In 2023, the global Industrial Electric Vehicles market is evaluated at USD 6.67 billion. It is projected to surge to USD 16.48 billion by 2030, demonstrating an anticipated Compound Annual Growth Rate (CAGR) of 13.8% throughout the forecast period from 2023 to 2030.
Industrial Electric Vehicles Market Overview
The Industrial Electric Vehicles Market is a pivotal segment of the broader automotive industry. It encompasses electric vehicles specifically designed for industrial applications, such as material handling, logistics, and construction. The significance of this market lies in its alignment with global sustainability goals, making it a focal point for environmentally-conscious businesses.
Market Trends: 2023 promises to be an exciting year for the Industrial Electric Vehicles Market. We highlight the current trends and emerging patterns that are shaping the industry. From the growing demand for eco-friendly solutions to advancements in battery technology, this report provides a comprehensive look at what’s driving the market forward.
Market Forecast: Looking forward to 2023, our report provides predictions for the Industrial Electric Vehicles Market. These forecasts are derived from a thorough analysis of historical data, current trends, and expert insights. As electric vehicles continue to gain traction, we anticipate substantial growth in market size, making this an opportune moment for investment and strategic decision-making.
Understanding the factors influencing the market is crucial for making informed decisions. In this report, we dissect the market dynamics, including the drivers, challenges, and opportunities. Key drivers include stringent emission regulations and the push for cleaner, more sustainable industrial practices. We also examine the challenges posed by high initial costs and the need for charging infrastructure. The report uncovers unique opportunities for growth, such as government incentives and increased R&D in electric vehicle technology.
Key Companies & Market Share Insights:
The Industrial Electric Vehicles Market is highly competitive, with numerous companies vying for dominance. We shine a spotlight on the prominent companies in this sector, showcasing their contributions and market positions.
The global Industrial Electric Vehicle market boasts several leading companies known for their innovation and contributions to the industry. Here are some of the best companies in the global Industrial Electric Vehicle market:
- Swisslog Holding AG: Swisslog is renowned for its cutting-edge automation and robotics solutions in material handling and logistics.
- Dematic: Dematic specializes in intelligent automation solutions for supply chain management, ensuring efficient material flow in various industries.
- Daifuku Co., Ltd.: Daifuku is a global leader in material handling systems, providing a wide range of automated solutions for warehouses and manufacturing.
- Bastian Solutions, Inc.: Bastian Solutions excels in providing material handling systems and solutions to enhance operational efficiency.
- Toyota Industries Corporation: Toyota Industries is a key player in the Industrial Electric Vehicle market, known for its high-quality and innovative electric forklifts and other vehicles.
- Hyster-Yale Materials Handling, Inc.: Hyster-Yale offers a comprehensive range of electric forklifts, making it a prominent name in the industry.
- Balyo: Balyo specializes in autonomous driving systems for forklifts, enhancing warehouse automation and efficiency.
- John Bean Technologies Corporation (JBT): JBT focuses on providing innovative solutions for the aviation and food processing industries, including electric vehicles for material handling.
- Seegrid Corporation: Seegrid is a leader in autonomous mobile robots (AMRs) and automation solutions for material handling.
- Kuka AG: Kuka is known for its robotics and automation technology, including electric vehicles for various industrial applications.
- Jungheinrich AG: Jungheinrich offers a wide range of material handling equipment, including electric forklifts and automated solutions.
- Schaefer Holding International GmbH: Schaefer specializes in logistics and storage solutions, including electric vehicles for material transport.
These companies have demonstrated excellence in technological innovation, sustainability, and market leadership, making them some of the best in the global Industrial Electric Vehicle market.
Product Type Insights:
In 2022, the Industrial Electric Vehicles Market showcased remarkable trends and substantial growth. One of the standout insights was the dominance of the autonomous mobile robots (AMR) segment, which accounted for over 52% of the global revenue. autonomous mobile robots, equipped with sensors and advanced software for autonomous navigation, are revolutionizing the industry. Here are some key product types within this segment:
- Automated Guided Carts: These self-propelled vehicles are used for material transport in warehouses and manufacturing facilities.
