Electric Industrial Vehicles Market to Reach USD 55.5 Bn by 2035, Growing at 8.2% CAGR | TMR Analysis

Electric industrial vehicles are booming, fueled by efficiency and clean transport needs.

WILMINGTON, DE, UNITED STATES, August 19, 2025 /EINPresswire.com/ -- The Electric Industrial Vehicles Market highlights strong growth prospects, with the industry valued at USD 23.3 Bn in 2024 and projected to reach USD 55.5 Bn by 2035. Driven by the rising adoption of sustainable transportation, automation in logistics, and stringent emission regulations, the market is set to expand at a CAGR of 8.2% from 2025 to 2035. Increasing demand for cost-efficient, eco-friendly solutions across manufacturing, warehousing, and mining sectors is expected to further accelerate adoption globally.

The recent rise in the adoption of electric industrial vehicles is attributed to several environmental injunctions that have been enacted by governments to contain carbon emissions and ultimately improve air quality. Therefore, industries are making a switch to electric vehicles, which, in actual fact, are more sustainable and ecologically acceptable than diesel and gasoline-fueled vehicles.

𝗗𝗶𝘃𝗲 𝗗𝗲𝗲𝗽𝗲𝗿 𝗶𝗻𝘁𝗼 𝗗𝗮𝘁𝗮: 𝗚𝗲𝘁 𝗬𝗼𝘂𝗿 𝗜𝗻-𝗗𝗲𝗽𝘁𝗵 𝗦𝗮𝗺𝗽𝗹𝗲 𝗡𝗼𝘄! https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=86483

Another key driver that will sustain electric industrial vehicle uptake is the rising inclination toward cost-effectiveness and total cost of ownership (TCO). While electric vehicles (EVs) might be costly to purchase upfront, savings in operational costs during the vehicle lifetime lead to real cash savings-fewer dollars spent on fuel, reduced maintenance costs, and extended life.

Electricity is cheap, and downtime is minimal these days. Therefore, the EVs entice companies concentrating on high operational performance with low costs. Thus, the complementary pull from the regulatory and economic fronts will ensure the outgrowth of this market.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻

The EIV market can be segmented across various dimensions, providing a comprehensive view of its structure and growth drivers.

𝗕𝘆 𝗧𝘆𝗽𝗲

Forklifts
Personnel and Burden Carriers
Tow Tractors
Container Handlers
Automated Guided Vehicles
Aerial Work Platforms
Others

𝗕𝘆 𝗟𝗼𝗮𝗱 𝗖𝗮𝗽𝗮𝗰𝗶𝘁𝘆

<5 ton
5-10 ton
11-36 ton
>36 ton

𝗕𝘆 𝗣𝗿𝗼𝗽𝘂𝗹𝘀𝗶𝗼𝗻

Battery Electric Industrial Vehicles
Hybrid Electric Industrial Vehicles
Fuel-Cell Electric Industrial Vehicles

𝗕𝘆 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻

Manufacturing
Chemical
Food & Beverages
Mining
Automotive
Metals & Heavy Machinery
Others
Warehousing
Freight & Logistics
Others

𝗕𝘆 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗖𝗵𝗮𝗻𝗻𝗲𝗹

Direct Sales
Indirect Sales
Regions Covered
North America
Western Europe
Eastern Europe
East Asia
South Asia
Central and South America
Middle East and Africa

𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝗿𝗶𝘃𝗲𝗿𝘀 𝗮𝗻𝗱 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀

𝗗𝗿𝗶𝘃𝗲𝗿𝘀:

Rising Environmental Concerns and Regulations: Governments worldwide are implementing stricter emission standards, pushing industries to adopt cleaner alternatives like EIVs.

Declining Battery Costs and Technological Advancements: Improvements in battery technology, including increased energy density and faster charging, are reducing the total cost of ownership (TCO) and enhancing vehicle performance. The price of batteries continues to fall, making EIVs more financially viable.

Lower Operational Costs: EIVs have fewer moving parts than their ICE counterparts, leading to significantly lower maintenance costs and reduced downtime. Electricity is also generally cheaper than fossil fuels.

Growing Industrial Automation: The integration of EIVs with automated systems and robotics in smart factories and warehouses is driving demand for efficient and interconnected vehicles.

𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀:

High Initial Cost: Despite a favorable TCO, the upfront purchase price of EIVs can still be a barrier for some businesses, particularly small and medium-sized enterprises (SMEs).

