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....