Industrial Electric Vehicle Market: Introduction

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.

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

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Industrial Electric Vehicle Market

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