About Industrial Electric Vehicles
Industrial electric vehicles are the vehicles majorly used by main industrial players. These vehicles are highly robust, with high-performance levels, and suitable for intensive use, they are ideal for various applications, ranging from transport to logistics, and machinery maintenance. Other factors that impact this industry are the decrease in utility prices, as electric vehicles typically charge at night when electricity is the cheapest to generate. And some of the factors that work as the market hurdles are limitations in charging infrastructure, required huge time for changing consumer psychology, expensive labor and material costs, and others. According to the stats, the global electric vehicle industry is growing at a CAGR of 29% in the coming ten years. The total electronic vehicle sales are expected to reach 11.2 million by the year 2025.
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This industry is witnessing an increasing number of new market entrants. Market key players are focusing on advanced digital technologies, improving efficiency, and other services. Market growth opportunities are captured by tracking the ongoing technological advancement, services development, and others. Analysts at AMA Research estimates that Vendors from United States will contribute to the maximum growth of Global Industrial Electric Vehicles market throughout the predicted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Tesla Inc. (United States), BYD Company (China), Motrec International Inc. (United States), Alke Electric Vehicles (Italy), Cushman & Wakefield (United States), Hyster Company (United States), Polaris Inc. (United States), Daimler AG (Germany), Nikola Corporation (United States) and Rivian (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Columbia Vehicle Group Inc. (United States), EMS Industrial & Service Company (United States) and Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd. (China).
AMA Research has segmented the market of Global Industrial Electric Vehicles market by Type (Tow Tractors, Burden Carriers, Personnel Carriers, Stock Chasers and Custom Vehicles), Application (Warehouse Operations, Industrial Manufacturing, Logistics & Distribution, Automotive Manufacturing, Metal & Mining and Others) and Region.
On the basis of geography, the market of Industrial Electric Vehicles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Category, the sub-segment i.e. Plug-in will boost the Industrial Electric Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle , the sub-segment i.e. Heavy-Duty Vehicles will boost the Industrial Electric Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In January 2022, Volkswagen declared the expansion of its portfolio with the development of its ID.5 model based on the Skoda Enayaq iV model. With this addition, company is expected to have a range of around 300 miles on 1 charge.
In Jan 2021, Ideanomics announced the acquisition of Wireless Advanced Vehicle Electrification, Inc. Through this agreement the company aims to enhance its market share.
- Advancement in Electric Vehicle Charging Infrastructure
- Development in Manufacturing and Construction Industry
- Increase in Investment from Large Size Companies
- Growing Number of New Market Entrants in this Industry
- Sudden Advent of COVID-19 Pandemic Hampered the Growth of Market
- High Cost associated with Industrial Electrical Vehicles
Key Target AudienceVenture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Industrial Electric Vehicles Manufacturers, Distributors, and Suppliers, Raw Materials Providers, Government Regulatory and Research Organizations and End-Use Industries
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.