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Special Purpose Electric Vehicle (EV) Market size was valued at USD 11.68 billion in 2019 and is poised to grow from USD 12.84 billion in 2023 to USD 27.43 billion by 2031, growing at a CAGR of 9.95% in the forecast period (2024-2031).

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. 'Tesla Inc.', 'BYD Company Ltd.', 'Daimler AG', 'Volvo Group', 'Nikola Corporation', 'Proterra Inc.', 'Rivian Automotive LLC', 'Lion Electric Company', 'Xos Trucks Inc.', 'Workhorse Group Inc.', 'Hino Motors Ltd.', 'Dongfeng Motor Corporation', 'FAW Group Co., Ltd.', 'BAIC Group', 'Yutong Group Co., Ltd.', 'Kion Group AG', 'Terberg Group B.V.', 'Konecranes Plc', 'Liebherr Group', 'Kuka Aktiengesellschaft'

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.

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Global Special Purpose Electric Vehicle (EV) Market

Product ID: SQMIG25C2057