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.
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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.
Pacific are some of the crucial factors encouraging foreign investments in the industrial sector of the region.
With increasing industrialization and need for operational efficiency in industries across the globe, there is immense scope and opportunities for the industrial personnel and burden carriers (electric) market. There has been significant rise in application of industrial personnel and burden carriers in industries based in Asia Pacific. In the coming years, Asia Pacific is expected to be a crucial market for industrial personnel and burden carriers. India, China, and Japan have seen huge industrialization in recent times because of the availability of good natural and human resources.
Cheap source of labor, availability of raw materials, good transportation network, and investor-friendly industrial policies are some of the vital factors encouraging global companies to set up industries in these countries of the Asia Pacific region. This in turn is expected to encourage the rise in application of industrial personnel and burden carriers in the emerging markets of Asia Pacific.
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Industrial Personnel and Burden Carriers (Electric) Market: Scope of the Study
This market research study analyzes the global industrial personnel and burden carriers (electric) market and provides estimates in terms of revenue (USD Million) and volume in terms of (thousand Units) from 2015 to 2024. It emphasizes on the drivers and restraints responsible for the growth of the industry and examines their impact during the forecast period from 2016 to 2024. Moreover, it recognizes the important opportunities for the market expansion in the upcoming years.