Special Purpose Electric Vehicle Market (2022-2029)
The Special Purpose Electric Vehicle Market is expected to grow at a CAGR of 13.1% from 2022 to 2029 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.
- Published
- Sep 2022
- Pages
- 221
- Format
- PDF + Excel
- Report ID
- MR-605
- Base year
- 2021
- 2029 · FORECAST
- $113.8B
- 2029
- $113.8B
- CAGR 2022–2029
- 13.1%
2021 baseline · 2022–2029 forecast at 13.1% CAGR · hover a bar for the value
Key highlights
The Electric Sweepers & Scrubbers Segment is Projected to Grow at the Highest CAGR During the Forecast Period
The 12.5kW to 100 kW Segment is Projected to Grow at the Highest CAGR During the Forecast Period
The Logistics Segment is Projected to Grow at the Highest CAGR During the Forecast Period
The Municipal Segment is Projected to Grow at the Highest CAGR During the Forecast Period
Europe to be the Fastest-growing Regional Market During the Forecast Period
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2021 |
| Estimated Year | 2022 |
| Forecast Period | 2022–2029 |
| Market Size (2029) | USD 113.75 billion |
| CAGR (2022–2029) | 13.1% |
| Format | PDF, Excel & Cloud Portal · 221 pages |
| Segments Covered | By Type: Electric Sweepers & Scrubbers, Electric Sanitation Trucks, Electric Earthmoving Equipment Electric Excavators, Electric Wheel Loaders, Electric Crawler Cranes, Electric Bulldozers, Other Electric Earthmoving Equipment · By Battery Capacity: Below 10 kW, 5 kW to 100 kW, Above 100 kW · By Application: Airports, Railway Stations, Mining Sites, Construction Sites, Logistics Companies, Commercial Spaces, Factories, Other Applications · By End User: Municipal, Industrial, Commercial End Users |
| Countries Covered | Asia-Pacific (RoAPAC), Europe (RoE) |
| Key Companies | Dulevo International S.p.A, Aebi Schmidt Group (Zürich), AB Volvo, Liebherr-International Deutschland GmbH, Hyster-Yale Materials Handling, Inc.(U.S.), Linde Material Handling GmbH, Toyota Material Handling, Inc. (U.S.), Jungheinrich AG, Mitsubishi Logisnext Europe B.V., J C Bamford Excavators Ltd (U.K.), Big Lift, LLC (U.S.), Crown Equipment Corporation (U.S.), Mighty Lift, Inc. (U.S.), HUBTEX Maschinenbau GmbH & Co. KG |
Report overview
Segments covered: type, battery capacity, application, end user. Regions: Asia-Pacific, Europe.
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 outbreak of the COVID-19 pandemic significantly impacted public health and businesses globally. Governments worldwide imposed lockdowns and curfews, consequently shutting down on-premise business processes and manufacturing operations to curb the spread of infection, disrupting supply chains and production schedules globally.
The economic slowdown significantly disrupted the automotive industry, causing a rapid decline in the sale of special purpose Electric Vehicle. However, various government initiatives and increasing investments by companies are contributing to the growth of this market, which is expected to help overcome the impact of COVID-19 on the special purpose EVs market.
Municipal corporations use several special purpose EV to clean and maintain roads. EVs such as sanitation trucks, electric refuse collection trucks, electric road sweepers, and electric road flushing trucks are widely used by municipal corporations.
Waste management has become a serious issue for authorities due to the exponential rate of expansion of industrial activities and inappropriate waste management methods. According to World Bank’s report, in 2016, the world generated 242 million tons of plastic waste, and this number is expected to increase to 3.4 billion tons over the next 30 years. Authorities have been tightening regulations for municipal and industrial waste management. Therefore, municipal corporations are increasingly utilizing special purpose EV and initiating various investments for proper waste management.
Factors such as the rising solid waste generation, increasing carbon emissions, and increasing government investments to ensure the efficient treatment of wastewater and solid waste management plants drive the demand for special purpose Electric Vehicle from municipal corporations.
Governments of various countries and major companies are taking several initiatives to implement special purpose Electric Vehicle. For instance, in 2020, the authorities in New Jersey announced that they had invested in Electric Vehicle for its municipal fleet. These investments include waste trucks from BYD Motors Inc., a China-based manufacturing company, and police vehicles. This initiative will make the New Jersey municipal fleet the first to feature fully electric garbage trucks and utilize electric police response vehicles.
Table of contents
13 chapters · 110 sections · 221 pages · click to expandSegmental analysis
| Segment | Largest share (2022) | Fastest growth (2022–2029) |
|---|---|---|
| By Type | — | Electric sweepers & scrubbers |
| By Battery Capacity | 12.5 kW to 100 kW | Above 100 kW |
| By Application | Construction sites | Logistics |
| By End User | — | Municipal |
By Type
- The electric sweepers & scrubbers segment is expected to grow at the highest CAGR during the forecast period.
- These special purpose EVs offer increased efficiency, high clean-up speed of 9800 square meters per hour, low maintenance costs, up to 8 hours of working time on a single charge, reduced labor costs, and improved road quality.
- These benefits drive the market demand for electric sweepers & scrubbers.
By Battery Capacity
- The 12.5kW to 100 kW Segment is Projected to Grow at the Highest CAGR During the Forecast Period
- The 12.5 kW to 100 kW segment is estimated to account for the largest share of the special purpose Electric Vehicle market.
- However, the above 100 kW segment is expected to grow at the highest CAGR during the forecast period.
- The rapid growth of this segment is attributed to the increasing adoption of electric trucks for heavy load applications, the increasing number of favorable policies, incentives, and subsidies by several state governments, and the rising adoption of electric mobility in emerging economies.
By Application
- The Logistics Segment is Projected to Grow at the Highest CAGR During the Forecast Period
- The construction sites segment is estimated to account for the largest share of the special purpose Electric Vehicle market.
- However, the logistics segment is expected to grow at the highest CAGR during the forecast period.
- The rapid growth of this segment is mainly attributed to the expansion of the logistic sector and the rising utilization of pneumatic bulk carriers and tank trailers in the logistics sector.
By End User
- The municipal segment is projected to grow at the highest CAGR during the forecast period.
- The rapid growth of this segment is attributed to the wide utilization of special purpose Electric Vehicle such as electric sweepers, electric sanitation trucks, and electric scrubbers by municipal corporations.
Geographic analysis
Europe
Fastest growthHowever, Europe is expected to register the fastest growth by value during the forecast period. The high market growth in Europe is driven by the stringent emission regulations in Europe and the increasing focus on reducing the number of conventional vehicles. Furthermore, the well-established charging infrastructure network in Europe plays a vital role in the growth of this regional market. Europe to be the Fastest-growing Regional Market During the Forecast Period
Asia-Pacific
Largest shareThe Asia-Pacific region is estimated to account for the largest share of the special purpose Electric Vehicle market in 2022, followed by Europe, North America, the Middle East & Africa, and Latin America.
Competitive landscape
- 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.)
- HUBTEX Maschinenbau GmbH & Co. KG · Germany
Frequently asked questions
Cite this report
Meticulous Research. (2022). Special Purpose Electric Vehicle Market - Global Opportunity Analysis and Industry Forecast (2022-2029) (Report No. MR-605). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/special-purpose-electric-vehicle-market-5291