Industrial Electric Vehicle Market, By Vehicle Type (Tow Tractors, Forklifts, Container Handlers, Aisle Trucks), By Propulsion Type (Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs)), By Application (Manufacturing, Warehousing, Freight & Logistics), Forecast 2024 - 2032

Industrial Electric Vehicle Market Size

Industrial Electric Vehicle Market was valued at USD 23.2 billion in 2023 and is estimated to register a CAGR of over 12% between 2024 and 2032. The market is expected to grow significantly due to increasing environmental awareness and a surge in business service centers for industrial vehicles. Heightened environmental consciousness prompts industries to embrace eco-friendly solutions, while the proliferation of service centers supports the maintenance and integration of electric vehicles. This dual momentum, driven by sustainability goals and robust support infrastructure, will significantly contribute to market growth, positioning industrial electric vehicles as pivotal components of modern, environmentally conscious industrial operations.
 

Manufacturers are engaged in developing updated versions of batteries and are increasing their market presence by establishing service centers and warehouses. For instance, in 2022, JT Energy Systems inaugurated a 25 MW battery storage facility in Freiberg, Germany, comprising over 10,000 battery modules, a substantial portion of which was repurposed from used lithium-ion batteries. Originally employed in electric forklifts and the automotive sector, these batteries are now reused, highlighting a sustainable approach to energy storage.
 

The industrial electric vehicle industry is experiencing substantial growth, propelled by advancements in battery technology and increased cost-effectiveness. Innovations in battery design enhance the performance and range of electric vehicles, reducing operational costs and increasing overall efficiency. As the cost of electric vehicles becomes more competitive, businesses are increasingly inclined to adopt them. This dual synergy of technological progress and cost efficiency acts as a key driver, fueling market expansion.
 

For instance, in 2022, Jungheinrich globally introduced two new series of durable electric forklift trucks. The newly launched EFG forklifts serve as cost-effective entry-level models designed for traditional transportation and stacking duties within the 1.6 to 3-tonne range. This development signifies the industry's prompt shift towards embracing innovations, thus contributing to the integration of sustainability into their processes.
 

Despite the promising growth of the industrial electric vehicle market, it encounters barriers in the form of high initial costs of electric vehicles and limited charging infrastructure. However, these hurdles also represent opportunities for innovation and investment. Increasing investments in research and development, coupled with governmental incentives, are gradually mitigating the cost barrier. Additionally, initiatives to expand charging infrastructure are gaining momentum, fostering a supportive ecosystem for industrial electric vehicles. Overcoming these challenges will drive market growth and contribute to a more sustainable industrial landscape.
 

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.
 

Industrial Electric Vehicle Market Analysis

Based on vehicle type, the market is divided into tow tractors, forklifts, container handlers, aisle trucks, and others. The forklift segment accounted for over 35% of the market share in 2023 and is anticipated to experience substantial growth over the forecast period. The demand for industrial electric forklifts is propelled by a confluence of factors reflecting the evolving landscape of manufacturing and logistics. The imperative to reduce carbon footprints and embrace sustainability has driven businesses to adopt electric forklifts, aligning with eco-friendly initiatives. Concurrently, advancements in battery technology have enhanced the efficiency and longevity of electric forklifts, making them a cost-effective and reliable choice. Additionally, the increasing emphasis on workplace safety and the need for quieter, emission-free operations further fuel the demand for electric forklifts in industrial settings. These factors collectively underscore a shift towards cleaner, technologically advanced material handling solutions.
 

Based on application, the market is categorized into manufacturing, warehousing, freight & logistics, and others. The manufacturing segment accounted for a market share of around 40% in 2023 and is poised for significant growth over the forecast period. The manufacturing segment attributed to a dual impetus of increasing production demands and a growing commitment to sustainable practices. As manufacturers prioritize efficiency and environmental responsibility, the adoption of electric vehicles within the sector has surged. With a focus on reducing carbon footprints and operational costs, the manufacturing segment's pivotal role underscores a transformative shift towards cleaner, more efficient industrial transportation solutions.
 

Asia Pacific is experiencing growth in the industrial electric vehicle market. The region accounted for a market share of 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, the demand for electric vehicles in the industrial sector has soared. Asia Pacific's pivotal role in manufacturing, in tandem with a growing awareness of environmental concerns, positioned the region as a key contributor to the market's expansion. For instance, in 2023, Doosan, a prominent producer of durable, high-performance forklift trucks, introduced two additional series of high-capacity electric counterbalance forklift trucks under the NXE Series. This expansion offers industrial users an extensive selection of zero-emission, low-noise-level, environmentally friendly trucks adept at handling demanding heavy-duty tasks.
 

Industrial Electric Vehicle Market Share

Toyota Material Handling and Mitsubishi Logisnext Co., Ltd. dominate the industrial electric vehicle industry. Major companies operating the market are employing various strategies to stay competitive in the market. One key focus is technological innovation, with companies investing in research and development to enhance the performance, efficiency, and features of their electric vehicles. This includes advancements in battery technology, telematics, and automation to meet the evolving needs of industrial applications.
 

Moreover, strategic collaborations with energy companies and infrastructure providers are helping industrial electric vehicle manufacturers address charging infrastructure challenges. By participating in public-private partnerships and engaging with government initiatives, these companies aim to accelerate the development of a robust charging network.
 

Industrial Electric Vehicle Market Companies

Major players operating in the industrial electric vehicle industry are:

• 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
• Doosan Industrial Vehicle
   

Industrial Electric Vehicle Industry News

• In February 2023, Doosan introduced two fresh lines of high-capacity electric counterbalance forklift trucks in the NXE Series. These lines include a diverse selection of eco-friendly trucks for industrial users, offering zero emissions and minimal noise levels while being powerful enough to handle challenging heavy-duty tasks.
   

The industrial electric vehicle market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and Shipment (Units) from 2018 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Vehicle Type

• Tow Tractors
• Forklifts
• Container Handlers
• Aisle Trucks
• Others

Market, By Propulsion Type

• Battery Electric Vehicles (BEVs)
• Hybrid Electric Vehicles (HEVs)

Market, By Application

• Manufacturing
• Warehousing
• Freight & Logistics
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe 
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia
  • ANZ 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa