Global Industrial Electric Vehicle Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Industrial Electric Vehicle Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

An industrial electric vehicle refers to a vehicle that is used in industry and powered by electricity and uses one or more electric motors to drive the wheels. The source of electricity for industrial electric vehicles can be powered by collectors that deliver power from overhead lines, electrical third rails, or ground power to the vehicle, or can be powered by on-board power sources, which can be solar panels or fuel cells.

Market Overview:

The latest research study on the global Industrial Electric Vehicle market finds that the global Industrial Electric Vehicle market reached a value of USD 38625.98 million in 2022. It’s expected that the market will achieve USD 93781.58 million by 2028, exhibiting a CAGR of 15.93% during the forecast period.

COVID-19 Pandemic Promotes Transformation of Industrial Electric Vehicles

The COVID-19 pandemic has adversely affected the automotive industry as a whole, and therefore the industrial electric vehicle industry. During the pandemic, with several auto production facilities closed due to regional lockdowns, many industrial electric vehicle producers are trying to devise different approaches, such as by using industrial electric vehicles to provide medical supplies to keep up, as it provides economic Affordable transportation and excellent mobility.

The war that broke out between Russia and Ukraine has had a major impact on the global industrial electric vehicle industry. This is because Russia is a major supplier of lithium-ion batteries used in industrial electric vehicles. In addition, Russia is also a major market for industrial electric vehicles. Russia is also a major producer of lithium, a key component of batteries for industrial electric vehicles. Therefore, if Russia's supply is cut off, it could lead to a severe global lithium shortage. This will lead to higher prices that could ultimately make industrial EVs unaffordable for many consumers. In addition, the ongoing Russia-Ukraine battle could also lead to production and distribution issues. Many companies rely on Ukrainian factories to make parts, and the current conflict makes it difficult for them to operate. This could lead to supply chain disruptions and ultimately lead to higher prices for industrial electric vehicles. Despite these challenges, the long-term outlook for the industrial electric vehicle industry remains positive, as growing concerns over climate change and air pollution are likely to drive demand for cleaner vehicles in the coming years.

Increased market demand for fuel-efficient, high-performance and low-emission vehicles will boost the development of industrial electric vehicles

Gasoline is a fossil fuel evolved from petroleum and is a non-renewable energy source. In order to support sustainable development, the development and use of alternative fuels is important. This involves the use of electric vehicles, which do not use gasoline and are more economical than conventional cars. Electric vehicles convert more than 50% of electrical energy from the grid to power the wheels, while gasoline-powered vehicles convert only 17%-21% of the energy stored in gasoline. The recent increase in demand for fuel-efficient vehicles due to rising gasoline and diesel prices has further contributed to the increase in industrial electric vehicles. Industrial electric vehicles are driven by batteries, with no pollution and low noise. Therefore, as people pay more attention to environmental protection, industrial electric vehicles are gradually replacing internal combustion industrial vehicles as the main force of industrial vehicles.

Relevant policies introduced by the government promote the development of industrial electric vehicles

In order to protect the environment and reduce carbon dioxide emissions, the government has provided attractive incentives and policies to encourage the sales of industrial electric vehicles. It offers consumers a variety of benefits, such as a related subsidy to lower the sales price, and the reduction or waiver of registration fees after a car is produced. In addition, some governments around the world are exempt from road tax, import tax and purchase tax based on different subsidies. The subsidies have also spurred automakers to ramp up production of industrial electric vehicles.
To reduce the amount of greenhouse gas emissions in the atmosphere, many governments around the world have also implemented strict vehicle emission regulations. On March 28, 2022, the U.S. government organization EPA released a proposed rule that would establish new, stricter standards from model year (MY) 2027 to reduce pollution from heavy-duty vehicles and engines. In particular, stricter standards have been set for commercial vehicles
In Europe, on October 27, 2022, the Council of the European Union issued the first Fit 55 proposal passed: the EU has strengthened the CO2 emission targets for new cars and vans, this time the agreement stipulates: compared with 2021 levels, to by 2030, carbon dioxide emissions from new cars will be reduced by 55%, and new trucks will be reduced by 50%. 100% CO2 reduction target for new cars and vans by 2035. Stringent measures by several regulators to curb air pollution are expected to boost the industrial electric vehicle industry in the coming years.

