motors. This initiative includes the development of electric-powered compact machines and articulated haulers, targeting reduced operational costs and environmental impact. VolvoÄX%$%Xs electrification efforts are part of their broader commitment to sustainable construction solutions and align with global trends towards cleaner technologies in heavy machinery.
• Komatsu Ltd. : Komatsu has invested heavily in hybrid and electric solutions for construction motors. They have introduced hybrid excavators and bulldozers, combining diesel engines with electric motors to enhance fuel efficiency and reduce emissions. KomatsuÄX%$%Xs initiative reflects their proactive approach to meeting customer demand for eco-friendly construction equipment while maintaining high performance and reliability.
• Hitachi Construction Machinery Co., Ltd. : Hitachi Construction Machinery has launched the Smart Construction initiative, integrating advanced technologies such as IoT (Internet of Things) and AI (Artificial Intelligence) into their construction motors. This initiative aims to improve operational efficiency, optimize equipment performance, and reduce downtime through real-time data analytics and predictive maintenance. HitachiÄX%$%Xs smart construction solutions cater to the growing demand for connected machinery in the construction sector, enhancing productivity and profitability for their customers
Features of the Global Construction Motor Market
Market Size Estimates: Construction motor market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Construction motor market size by type, application, and region in terms of value ($B).
Regional Analysis: Construction motor market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the construction motor market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the construction motor market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for construction motor market?
Answer: The global construction motor market is expected to grow with a CAGR of 4.7% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the construction motor market?
Answer: The major drivers for this market are increased funding in construction projects and growing adoption of automated construction process.
Q3. What are the major segments for construction motor market?
Answer: The future of the construction motor market looks promising with opportunities in the hoisting motor, traction motor, and pump motor markets.
Q4. Who are the key construction motor market companies?
Answer: Some of the key construction motor companies are as follows:
• Toshiba
• ABB
• Nidec Motor
• Rockwell Automation
• Ametek
• Regal Beloit
• Johnson Electric
Q5. Which construction motor market segment will be the largest in future?
Answer: Lucintel forecasts that electric motor is expected to witness the highest growth over the forecast period.
Q6. In construction motor market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the construction motor market by type (electric motor, hydraulic motor, and pneumatic motor), application (hoisting motor, traction motor, pump motor, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Construction Motor Market, Construction Motor Market Size, Construction Motor Market Growth, Construction Motor Market Analysis, Construction Motor Market Report, Construction Motor Market Share, Construction Motor Market Trends, Construction Motor Market Forecast, Construction Motor Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.