Limited Charging Infrastructure: The availability of adequate charging infrastructure, especially in developing regions, can hinder widespread adoption.

Range and Power Concerns: For some heavy-duty or long-haul applications, battery range and power output may not yet match the performance of ICE vehicles, though this gap is rapidly closing.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗧𝗿𝗲𝗻𝗱𝘀

Focus on Lithium-Ion Batteries: The market is rapidly shifting towards lithium-ion batteries due to their superior performance, longer lifespan, and faster charging capabilities compared to traditional lead-acid batteries.


Integration with IoT and AI: EIVs are becoming "smarter" with the integration of Internet of Things (IoT) sensors and Artificial Intelligence (AI) for real-time monitoring, predictive maintenance, and fleet management. This enhances efficiency and reduces operational costs.

Emergence of Autonomous and Automated Vehicles: The development of autonomous forklifts and AGVs is a major trend, enabling fully automated material handling in warehouses and factories.

Development of Specialized Vehicles: The market is seeing an increase in purpose-built electric industrial vehicles designed for specific applications, such as heavy-duty forklifts and mining vehicles.

𝗙𝘂𝘁𝘂𝗿𝗲 𝗢𝘂𝘁𝗹𝗼𝗼𝗸

The future of the EIV market is bright. Continued advancements in battery technology, coupled with the ongoing push for sustainability and automation, will drive sustained growth. The market is expected to become more competitive, with manufacturers focusing on innovation in battery technology, vehicle design, and smart features. As the cost gap with traditional vehicles narrows and the benefits of efficiency and sustainability become more pronounced, EIVs will become the standard for industrial operations.

𝗞𝗲𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝘁𝘂𝗱𝘆 𝗣𝗼𝗶𝗻𝘁𝘀

The total market value is projected to grow from USD 23.3 billion in 2024 to USD 55.5 billion in 2035, at a CAGR of 8.2%.

The forklift segment remains the largest, but AGVs and other specialized vehicles are growing at a faster pace.

East Asia is the dominant region, followed by Europe and North America.

Technological innovation in batteries and vehicle autonomy are the primary drivers of market evolution.

𝗕𝘂𝘆 𝘁𝗵𝗶𝘀 𝗣𝗿𝗲𝗺𝗶𝘂𝗺 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.transparencymarketresearch.com/checkout.php?rep_id=86483&ltype=S

𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲

The Electric Industrial Vehicles market is highly competitive, with a mix of established global players and emerging technology-focused companies. Key players are investing heavily in R&D to improve battery life, charging speed, and vehicle performance.

Toyota Industries Corporation: A market leader, known for its extensive range of electric forklifts and recent investments in expanding its manufacturing capabilities.

KION Group AG: A major European player with a strong portfolio of electric material handling equipment.

Crown Equipment Corporation: A prominent manufacturer with a focus on innovative and ergonomic electric lift trucks.

Hyster-Yale Materials Handling, Inc.: A global leader offering a comprehensive line of electric vehicles for a wide range of applications.

Mitsubishi Logisnext Co., Ltd.: A Japanese company with a significant presence in the global EIV market.

BYD Company Ltd.: A key player from China, leveraging its expertise in electric vehicle and battery technology to gain a strong foothold in the industrial sector.

EP Equipment: A rising player known for launching new electric forklift models with advanced features.

Anhui Forklift Group Co., Ltd.: Another significant Chinese manufacturer with a growing portfolio of electric industrial vehicles.

𝗥𝗲𝗰𝗲𝗻𝘁 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁𝘀

In May 2024, Toyota Industries Corporation announced a new USD 100 million investment to expand its electric forklift manufacturing capabilities in Indiana, signaling a strong commitment to the North American market.

In April 2023, EP Equipment and Anhui Forklift launched new ranges of electric forklifts, showcasing the continuous innovation in battery technology and lifting capacity.

The industry has seen increased integration of fleet management systems that use AI to optimize routes, charging schedules, and maintenance, further enhancing the efficiency of EIV fleets.

Major OEMs are also collaborating with tech companies to develop and integrate autonomous driving capabilities into their industrial vehicles.

𝗘𝘅𝗽𝗹𝗼𝗿𝗲 𝗟𝗮𝘁𝗲𝘀𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁𝘀 𝗯𝘆 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵:

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𝗔𝗯𝗼𝘂𝘁 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵

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