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Redding, California - September 2, 2022

Special Purpose Electric Vehicle Market Worth $113.75 Billion and 2.57 Million Units by 2029

Special Purpose Electric Vehicle Market by Type (Electric Sweepers & Scrubbers, Electric Sanitation Trucks, Electric Earthmoving Equipment, Electric Concrete Mixers), Battery Capacity, Application, End User, and Geography - Global Forecast to 2029


Meticulous Research®—leading global market research company published a research report titled, ‘Special Purpose Electric Vehicle Market by Type (Electric Sweepers & Scrubbers, Electric Sanitation Trucks, Electric Earthmoving Equipment, Electric Concrete Mixers), Battery Capacity, Application, End User, and Geography - Global Forecast to 2029.’

The special purpose electric vehicle market is expected to grow at a CAGR of 13.1% from 2022 to reach $113.75 billion by 2029. By volume, this market is expected to grow at a CAGR of 13.8% from 2022 to reach 2.57 million units by 2029. The growth of this market is driven by factors such as the growing construction industry in various countries, the increasing investments by municipal corporations, and rising environmental concerns. However, concerns regarding the underutilization of special purpose EVs due to their unsuitability for multi-shift operations and long charging cycles, and high initial investment requirements are expected to hamper the growth of this market. Furthermore, the increasing requirement for safe working environments and low maintenance costs of special purpose EVs are expected to create significant growth opportunities for the growth of this market.

The Special Purpose Electric Vehicle Market is segmented based on type, battery capacity, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the special purpose electric vehicle market is segmented into electric sweepers & scrubbers, electric sanitation trucks, electric earthmoving equipment, electric concrete mixers, electric tractors, electric forklifts, electric automated guided vehicles (AGVs), pallet stackers, and pallet trucks. In 2022, the electric earthmoving equipment segment is estimated to account for the largest share of the special purpose electric vehicle market. The large market share of this segment is attributed to factors such as low emissions, increasing demand for electric earthmoving vehicles from the construction industry, and the rising number of new product launches by major players manufacturing earthmoving equipment.

Based on battery capacity, the special purpose electric vehicle market is segmented into below 10 kW, 12.5 kW to 100 kW, and above 100 kW. In 2022, the 12.5 kW to 100 kW segment is estimated to account for the largest share of the special purpose electric vehicle market. The large market share of this segment is attributed to the increasing use of these batteries in vehicles such as electric sweepers & scrubbers, electric sanitation trucks, electric wheel loaders, electric forklifts, and electric automated guided vehicles (AGVs).

Based on application, the special purpose electric vehicle market is segmented into airports, railway stations, mining sites, construction sites, logistics companies, commercial spaces, factories, and other applications. In 2022, the construction sites segment is estimated to account for the largest share of the special purpose electric vehicle market. The large market share of this segment is attributed to the increasing demand for special purpose electric vehicles from the construction industry due to the benefits offered by these vehicles, such as reduced operating costs, lower CO2 emissions, less noise pollution, and low maintenance.

Based on end user, the special purpose electric vehicle market is segmented into municipal, industrial, and commercial end users. In 2022, the industrial segment is estimated to account for the largest share of the special purpose electric vehicle market. The large market share of this segment is attributed to the growing demand for various electric special purpose vehicles such as electric earthmoving equipment, electric concrete mixers, electric tractors, and electric excavators from the industrial sector. Furthermore, major players operating in this market are increasingly focusing on the development of new EVs due to the stringent emission standards in the industrial sector.

Based on geography, in 2022, Asia-Pacific is estimated to account for the largest share of the special purpose electric vehicle market. Asia-Pacific’s large market share is attributed to the increasing demand for EVs and charging facilities, the growing number of electric mobility start-ups offering numerous solutions & services, and the rising number of government initiatives to develop charging infrastructure.

The key players operating in the special purpose electric vehicle market are Anhui Airuite New Energy Special Purpose Vehicle Co., Ltd. (France), Dulevo International S.p.A. (Italy), Aebi Schmidt Group (Zürich), AB Volvo (Sweden), Liebherr-International Deutschland GmbH (Germany), Hyster-Yale Materials Handling, Inc.(U.S.), Linde Material Handling GmbH (Germany), Toyota Material Handling, Inc. (U.S.), Jungheinrich AG (Germany), Mitsubishi Logisnext Europe B.V. (Netherlands), J C Bamford Excavators Ltd (U.K.), Big Lift, LLC (U.S.), Crown Equipment Corporation (U.S.), Mighty Lift, Inc. (U.S.), and HUBTEX Maschinenbau GmbH & Co. KG (Germany).

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Key Questions Answered in the Report:

  • Which are the high-growth market segments in terms of type, battery capacity, application, end user, and geography?
  • What is the historical market size for the special purpose electric vehicle market?
  • What are the market forecasts and estimates for the period 2022–2029?
  • What are the major drivers, restraints, opportunities, and challenges in the special purpose electric vehicle market?
  • Who are the major players in the market, and what are their market shares?
  • Who are the major players in various countries?
  • How is the competitive landscape in the special purpose electric vehicle market?
  • What are the recent developments in the special purpose electric vehicle market?
  • What are the different strategies adopted by the major players in the market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the special purpose electric vehicle market, and how do they compete with other players?

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Special Purpose Electric Vehicle Market - Global Opportunity Analysis and Industry Forecast (2022-2029)
Report ID: MRAUTO - 104605 Pages: 221 Formats*:PDF Category: Automotive and Transportation
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