(PharmaNewsWire.Com, July 06, 2022 ) Meticulous Research®—leading global market research company published a research report titled, ‘Special Purpose Electric Vehicle Market by Type (Electric Sweepers & Scrubbers, Electric Sanitation Trucks, Electric Earthmoving Equipment, Electric Concrete Mixers), Battery Capacity, Application, End User, and Geography—Global Forecast to 2029.’ The special purpose electric vehicle market is expected to grow at a CAGR of 13.1% by value from 2022 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.
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.
Impact of COVID-19 on the Special Purpose Electric Vehicle 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 vehicles. 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 EV market.
Electric Sweepers & Scrubbers Electric Sanitation Trucks Electric Earthmoving Equipment Electric Excavators Electric Wheel Loaders Electric Crawler Cranes Electric Bulldozers Other Electric Earthmoving Equipment Electric Concrete Mixers Electric Tractors Electric Forklifts Electric Automated Guided Vehicles (AGVs) Pallet Stackers Pallet Trucks Special Purpose EV Market, by Battery Capacity
Below 10 kW 12.5 kW to 100 kW Above 100 kW Special Purpose EV Market, by Application
Airports Railway Stations Mining Sites Construction Sites Logistics Companies Commercial Spaces Factories Other Applications Special Purpose EV Market, by End User
Municipal Industrial Commercial End Users Special Purpose EV Market, by Geography
Asia-Pacific (APAC) China Japan South Korea India Rest of Asia-Pacific (RoAPAC) Europe Germany France U.K. Italy Spain Rest of Europe (RoE) North America U.S. Canada Latin America Middle East & Africa
Based on geography, in 2022, Asia-Pacific is estimated to account for the largest share of the special purpose electric vehicles market. Asia-Pacific’s large market share is attributed to the increasing demand for EVs and charging facilities, the growing number of electric mobility start-ups offering numerous solutions & services, and the rising number of government initiatives to develop charging infrastructure. However, Europe is expected to register the fastest growth by value during the forecast period.
Some of the key players operating in the special purpose electric vehicles market are Anhui Airuite New Energy Special Purpose Vehicle Co., Ltd. (France), 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.), and HUBTEX Maschinenbau GmbH & Co. KG (Germany).
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