Industrial Personnel and Burden Carriers (Electric) Market: Snapshot
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.
In terms of revenue, the global industrial personnel and burden carriers (electric) market is slated to rise from a value of US$395.80 mn in 2015 to US$757.40 mn by 2024, augmenting at a 7.5% CAGR therein. By volume, the market is poised to register a 3.9% CAGR from 2016 to 2024.
Massive Demand for Electric Industrial Personnel and Burden Carriers in Manufacturing Sector
The global industrial personnel and burden carrier (electric) market can be divided into personnel carrier and burden carrier on the basis of type. The burden carrier segment dominated the market in 2015. The increasing application and use of burden carriers in industries due to the benefits associated with them is likely to result in the growth of the segment during the forecast period.
Electric industrial personnel and burden carriers find application in sectors such as manufacturing, mining, oil and gas, pharmaceuticals, iron and steel, chemicals, and food processing. The manufacturing sector is the leading revenue contributor to the global industrial personnel and burden carriers (electric) market. There is a massive demand for these carriers in the manufacturing sector to ease up production processes by efficiently handling various raw materials and personnel in factories. This has led to the rise in demand for electric industrial personnel and burden carriers.
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North America Leads Global Industrial Personnel and Burden Carriers Market by Revenue and Volume
North America is presently the most significant market for industrial personnel and burden carriers, primarily driven by an increase in the number of industries and warehouses. Moreover, the rising demand for electric vehicles, rapid development of industrial infrastructure, and an increase in operational efficiency contribute toward the growth of this market. Strong growth in North America is also attributed to heavy investments in industrial personnel and burden carrier manufacturing technology, considering that the region is the largest hub for automation and semiconductor manufacturing. As a result, the growing need for the transfer of heavy equipment and materials in and out of industries has been boosting the demand in North America.
Asia Pacific is one of the major contributors to the global industrial personnel and burden carrier (electric) market. The market in Asia Pacific has witnessed substantial growth due to the increasing demand for heavy load carrier electric vehicles for raw materials, equipment, and personnel transport within factories. In terms of industrialization and growth in major sectors, countries in Asia Pacific such as China, India, and Japan are expected to witness significant growth in the coming years. This in turn is expected to influence the demand for electric personnel and burden carriers utilized in industries for better efficiency and utilization of resources. Increasing investments by foreign manufacturers in the region, coupled with the growing interest of local players will also propel the market.