The market penetration rate of electrification of construction machinery can reach 25% by 2025

The electrification project of construction machinery has also been carried out with the goal of carbon neutrality, which is a major project that the construction machinery industry has attached great importance to in recent years. Of course, embarking on the path of electrification is not so easy to fully complete.
As the world's largest producer and seller of construction machinery, China has enormous potential for development in terms of production strength and market size. After long-term market mergers and acquisitions, the competitive landscape of China's machinery industry is also continuously adjusting, with the market size constantly expanding and approaching stronger leading enterprises.
The research and development of electrification of mechanical equipment is a process from scratch, and even leading domestic enterprises in China are still in the initial stage. Currently, the penetration rate of electric products is relatively low, with only single digits according to surveys.
Why are so many companies researching and developing electrified products? This also starts from the development requirements of our country's environmental protection strategy. Electrification is conducive to promoting environmental protection work and is also a guarantee for the ecological environment. Therefore, product electrification is the only way for the development of the construction machinery industry, and the market prospects are relatively broad.
Industry insiders predict that the pure electric construction machinery market will reach an explosive point in 2025, with the penetration rate of major products possibly reaching 25%.
For the construction machinery electrification market, which generally defines 2020 as the first year in the industry, this high penetration rate is frightening.
From this, it can be seen that in the context of highly concentrated traditional market share, racing for electrification has become the preferred track for small and medium-sized enterprises to compete and overtake on the curve.