Industrial Electric Vehicles Market To Reach $15.80 Billion By 2030

Industrial Electric Vehicles Market Growth & Trends

The global industrial electric vehicles market size is expected to reach USD 15.80 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to grow at a lucrative CAGR of 14.0% from 2023 to 2030. This surge can be attributed to the increasing demand for automation in various manufacturing, warehousing, and logistics industries. Industrial electric vehicles are preferred for their efficiency and environmental friendliness compared to traditional gasoline-powered vehicles.

The industrial sector is increasingly adopting electric vehicles due to their environmental benefits and operational advantages. Additionally, with the growth of Industry 4.0, robotics and smart manufacturing are increasingly used in the industrial sector. For instance, in February 2023, DBA Brightpick, a warehouse automation solutions provider for order fulfillment, launched Brightpick Autopicker, an autonomous mobile picking robot. The new autonomous mobile picking robot is the only warehouse robot competent in picking and consolidating aisle orders.

Industrial vehicles, including forklifts, AGVs, AMRs, and other heavy machinery, hold pivotal roles across diverse industries. These vehicles are designed to operate with efficiency and speed, thereby enhancing overall productivity by minimizing the time and effort needed for manual labor. Safety is a paramount concern in industrial settings, and industrial vehicles often come equipped with safety features, offering operators the ability to minimize risks to workers. While there is an initial investment involved in acquiring and maintaining these vehicles, they can lead to substantial long-term cost savings by improving efficiency, reducing labor expenses, and mitigating accident risks. The precision and control offered by industrial vehicles make them essential for tasks that demand accuracy and consistency, particularly in industries like manufacturing, construction, and logistics.

The utilization of industrial electric vehicles, such as AGVs and AMRs, in the e-commerce sector offers significant advantages. These vehicles ease workloads, enhance operational efficiencies, and boost productivity by taking on repetitive and physically demanding tasks handled by human workers in e-commerce warehouses. AGVs and AMRs can be programmed to execute specific tasks and follow precise routes, streamlining and optimizing warehouse operations. They can operate continuously, resulting in increased throughput and productivity. Their precision and efficiency contribute to error reduction and improved order fulfillment rates. Specialized software tools play a crucial role in programming vehicle paths, monitoring material movement in supply chain processes, and ensuring efficient and timely warehouse material flow.

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Industrial Electric Vehicles Market Report Highlights

• Based on product, the autonomous mobile robots segment led the market in 2022, accounting for over 53% share of the global revenue. The growth is attributed to the increasing adoption of automation in the manufacturing and logistics industries

• Manufacturers are raising funds to strengthen their research and development activities. For instance, in July 2021, Covariant, a U.S.-based AI-enabled robots provider, raised USD 80 million in Series C funding. The funding amount would be used to build robotics and AI research and development as the company is expanding globally

• Europe dominated the market and accounted for a revenue share of 29% in 2022. This high share is attributable to the increasing demand for material handling equipment by the manufacturing industry incumbents. Furthermore, process automation in every industry has also stimulated the market's growth in this region

Industrial Electric Vehicles Market Segmentation

Grand View Research has segmented the global industrial electric vehicles market based on product type and region:

Industrial Electric Vehicles Product Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Automated Guided Carts

• Automated Tow Tractor

• Autonomous Mobile Robots (AMR)

• Automated Guided Forklift

Industrial Electric Vehicles Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

• MEA

  • Kingdom of Saudi Arabia

  • UAE

  • South Africa

List of Key Players in Industrial Electric Vehicles Market

• 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