In 2021, Volvo Construction Equipment announced that it had invested $500 million in the development of electric and autonomous heavy machinery, including electric wheel loaders. This investment represents a significant commitment by the company to transition to more sustainable and efficient technologies in the construction and mining industries. The $500 million investment will be used to develop new electric and hybrid powertrains, autonomous systems, and other technologies that will help to reduce emissions and improve the efficiency of Volvo's heavy machinery. The investment will also support the development of new manufacturing facilities and the expansion of existing ones, in order to increase production capacity and meet growing demand for electric and hybrid vehicles. Volvo has already introduced a range of electric and hybrid heavy machinery, including electric excavators, wheel loaders, and articulated haulers. The company aims to have at least 50% of its global production volume consisting of electric or hybrid solutions by 2030, and to have sold its last internal combustion engine-powered heavy machinery by the same year. The investment in electric and autonomous heavy machinery is part of Volvo's broader sustainability strategy, which aims to reduce the company's carbon footprint and help to mitigate the effects of climate change. By transitioning to more sustainable technologies, Volvo hopes to contribute to a more sustainable future for the construction and mining industries.
According to the UnivDatos Market Insights Analysis, “Electrical Wheel Loader Market” report, the market was valued at USD 650 Million in 2022 and is expected to grow at a CAGR of 19.5% during the forecast period from 2023 - 2030 to reach USD Million by 2030.
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Some other Investments
· In 2021, Caterpillar announced that it was investing $2.5 billion in the development of electric and autonomous technologies, including electric wheel loaders. The company plans to offer a range of electric and hybrid wheel loaders, as well as autonomous haul trucks, in the coming years.
· In 2021, Liebherr announced the launch of its new electric wheel loader, the R 926 E-Line. The machine is powered by a high-performance electric motor and has a maximum lifting capacity of 8.3 tonnes. Liebherr has also announced plans to introduce additional electric and hybrid models in the coming years.
· In 2021, Hitachi Construction Machinery announced the launch of its new electric wheel loader, the ZW30-6. The machine is powered by a high-capacity electric motor and has a maximum lifting capacity of 6 tonnes. Hitachi has also announced plans to introduce additional electric and hybrid models in the coming years.
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About Volvo Construction Equipment
Volvo Construction Equipment (VCE) is a subsidiary of the Volvo Group, a multinational corporation based in Sweden. VCE produces a range of heavy machinery, including excavators, wheel loaders, articulated haulers, and motor graders. VCE has a long history of innovation and has been at the forefront of many technological advancements in the construction and mining industries. The company was founded in 1919 and has since grown to become one of the largest heavy machinery manufacturers in the world. VCE is committed to sustainability and has set ambitious targets to reduce its carbon footprint and increase the use of renewable energy in its operations. The company has also developed a range of electric and hybrid heavy machinery to help reduce emissions and improve efficiency. In addition to its product offerings, VCE also provides a range of services and support to its customers, including training, parts and service, and financing options. The company has a global network of dealers and service centers, which allows it to provide local support to customers in many different countries.
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Volvo Construction Equipment has made a significant investment in the development of electric and autonomous heavy machinery, including electric wheel loaders. This investment is part of the company's broader sustainability strategy and reflects a growing trend towards more sustainable and efficient construction and mining equipment.
Further, a few other investments in the Electrical Wheel Loader Market are also expected in the near future.
