Special Purpose Electric Vehicle (EV) Market Updates

Global Special Purpose Electric Vehicle (EV) Market size was valued at USD 13.1 billion in 2023 and is poised to grow from USD 14.4 billion in 2024 to USD 30.64 billion by 2032, growing at a CAGR of 9.9% during the forecast period (2025-2032).

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. 'Caterpillar Inc. (USA) ', 'Komatsu Ltd. (Japan) ', 'Volvo Construction Equipment (Sweden) ', 'John Deere (USA) ', 'CNH Industrial N.V. (Netherlands) ', 'Toyota Industries Corporation (Japan) ', 'KION GROUP AG (Germany) ', 'BYD Company Ltd. (China) ', 'Proterra Inc. (USA) ', 'Orange EV (USA) ', 'Motrec International Inc. (Canada) ', 'Green Machine Equipment, Inc. (USA) ', 'Taylor-Dunn (USA) ', 'Columbia Vehicle Group, Inc. (USA) ', 'Lightning eMotors (USA) ', 'Workhorse Group Inc. (USA) ', 'Dana Incorporated (USA) ', 'Allison Transmission Holdings, Inc. (USA) ', 'Romeo Power, Inc. (USA)'

This market is expanding as a result of factors like the expanding building industry globally, rising municipal investment levels, and developing environmental concerns.

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.

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.