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Global Industrial Personnel and Burden Carriers (Electric) Market Analysis, Size, Share, Growth, Trends and Forecast to 2024
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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.
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.”
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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.
Global Industrial Personnel and Burden Carriers (Electric) Market: By Product Type
Burden Carrier
Stand Up Carriers
Sit Down Carriers
Personnel Carriers
2 to 5 Seater
5 to 10 Seater
10 and above Seater
Tow Tractors
Global Industrial Personnel and Burden Carriers (Electric) Market: By Industrial Burden Carrier Load Capacity
Less Than 1000 lbs.
1000 to 5000 lbs.
5000 to 10,000 lbs.
10,000 lbs. and above
Global Industrial Personnel and Burden Carriers (Electric) Market: By Industrial Personnel Carrier Load Capacity
500 lbs. to 2000 lbs.
2000 lbs. to 5000 lbs.
5000 lbs. and above
Global Industrial Personnel and Burden Carriers (Electric) Market: By Application Industry
Manufacturing
Mining
Oil & Gas
Pharmaceuticals
Iron & Steel
Chemicals
Food Processing
Others
Global Industrial Personnel and Burden Carriers (Electric) Market: By Geography
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
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