Global Electric Industrial Vehicles Market was valued at USD 3.0 Billion in 2022 and is projected to reach USD 4.8 Billion by 2030, growing at a CAGR of 6.4% from 2024 to 2030.
The Electric Industrial Vehicles (EIV) market is undergoing a remarkable transformation as industries pivot towards sustainability and efficiency. These vehicles, which include electric forklifts, pallet trucks, and automated guided vehicles (AGVs), are replacing their diesel-powered counterparts at an accelerating rate. According to recent reports, the global electric industrial vehicle market size was valued at over USD 10 billion in 2023, and it's projected to reach USD 20 billion by 2030, growing at a CAGR of over 10%. This growth is driven by several factors, including increasing environmental regulations, advancements in battery technologies, and the rising demand for eco-friendly solutions in industrial operations. One of the primary drivers of this market expansion is the environmental impact of traditional internal combustion engine (ICE) vehicles. Industries are adopting electric industrial vehicles as part of their sustainability goals. Electric vehicles emit zero emissions, reducing the carbon footprint of warehouse operations and factory floors. Moreover, these vehicles are quieter, more efficient, and easier to maintain compared to their ICE counterparts, making them a favorite choice for companies aiming to optimize operational costs. Technological advancements are also playing a pivotal role in the growth of the EIV market. Battery innovations, such as lithium-ion and solid-state batteries, are significantly extending the operational time of electric vehicles. Fast-charging stations and improved energy management systems are ensuring that these vehicles can work around the clock without significant downtime. Additionally, the integration of automation and artificial intelligence (AI) into industrial electric vehicles is enhancing their capabilities, making them more versatile in various industries, including logistics, manufacturing, and warehousing. Despite the promising outlook, there are still challenges to overcome. High upfront costs for electric industrial vehicles and charging infrastructure can deter some companies from making the switch. However, government incentives and increasing cost-effectiveness are gradually making EIVs more accessible for businesses of all sizes. As a result, the future of the electric industrial vehicles market looks incredibly promising, with ongoing innovations set to make these vehicles a staple in industrial operations worldwide.
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Toyota Industries
KION GROUP AG
Mitsubishi Logisnext
Jungheinrich
Crown Equipment Corporation
Hyster-Yale Materials Handling
CLARK
Konecranes
Komatsu
Doosan
Manitou Group
Cargotec
ACE
Mariotti
Combilift
DAIFUKU
Aichi Corporation
JBT Corporation
Svetruck AB
ALETRANS
Genkinger
Hangcha Group
Anhui Heli Co.
Ltd.
Lonking
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Electric Industrial Vehicles Market
Manufacturing
Warehousing
Freight & Logistics
Others
Based on Types the Market is categorized into Below types that held the largest Electric Industrial Vehicles market share In 2023.
Weight:
Weight: 5-10 Ton
Weight: 10-30 Ton
Weight: >30 Ton
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Electric Industrial Vehicles Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Electric Industrial Vehicles Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Electric Industrial Vehicles Market, By Type
6. Global Electric Industrial Vehicles Market, By Application
7. Global Electric Industrial Vehicles Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Electric Industrial Vehicles Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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