Global Industrial Electric Vehicle Market Size, Share & Trends Analysis Report, By Vehicle Type (Battery Electric Vehicle, Fuel Cell Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Hybrid Electric Vehicle), By Application (Manufacturing and Mining and Construction), Forecast (2022-2028)

The global industrial electric vehicle market is anticipated to grow at a CAGR of 25.0% during the forecast period (2022-2028). Industrial electric vehicle refers to the one that uses electric motors, using only energy stored in batteries. Compared to internal combustion engine vehicles, electric cars are quieter, have no exhaust emissions, and lower emissions overall. Owing to all these benefits offered by these vehicles, the market holds lucrative growth opportunities during the forecast period. Adding to this, key emission norms of various regions including the China-VI, Euro-6, and PROCONVE P-8 have also pushed the market for gasoline engines. This, as a result, has augmented the growth of passenger car exhaust gas turbochargers production, thereby driving the market growth.

Apart from the mentioned factors, the global industrial electric vehicle market growth is also attributable to the governments supporting long range, zero emission vehicles through tax rebates and subsidies. Such initiatives have further pushed the electrification of industrial vehicles. In this run, investments by the governments across the globe to develop electric vehicle charging stations and hydrogen fueling stations have substantially increased over the years. This coupled with incentives offered to buyers are also anticipated to offer lucrative growth opportunities for OEMs to widen their revenue flow and geographical presence. Thus, the government support, growing environmental concerns, as well as gradually improving the charging infrastructure in various economies has pushed the industrial vehicle manufacturers to opt for the electric vehicles around the globe. This has led to a growing demand for industrial electric vehicles in the market.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-

• By Vehicle Type
• By Application

• Regions covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape: Hitachi Ltd., Bradshaw Electric Vehicles, and John Deere, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?

• Deviation from the pre-COVID-19 forecast
• Most affected region and segment
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Industrial Electric Vehicle Market Report by Segment

By Vehicle Type

• Battery Electric Vehicle
• Fuel Cell Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Hybrid Electric Vehicle

By Application

• Manufacturing
• Mining and Construction

Global Industrial Electric Vehicle Market Report by Region

North America

• US
• Canada

Europe

• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East and Africa