Industrial Electric Vehicle Market 2023 Comprehensive Analysis By 2027

Industrial electric vehicles utilize electric motors or traction motors for propulsion. Industrial electric vehicles include a wide variety of electric powered vehicles, such as trucks, tow tractors, forklifts, pick-ups, utility vehicles, automated guided vehicles, cargo handling equipment vehicles, personal carriers, custom carriers, heavy duty vehicles, and other specialized trucks. These vehicles are employed in manufacturing, mining, and construction industries. Industrial electric vehicles are designed to be utilized in diverse industrial applications as a cost-efficient solution.

Industrial Electric Vehicle Market – Competitive Landscape

Major players operating in the global industrial electric vehicle market include Alke, Bradshaw Electric Vehicles, CAPRONI JSC., Caterpillar, Crown Equipment Corporation, Deere & Company, ESCORTS LIMITED, EVDOALL, Hitachi, Ltd., Hyster-Yale Materials Handling, Inc., Jungheinrich AG, Kenworth, Kion Group AG, Komatsu Ltd., Kobelco Construction Machinery Co., Ltd., MAN, Motrec International Inc., Renault Trucks, Toyota Motor Corporation, VOLKgse, and ZNTK – Radom Sp. z o.o.

Bradshaw Electric Vehicles

Bradshaw is the largest manufacturer of industrial electric vehicles in the U.K. The company’s products include tow tractors, load carriers, personnel carriers, pedestrian controlled vehicles, and trailers.

Hyster-Yale Materials Handling, Inc.

Hyster Yale designs, manufactures, engineers, sells, and provides solutions for lift trucks and aftermarket components. It is a leading manufacturer of lift trucks, globally, and has integrated operations worldwide with economies of scale.

In April 2019, Rico and Hyster-Yale Group collaborate with Ex Lift Truck. EX forklift trucks caters to diverse industries including aerospace, automotive, chemical, petroleum, construction, food, pharmaceuticals, and plastics.

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Industrial Electric Vehicle Market Dynamics

Development in the secondary sector

Rising industrialization and expansion of the construction industry coupled with revised emission regulations are anticipated to propel the industrial electric vehicle market during the forecast period.

Stringent vehicle emission norms by governing bodies and rising fuel prices

Emission from industrial vehicles is considerably high, which is harmful to the environment and human health. This has prompted regulatory bodies across the globe to encourage auto manufacturers and original equipment manufacturers to develop environment-friendly vehicles and machinery. This is likely to boost the industrial electric vehicle market. Industrial electric vehicles are considerably safe and generate less noise. Moreover, rising fuel cost and stringent emission policies along with consumer awareness about transportation pollution are projected to drive the industrial electric vehicle market in the near future.

Demand for zero-emission vehicles

In terms of type, pure electric vehicle was a highly attractive segment of the industrial electric vehicle market, as it is a zero-emission vehicle and it is entirely powered by an electric or traction motor. The segment is likely to expand at a significant growth rate during the forecast period.

Application segment growth of the market

Manufacturing and construction segments are projected to expand significantly during the forecast period, primarily due to the higher rate of adoption of electric mobility in these industries. The four-wheeler and above segment accounts for a prominent share of the global industrial electric vehicle market due to the extensive usage of these vehicles in production, logistics, warehousing, and distribution sectors.

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High demand for electric vehicles in China and Asia Pacific

Asia Pacific leads the global industrial electric vehicle market, owing to the significantly high rate of adoption of electric mobility in the region coupled with budding bilateral trade and e-commerce in Asia Pacific, especially in countries such as China and Japan. Surge in transportation pollution and serious efforts undertaken by regulatory bodies in the region to replace traditional vehicles with electric vehicles are anticipated to boost the industrial electric vehicle market in Asia Pacific.

High initial investment prevents the entry of new players

High initial investment and limited charging infrastructure are anticipated to hamper the industrial electric vehicle market during the forecast period.

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