- Automated Tow Tractor: Tow tractors are employed to move heavy materials and goods autonomously.
- Autonomous Mobile Robots (AMR): AMRs, equipped with advanced navigation technology, are gaining popularity for their efficiency in material handling.
- Automated Guided Forklift: These forklifts are guided by automation systems, making them efficient and versatile.
Autonomous mobile robots are gaining favor due to their distinct advantages over conventional material handling methods, such as forklifts and conveyor belts. Their ability to adapt to dynamic environments and operate autonomously makes them a preferred choice in various industrial applications.
Europe emerged as a pivotal player in the Industrial Electric Vehicles Market in 2022, accounting for over 31% of the global revenue. The region’s dominance can be attributed to several factors:
- Increasing Demand in the Manufacturing Industry: Europe witnessed a surge in demand for industrial electric vehicles, particularly in the manufacturing sector. The need for efficient and automated manufacturing, warehousing, and logistics processes drives this increased demand.
- Streamlining Operations: Industrial electric vehicles, such as Automated Guided Vehicles (AGVs) and Autonomous mobile robots, have played a vital role in streamlining operations. They enhance productivity and reduce operational costs, making them indispensable in the modern manufacturing landscape.
- Sustainability Initiatives: The focus on sustainability is another driving force behind the adoption of AGVs and AMRs in Europe. By reducing waste, energy consumption, and carbon emissions, these automated systems align with companies’ sustainability goals. This, in turn, leads to more eco-friendly and sustainable operations.
Europe’s leadership in the market is a testament to its commitment to adopting innovative and sustainable solutions in the manufacturing and logistics sectors.
Key Industrial Electric Vehicles Market Companies:
- Swisslog Holding AG
- Daifuku Co., Ltd.
- Bastian Solutions, Inc.
- Toyota Industries Corporation
- Hyster-Yale Materials Handling, Inc.
- John Bean Technologies Corporation (JBT)
- Seegrid Corporation
- Kuka AG
- Jungheinrich AG
- Schaefer Holding International GmbH
Global Industrial Electric Vehicles Market Report Segmentation
Product Type Outlook (Revenue, USD Billion, 2017 – 2030)
- Automated Guided Carts
- Automated Tow Tractor
- Autonomous Mobile Robots (AMR)
- Automated Guided Forklift
Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Kingdom of Saudi Arabia
- South Africa
Industrial Electric Vehicles Market Report Scope
|Market size value in 2023
||USD 6.67 billion
|Revenue Forecast in 2030
||USD 16.48 billion
||CAGR of 13.8% from 2023 to 2030
|Base Year for Estimation
||2017 – 2022
||2023 – 2030
||Revenue in USD million/billion and CAGR from 2023 to 2030
||Revenue forecast, company ranking, competitive landscape, growth factors, trends
||Product type, region
||North America; Europe; Asia Pacific; Latin America; MEA
||U.S.; Canada; Mexico; Germany; UK; France; China; India; Japan; Australia; South Korea; Brazil; KSA; UAE; South Africa
|Key companies profiled
|Swisslog Holding AG; Dematic; Daifuku Co., Ltd.; Bastian Solutions, Inc.; Toyota Industries Corporation; Hyster-Yale Materials Handling, Inc.; Balyo; John Bean Technologies Corporation (JBT); Seegrid Corporation; Kuka AG; Jungheinrich AG; Schaefer Holding International GmbH
In conclusion, our four comprehensive reports on the Industrial Electric Vehicles Market in 2023 provide an invaluable resource for industry stakeholders. These reports offer an in-depth exploration of the market’s current state, future prospects, and intersection with other industries. By choosing our platform, you gain access to reliable industry insights that can shape your success in this dynamic and evolving market. The Industrial Electric Vehicles Market in 2022 showcased remarkable growth, with a focus on AMRs and a strong presence in Europe. The industry’s commitment to sustainability, coupled with the contributions of key market players, bodes well for the future, promising continued growth and innovation in the years to come. Stay ahead of the curve with our market research reports, your key to a prosperous 2023 and beyond.