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.
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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.
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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Industrial Electric Vehicle Market Segmentation
Based on electric vehicle type, the industrial electric vehicle market can be segmented into:
- Battery Electric Vehicle
- Plug-in Electric Vehicle
- Hybrid Electric Vehicle
Based on vehicle type, the industrial electric vehicle market can be classified into:
- Two-wheeler Vehicle
- Four-wheeler Vehicle
- Off-road Vehicles
Based on application, the industrial electric vehicle market can be divided into:
- Manufacturing
- Mining
- Agriculture
- Oil & Gas
- Healthcare
- Others
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