Region Overview:

In 2021, the share of the Industrial Electric Vehicle market in China stood at 42.63%.

Company Overview:

Toyota Motor is one of the major players operating in the Industrial Electric Vehicle market, holding a share of 24.22% in 2022.

Toyota Motor is a Japanese multinational automobile manufacturer. Toyota Motor designs, manufactures and sells passenger cars, buses, minivans, trucks, special vehicles, recreational vehicles and sport utility vehicles. The company is also involved in housing, financial services, telecommunications and information technology. Toyota Motor's financial services include retail leasing, retail financing, insurance and more.

Headquartered in Hamburg, Jungheinrich AG is one of the world's leading providers of solutions for all problems and areas of intralogistics. Jungheinrich AG offers a complete product portfolio including conventional industrial trucks as well as fully automated logistics systems with intelligent software solutions.

Kion Group GmbH is one of the world's leading suppliers of forklifts, storage equipment and supply chain solutions. The Kion Group GmbH product portfolio includes industrial trucks such as forklifts and warehouse equipment, as well as integrated automation technology and software solutions for optimizing supply chains, including all related services.

Segmentation Overview:

By type, BEV segment accounted for the largest share of market in 2021.

BEV are called pure electric vehicles, which refer to vehicles powered by electric motors. The electric motor is powered by a battery, which is powered by an external power source. The BEV itself does not emit exhaust gas and does not pollute the air around the road it travels. But electric vehicles also produce pollution and carbon emissions. The carbon emissions of BEV are mainly in the production process, especially the battery manufacturing process.

PHEV refers to a hybrid electric vehicle in which the driving force of the vehicle is supplied by an electric motor and an engine at the same time or separately. The structural feature is that the parallel drive system can use the engine or the motor as the power source alone, and can also use the motor and the engine as the power source to drive the car.

FCEV stands for a vehicle powered by a fuel cell. The chemical reaction process of fuel cells does not produce harmful products, so fuel cell vehicles are pollution-free vehicles, and the energy conversion efficiency of fuel cells is 2 to 3 times higher than that of internal combustion engines. Therefore, from the perspective of energy utilization and environmental protection, fuel cell vehicles are An ideal vehicle.

Application Overview:

By application, the Material segment occupied the biggest share from 2017 to 2022.

Device refers to things that are manufactured for a specific purpose, such as electronic Device, mechanical Device, and construction Device, etc., which are mainly transported by industrial electric vehicles during transportation.

Materials are substances or mixtures of substances that make up an object. Materials can be broadly classified according to their use, such as: building materials, refractory materials, nuclear materials, aerospace materials, biological materials, and more. These materials are mainly transported by industrial electric vehicles during transportation.

In addition to transporting Device and materials, industrial electric vehicles also transport other items. For example, industrial electric vehicles can also transport materials and are important equipment in the logistics industry.

Key Companies in the global Industrial Electric Vehicle market covered in Chapter 3:

Hyster-Yale
Anhui Forklift Truck Group Co., Ltd.
Mitsubishi Logisnext Co., Ltd.
Kion Group GmbH
Hangcha Forklift
Crown Equipment Corporation
Toyota Motor
DOOSAN
Jungheinrich AG

In Chapter 4 and Chapter 14.2, on the basis of types, the Industrial Electric Vehicle market from 2018 to 2029 is primarily split into:

BEV
PHEV
FCEV

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Industrial Electric Vehicle market from 2018 to 2029 covers:

Device
Material

Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)