Electrification of construction machinery accelerates as penetration rates soar over 10%

In July, the domestic retail penetration rate of new energy vehicles (NEVs) exceeded 50% for the first time, marking a significant milestone. Simultaneously, the electrification of construction machinery is also accelerating, with the penetration rate of two major product categories surpassing 10%, achieving the target ahead of schedule.

Specifically, the penetration rate of electric loaders reached 15.9% in July.

Future demand is expected to continue growing, driven by environmental policies and advancements in technology. The sales of new energy heavy trucks in July are estimated to exceed 5,300 units, indicating strong growth momentum.

By 2027, the penetration rate of electric loaders is expected to reach 50%, and by 2030, the sales of electric heavy trucks in China are projected to exceed 300,000 units.

Many domestic construction machinery and battery manufacturers are intensifying their efforts, advancing technological cooperation and market expansion. However, despite the rapid progress in electrification, challenges remain in terms of policy support, industry chain maturity, and market acceptance.

29 Aug 2024 reported by Machinery News