Industrial Electric Vehicle Market to surpass $64.5 Bn by 2032, Says Global Market Insights Inc.

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

Selbyville, Delaware, Feb. 20, 2024 (GLOBE NEWSWIRE) --

The industrial electric vehicle market valuation is predicted to reach USD 64.5 billion by 2032, as reported in a research study by Global Market Insights Inc.

The industry growth is favored by continuous innovations in electric vehicle (EV) technology. Advancements such as enhanced battery efficiency, extended range capabilities, and rapid charging solutions address the specific needs of industries reliant on electric vehicles, providing improved performance and reducing operational downtime. As companies seek greener and more sustainable alternatives, the technological evolution will shape the market outlook.

Governments worldwide are tightening emission standards to combat environmental concerns, urging industries to adopt cleaner and greener solutions. Electric vehicles, with their zero-emission nature, align seamlessly with these regulatory requirements. In January 2024, Omoda, the Chinese manufacturer, launched a zero-emission electric vehicle in the UK.  Moreover, businesses are increasingly recognizing the long-term benefits of integrating EV’s into their fleets, not only for compliance but also for enhancing their corporate sustainability profiles.

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Industrial electric vehicle market from the aisle trucks segment is poised to grow substantially through 2032, led by the efficiency and maneuverability of warehouse operations. Unlike traditional internal combustion engine counterparts, electric aisle trucks offer unparalleled flexibility in narrow spaces, optimizing warehouse layouts and increasing storage capacity. Their electric propulsion systems not only contribute to a cleaner, sustainable operational environment but also align seamlessly with the escalating demand for eco-friendly solutions. Moreover, aisle trucks equipped with advanced lithium-ion battery technology boast longer operational hours, reducing downtime and enhancing overall productivity.

Industrial electric vehicle market from the freight & logistics segment is slated to generate high demand up to 2032, impelled by relentless pursuit of sustainable transportation solutions that aligns with the sector's need for efficient and low-emission alternatives. Electric vehicles, with their minimal environmental impact and cost-efficient operational models, gain prominence in modern freight and logistics operations. The demand for electric trucks and delivery vans is growing, driven by advancements in battery technology, enabling longer ranges and faster charging times. Reduced maintenance expenses, lower fuel costs, and governmental incentives further bolster the financial attractiveness of electric fleets.

Europe industrial electric vehicle market is touted to surge at a rapid pace through 2032, attributed to stringent environmental regulations and ambitious sustainability targets set by the European governments. The thriving e-commerce landscape and the demand for efficient last-mile delivery solutions is surging the adoption of electric vehicles. Industries embrace the economic and environmental benefits of electric fleets, stimulating the regional market growth.

Some of the leading companies involved in the industrial electric vehicle market are Toyota Material Handling, Doosan Industrial Vehicle, Mitsubishi Logisnext Co., Ltd., Crown Equipment Corporation, Sany Electric, Jungheinrich AG, KION Group, Hangcha Forklift, Hyster-Yale Materials Handling, Inc., and Hyundai Construction Equipment.

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 Partial chapters of report table of contents (TOC):

Chapter 1   Methodology & Scope
1.1    Market scope & definition
1.2    Base estimates & calculations
1.3    Forecast calculation
1.4    Data sources
1.4.1    Primary
1.4.2    Secondary   Paid sources   Public sources
Chapter 2   Executive Summary
2.1    Industrial electric vehicle market 3600 synopsis, 2018 - 2032
2.2    Business trends
2.2.1    Total Addressable Market (TAM), 2024 - 2032
2.3    Regional trends
2.4    Vehicle type trends
2.5    Propulsion type trends
2.6    Application trends
Chapter 3   Industrial Electric Vehicle Market Insights
3.1    Industry ecosystem analysis
3.2    Suppliers landscape
3.2.1    Raw material providers
3.2.2    Component providers
3.2.3    Manufacturers
3.2.4    Distributors
3.2.5    End-user
3.3    Profit margin
3.4    Technology & innovation landscape
3.5    Construction statistics
3.6    Patent analysis
3.7    Key news and initiatives
3.7.1    Partnership/Collaboration
3.7.2    Merger/Acquisition
3.7.3    Investment
3.7.4    Product launch & innovation
3.8    Regulatory landscape
3.9    Impact forces
3.9.1    Growth drivers   Rise in government initiatives for electric vehicles   Increasing demand for battery-operated forklift   Technology advancement in electric technology   Increasing demand for industrial vehicle form manufacturing industry
3.9.2    Industry pitfalls & challenges   High initial costs of industrial electric vehicles
3.10    Growth potential analysis
3.11    Porter’s analysis
3.12    PESTEL analysis
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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.


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