USD 11.68 billion
Report ID: SQMIG25C2057 | Region: Global | Published Date: July, 2023 | Pages: 242 | Tables: 68 | Figures: 75
Global Special Purpose Electric Vehicle Market size was valued at USD 11.68 billion in 2021 and is poised to grow from USD 12.84 billion in 2022 to USD 27.43 billion by 2030, growing at a CAGR of 9.95% in the forecast period (2023-2030).
Municipal corporations are increasingly in need of special purpose electric cars due to factors like increased solid waste creation, rising carbon emissions, and rising government spending to assure effective treatment of wastewater and solid waste management facilities. Municipal corporations maintain and clean their roads using a variety of special purpose vehicles. Municipal corporations frequently use EVs such as sanitation trucks, electric trash collection trucks, electric road sweepers, and electric road flushing trucks.
Global Market Size
USD 11.68 billion
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Global special purpose electric vehicle market is segmented into end user, application, and region. By end user it is segmented into municipal, industrial, and commercial end users based on end user. On the basis of application airports, railway stations, mining sites, construction sites, logistics companies, commercial spaces, factories, and other applications. By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Analysis by End User
The special purpose electric vehicle market is divided into municipal, industrial, and commercial end users based on end user. According to estimates, the industrial sector held the greatest market share for special purpose electric cars in 2021. The substantial market share of this sector is related to the rise in demand for various electric special purpose vehicles from the industrial sector, including electric tractors, electric excavators, electric concrete mixers, and electric earthmoving equipment. Due to the strict emission standards in the industrial sector, prominent participants in this market are also placing more and more emphasis on the creation of new EVs.
Analysis by Application
The market for special purpose electric cars is divided into airports, railway stations, mining sites, construction sites, logistics companies, commercial spaces, factories, and other applications. based on application. According to estimates, the segment of construction sites dominated the market for electric special purpose vehicles in 2021. Due to the advantages these vehicles provide, such as lower operating costs, lower CO2 emissions, less noise pollution, and low maintenance requirements, the construction industry is increasingly in demand, which is what accounts for this segment's large market share.
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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.
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Rise in Technological Advancement to Boost Market Growth for Special Purpose Electric Vehicle
High Initial Setup Cost to Hinder Market Growth
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The top three companies competing in the special purpose electric vehicle market are Crown Equipment Corporation, Toyota Material Handling, Inc., and AB Volvo (Sweden) (U.S.). To enhance their respective market shares, these players consistently concentrate on agreements, collaboration, partnerships, and product launches and development.
Top Player's Company Profiles
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global special purpose electric vehicle market analysis, The growing construction industry in various countries, increased municipal investments, and rising environmental concerns are driving the growth of this market. Concerns about the underutilization of special purpose EVs due to their unsuitability for multi-shift operations and long charging cycles, as well as high initial investment requirements, are expected to stymie the market's growth. Furthermore, the growing need for safe working environments, as well as the low maintenance costs of special purpose EVs, are expected to create significant growth opportunities for this market.
|Market size value in 2021||USD 11.68 billion|
|Market size value in 2030||USD 27.43 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Special Purpose Electric Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Special Purpose Electric Vehicle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Special Purpose Electric Vehicle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Special Purpose Electric Vehicle Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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