There is a trend of surge in the demand for electric equipment in all the industries and heavy machinery.
Although, we witness those electric vehicles are creating a huge demand for the electric equipment, however there are many such factors that drive the rise of electric equipment and heavy machinery.
The number of electric vehicles has gone up on roads, however the major demand for it comes from the sectors such as construction, mining, agriculture etc.,
The covid pandemic did have its slow down effect in the market, however, the market is thriving back again and making a come back to the market with more resilience.
Low Fuel Cost to Drive the Electric Equipment and Heavy Machinery
One of the major factors driving the electric equipment and heavy machinery is the low fuel cost. The main challenge with these industries is transporting fuel and the harmful emission are taken care by the electric equipment and heavy machinery.
Along with low fuel cost, the rise of electric equipment and heavy machinery is driven by the low maintenance cost associated with these. Further, the offer the advantage of hybrid machines and simple designs, which further is another key factor driving the rise of electric equipment and heavy machinery in the coming years.
These machines provide less idling time, thus reducing the wear and tear of the engine and extending the life of these machines which further provides the growth opportunities for electric equipment and heavy machinery.
The United States have been the torch bearer in the global market to reduce the consumption of fossil fuels and switch to better alternatives by starting electrification movement.
In 2021, the state-imposed ban on many gas-powered power tools including power lawn and garden equipment and lawn mowers which will be in effect from 2022, thus driving the rise of electric equipment and heavy machinery in the forthcoming years.
Stringent Government Regulations to Expand Market
The government strict regulations on controlling emissions and adoption of green energy is expected to drive the operators to comply with standards and adopt electrification in their day today working. Such regulations are also expected to elevate the prices of conventional (ICE) models in order to comply with emission standards.
Simultaneously, the government is adopting measures like incentives, subsidies, etc. to motivate the companies to switch to sustainable options, thus driving the rise of electric equipment and heavy machinery in the next few years.
The prices of these heavy machines play a crucial role in the electric equipment, the reduction in cost along with other benefits is a significant factor driving the rise of electric equipment and heavy machinery in the future.
The future will be of electric equipment and heavy machinery and expected to continue to expand, however the ICE model is expected to be dominant in the market.
Despite the strong market for ICE, the electrification is projected to catchup faster after 2030 and bloom from thereon leaving everything behind.