IDTechEx Find Industrial and Commercial Electric Vehicles Eclipse Electric Cars

  IDTechEx Find Industrial and Commercial Electric Vehicles Eclipse Electric

Business Wire

CAMBRIDGE, England -- September 10, 2013

The contrast between industrial and commercial electric vehicles and
separately the electric car sector is now extreme. In 2013, industrial and
commercial vehicle sales will exceed previous estimates reaching $30 billion
and overtaking electric cars at $28 billion according to findings by
technology and market research analysts IDTechEx in a recent report
forecasting the industrial and commercial electric vehicles market.

“It is entirely possible that hybrid and pure electric cars taken together
will make no profit at all over the coming decade, with the exception of
Toyota hybrid cars. E-cars are massively dependent on government support which
can be withdrawn at any time. By contrast, the industrial and commercial EV
sector is doing extremely well, largely independently of government support.
Toyota Material Handling alone makes hundreds of millions of dollars in
profits every year from electric forklifts,“ Says Dr Peter Harrop, Chairman of

In the 2nd quarter of 2013, Toyota Industries, of which Toyota Material
Handling is the largest part, reported 27.9 billion yen net profit, an
increase of 92% from the same period of the previous fiscal year. IDTechEx now
predicts that the industrial and commercial electric vehicles business will
increase its lead to be $154 billion in 2023 vs $119 billion for cars, hybrid
and pure electric, the next biggest sector of the EV market.

When it comes to global distribution of this newly dominant sector, most
electric forklifts continue to be bought in Europe but China will buy by far
the largest number of electric buses in the coming decade – a contrast with
Japan and the USA being strong buyers of electric cars. Other parts of the
industrial and commercial electric vehicle sector will be more evenly
distributed across the globe, including airport ground support equipment and
on-road delivery vehicles.

The comprehensive report “Industrial & Commercial Hybrid & Pure Electric
Vehicles 2013-2023: Forecasts, Opportunities, Players“ (
provides forecasts of the heavy industrial, light industrial & commercial, bus
and taxi global markets by numbers, ex-factory price and total market value
for the coming decade. In addition to chapters on these sectors, there are
chapters on the market drivers, the key technologies and their future trends
all pulled together with summary charts, graphs and profiles of latest company

For more information about IDTechEx visit


Teresa Henry
UK: +44-(0)-1223-813703
USA: +1-617-577-7890
Press spacebar to pause and continue. Press esc to stop.