The industrial personnel and burden carriers (electric) market is likely to grow at a significant pace during the forecast period. In today’s highly competitive business environment, operational efficiency has become a high priority for most companies so as to provide the best of products and services to their customers. The growing importance of, and therefore need for, operational efficiency in industries is set to motivate the growth of this market in the coming years. Rapid industrialization in several Asia Pacific countries and the rising demand for electric vehicles have also propelled the industrial personnel and burden carrier (electric) market.
The opportunity in the global industrial personnel and burden carrier (electric) market is expected to be worth US$757.40 mn by the end of 2024, rising from US$395.80 mn in 2015. The market is expected to expand at a CAGR of 7.5% during the course of the forecast period.
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Among the various types of products available in the global market, the burden carrier segment is expected to be account for a 36.9% share by 2024. This product segment is expected to be driven by the robust rate of industrialization across countries. Regionally, North America is anticipated to lead the global market for electric industrial personnel and burden carriers due to the rising demand for electric vehicles. Analysts predict that the North America industrial personnel and burden carrier (electric) market will progress at a CAGR of 7.4% between 2016 and 2024.
Consistent Growth in End-use Industries Driving APAC
The industrial personnel and burden carrier (electric) market is primarily supported by the rapid and consistent growth in industries such as coal, automotive, oil, information technology, textile, cement, and real estate. “Asia Pacific, presently the fastest growing market for electric industrial personnel and burden carriers, plays a key role in the development of this market, fueled by favorable economic reforms and rapid industrialization in major countries such as China, India, and Japan,” the lead analyst reports. Other factors that work in favor of the APAC industrial personnel and burden carriers include a massive population, the abundance of resources, the availability of cheap labor, and the rising affordability of raw materials. These factors have been attracting foreign investments over the years.
The growing demand for electric vehicles worldwide and the rising need for operational efficiency across industries have also bolstered the global industrial personnel and burden carriers market.
Political Upheaval in Leading Markets Adversely Affecting Rate of Industrialization
Recent political events, such as Brexit, have adversely impacted the market. “The U.K. is a major market for industrial personnel and burden carriers in the world,” the author points out. “Therefore, the withdrawal of the U.K. from the European Union has affected the growth of industrialization in the U.K., thereby stagnating the industrial personnel and burden carriers (electric) market across Europe.”
Electric industrial personnel and burden carriers often face issues pertaining to recharge and plug-in facilities and the lack of proper infrastructure also acts as a major deterrent.
The top four players in the global electric industrial personnel and burden carriers market accounted for over half the market in 2015. Transparency Market Research notes that these leading companies – Taylor-Dunn Manufacturing Company, Columbia ParCar Corporation, Bradshaw Electric Vehicles, and Motrec International, Inc. – have been increasingly focused on innovation, research and development, and expansion of product portfolio to gain a competitive edge and strengthen their presence in the global market.