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.
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.
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.
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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.
This review is based on the findings of a TMR report titled “Industrial Personnel and Burden Carriers (Electric) Market (Product Type – Burden Carriers, Personnel Carriers, and Tow Tractors; Industrial Burden Carrier Load Capacity – Less than 1000 lbs., 1000 to 5000 lbs., 5000 to 10,000 lbs., and 10,000 lbs. and above; Industrial Personnel Carrier Load Capacity – 500 lbs. to 2000 lbs., 2000 lbs. to 5000 lbs., and 5000 lbs. and above; Application – Manufacturing, Mining, Oil & Gas, Pharmaceuticals, Iron & Steel, Chemicals, and Food Processing) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”