Industrial electric vehicles utilize electric motors or traction motors for propulsion. Industrial electric vehicles include a wide variety of electric powered vehicles, such as trucks, tow tractors, forklifts, pick-ups, utility vehicles, automated guided vehicles, cargo handling equipment vehicles, personal carriers, custom carriers, heavy duty vehicles, and other specialized trucks. These vehicles are employed in manufacturing, mining, and construction industries. Industrial electric vehicles are designed to be utilized in diverse industrial applications as a cost-efficient solution.
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Industrial Electric Vehicle Market – Competitive Landscape
Major players operating in the global industrial electric vehicle market include Alke, Bradshaw Electric Vehicles, CAPRONI JSC., Caterpillar, Crown Equipment Corporation, Deere & Company, ESCORTS LIMITED, EVDOALL, Hitachi, Ltd., Hyster-Yale Materials Handling, Inc., Jungheinrich AG, Kenworth, Kion Group AG, Komatsu Ltd., Kobelco Construction Machinery Co., Ltd., MAN, Motrec International Inc., Renault Trucks, Toyota Motor Corporation, VOLKgse, and ZNTK – Radom Sp. z o.o.
Bradshaw Electric Vehicles
Bradshaw is the largest manufacturer of industrial electric vehicles in the U.K. The company’s products include tow tractors, load carriers, personnel carriers, pedestrian controlled vehicles, and trailers.
Hyster-Yale Materials Handling, Inc.
Hyster Yale designs, manufactures, engineers, sells, and provides solutions for lift trucks and aftermarket components. It is a leading manufacturer of lift trucks, globally, and has integrated operations worldwide with economies of scale.
In April 2019, Rico and Hyster-Yale Group collaborate with Ex Lift Truck. EX forklift trucks caters to diverse industries including aerospace, automotive, chemical, petroleum, construction, food, pharmaceuticals, and plastics.
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Industrial Electric Vehicle Market Dynamics
Development in the secondary sector
Rising industrialization and expansion of the construction industry coupled with revised emission regulations are anticipated to propel the industrial electric vehicle market during the forecast period.
Stringent vehicle emission norms by governing bodies and rising fuel prices
Emission from industrial vehicles is considerably high, which is harmful to the environment and human health. This has prompted regulatory bodies across the globe to encourage auto manufacturers and original equipment manufacturers to develop environment-friendly vehicles and machinery. This is likely to boost the industrial electric vehicle market. Industrial electric vehicles are considerably safe and generate less noise. Moreover, rising fuel cost and stringent emission policies along with consumer awareness about transportation pollution are projected to drive the industrial electric vehicle market in the near future.