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Industrial Electric Vehicle Market Share

Report ID: GMI7738
Published Date: Dec 2023
Report Format: PDF

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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

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for industrial electric vehicle was valued at USD 23.2 billion in 2023 and is estimated to register over 12% CAGR between 2024 and 2032 due to increasing environmental awareness and a surge in business service centers for industrial vehicles.

The forklift segment accounted for over 35% of the market share in 2023 and is anticipated to experience substantial growth over the forecast period attributed to the evolving landscape of manufacturing and logistics.

Asia Pacific industrial electric vehicle industry share was 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.

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, and Doosan Industrial Vehicle.