Special Purpose Electric Vehicle (EV) Market Regional Analysis

According to estimates, the market for special purpose electric cars is dominated by Asia-Pacific. The significant market share held by Asia-Pacific is attributed to factors such as rising consumer demand for EVs and charging stations, an increase in the number of electric mobility start-ups offering a wide range of solutions & services, and an increase in the number of government initiatives to build out the infrastructure for charging.

The global special purpose market for electric vehicles is expanding significantly, especially in Europe and North America. However, during the projected period, Europe is anticipated to develop at the fastest rate in terms of value. This is linked to the rise in electric car demand in the United States, Norway, France, and Germany. The two largest markets in the European region with a CAGR of around 40% are Germany and Norway. A non-profit group named Veloz has also been established to promote electric vehicles in North America by policy makers, automakers, and charging network providers. The group sought to expand the market for electric vehicles by luring innovation, capital, and marketing. The U.S. is dominating the global special purpose electric vehicle market in the North America region.