Electrification accelerates surge in electric excavator adoption

Dongwu Securities reported that the global electric excavator adoption rate is below 1%, but leading international companies are accelerating their shift to electric models. Major obstacles included low hydraulic system efficiency and high battery costs.

Future research will focus on replacing hydraulic systems with electric drive systems and reducing battery costs. A breakthrough in technology is expected to spark a surge in the electric excavator market.

Recent Events:

August 2024: Komatsu and ABB signed a cooperation agreement to advance electric mining machinery.

December 2023: Komatsu acquired US battery company American Battery Solutions Inc. (ABS) to develop lithium-ion batteries.

Market Outlook:

Electric excavator adoption is projected to exceed 30% with technological advancements. China has a cost advantage in lithium batteries and policy support is further accelerating market development. Domestic manufacturers are expected to lead the electric trend and make breakthroughs in global markets.

23 Aug 2024 reported by Machinery News