Powering Industry: The Rise of Electric Vehicles in Industrial Applications

The global industrial electric vehicles market size was estimated at USD 5.47 billion in 2022 and is projected to reach USD 15.80 billion by 2030, expanding at a compound annual growth rate (CAGR) of 14.0% from 2023 to 2030. With increasing market competition and pressure on operational efficiency, businesses across industries are increasingly seeking ways to streamline operations, reduce operating costs, and enhance productivity—factors that are driving the growing adoption of industrial electric vehicles.

Industrial electric vehicles are used extensively in warehouses, factories, and manufacturing facilities to automate material handling, storage, and internal transportation. These vehicles significantly improve efficiency and output by minimizing manual labor, reducing human error, and optimizing space usage. The growing adoption of electric material handling equipment is also influenced by rising energy costs, environmental sustainability goals, and safety regulations.

Technological advancements have further propelled the growth of the market. Innovations in robotics, artificial intelligence (AI), and machine learning (ML) have led to the development of smarter, more adaptable industrial electric vehicles capable of handling a broader range of tasks and materials. For example, in September 2021, Locus Robotics acquired Waypoint Robotics, Inc., a manufacturer of automation machinery. This acquisition aimed to expand Locus’ product portfolio of autonomous mobile robots (AMRs) to accommodate a wide array of use cases, including case picking, e-commerce fulfillment, pallet picking, and handling heavier, bulkier payloads.

The demand for industrial electric vehicles has also increased in line with the expansion of warehouse infrastructure and the adoption of advanced manufacturing techniques. Modern warehouses require sophisticated material handling equipment to manage tasks such as stock placement, order fulfillment, and efficient movement of goods. As companies invest in automated storage and retrieval systems to improve their facilities and reduce labor dependency, the role of electric vehicles in these operations becomes increasingly vital.

Moreover, the growing shift from lead-acid batteries to lithium-ion batteries is a notable trend in the industrial electric vehicles market. Lithium-ion batteries offer multiple advantages such as faster charging times, higher energy density, longer operational lifespan, and greater efficiency. They are significantly smaller and lighter than lead-acid batteries and do not require watering or emit harmful gases, making them ideal for 24/7 industrial operations.


Key Market Trends & Insights

  • The North America veterinary diagnostics industry led the global industry in 2024, capturing the largest revenue share of 38.25%.
  • The U.S. veterinary infectious disease diagnostics industry is anticipated to grow significantly over the forecast period.
  • By product, the autonomous mobile robots (AMR) segment led the market in 2022, accounting for over 53% share of the global revenue.

 

Market Size & Forecast

  • 2022 Market Size: USD 5.47 Billion
  • 2030 Projected Market Size: USD 15.80 Billion
  • CAGR (2023-2030): 14.0%
  • Europe: Largest market in 2022
  • Asia Pacific: Fastest growing market

 

Order a free sample PDF of the Industrial Electric Vehicles Market Intelligence Study, published by Grand View Research.


Key Companies & Market Share Insights

Both well-established players and emerging startups are actively capitalizing on the opportunities within the fast-growing industrial electric vehicles sector. Companies are implementing a combination of organic strategies—such as expanding product portfolios, investing in cutting-edge technologies, and exploring new geographic regions—and inorganic strategies, including mergers, acquisitions, and strategic collaborations. These approaches enable firms to swiftly tap into new markets and integrate innovative capabilities.

For instance, in June 2023, Dematic, a leading manufacturer of industrial vehicles and material handling systems, launched its third-generation freezer-rated automated guided vehicles (AGVs). These AGVs feature enhanced navigation and sensor systems, designed to exceed global safety standards and improve performance in extreme cold environments. This launch highlights Dematic's dedication to improving the safety and efficiency of automated operations in specialized industrial settings.


Key Players

  • 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

 

Browse Horizon Databook on Industrial Electric Vehicles Market Size & Outlook


Conclusion

The industrial electric vehicles market is experiencing rapid growth, driven by the increasing need for automation, efficiency, and sustainability across industrial environments. As businesses continue to modernize their operations with smart technologies and energy-efficient solutions, the demand for advanced electric vehicles is expected to escalate. The integration of robotics, AI, and lithium-ion battery systems positions industrial electric vehicles as a key enabler of the next generation of automated industrial infrastructure.

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