Home > Automotive > Mobility > Electric Vehicles > Industrial Electric Vehicle Market

Industrial Electric Vehicle Market Trends

Report ID: GMI7738
Published Date: Dec 2023
Report Format: PDF

Download Free Sample

Industrial Electric Vehicle Market Trends

The increasing establishment of charging infrastructure and dedicated test centers is a transformative trend driving the industrial electric vehicle industry forward. The surge in charging points alleviates range anxiety and facilitates widespread adoption. Furthermore, the establishment of test centers addresses industry-specific requirements, ensuring the seamless integration and optimal performance of electric vehicles. These strategic initiatives foster confidence in electric vehicle technology and play a pivotal role in propelling the market forward.

For instance, in 2023, SANY officially started operations at the SANY New Energy Engineering Vehicle Testing Center, a world-first facility with a significant RMB 100 million investment. It serves as China's leading testing base for the advancement of battery-powered engineering vehicles equipped with state-of-the-art facilities. This marks a notable achievement in the landscape of new energy heavy-duty vehicles, thereby making a substantial contribution to the expanding market presence of industrial electric vehicles.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for industrial electric vehicle was valued at USD 23.2 billion in 2023 and is estimated to register over 12% CAGR between 2024 and 2032 due to increasing environmental awareness and a surge in business service centers for industrial vehicles.

The forklift segment accounted for over 35% of the market share in 2023 and is anticipated to experience substantial growth over the forecast period attributed to the evolving landscape of manufacturing and logistics.

Asia Pacific industrial electric vehicle industry share was over 40% in 2023 and is slated to register significant growth over the forecast period as governments prioritize environmental initiatives and industries increasingly adopt eco-friendly practices.

Toyota Material Handling, Mitsubishi Logisnext Co., Ltd., Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Hangcha Forklift, Hyundai Construction Equipment, Sany Electric, KION Group, Crown Equipment Corporation, and Doosan Industrial Vehicle.