Special Purpose Electric Vehicles 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

Special Purpose Electric Vehicles 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 research report titled, ‘Special Purpose Electric Vehicles 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,’ provides an in-depth analysis of the special purpose electric vehicles market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029.

The special purpose electric vehicles market is expected to reach $113.75 billion by 2029, at a CAGR of 13.1% during the forecast period. By volume, this market is expected to reach 2.57 million units by 2029, at a CAGR of 13.8%. The growth of this market is driven by factors such as the growing construction industry in various countries, the increasing number of 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.

The market is segmented based on type, battery capacity, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the special purpose electric vehicles market is segmented into electric sweepers & scrubbers, electric sanitation trucks, electric earthmoving equipment, electric concrete mixers, electric tractors, electric forklifts, electric automated guided vehicles (AGVs), pallet stackers, and pallet trucks. In 2022, the electric earthmoving equipment segment is estimated to account for the largest share of the special purpose electric vehicles market. The large market share of this segment is attributed to factors such as low emissions, increasing demand for electric earthmoving vehicles from the construction industry, and the rising number of new product launches by major players manufacturing earthmoving equipment.

Based on application, the special purpose electric vehicles market is segmented into airports, railway stations, mining sites, construction sites, logistics companies, commercial spaces, factories, and other applications. In 2022, the construction sites segment is estimated to account for the largest share of the special purpose electric vehicles market. The large market share of this segment is attributed to the increasing demand for special purpose electric vehicles from the construction industry due to the benefits offered by these vehicles, such as reduced operating costs, lower CO2 emissions, less noise pollution, and low maintenance.

Based on end user, the special purpose electric vehicles market is segmented into municipal, industrial, and commercial end users. In 2022, the industrial segment is estimated to account for the largest share of the special purpose electric vehicles market. The large market share of this segment is attributed to the growing demand for various electric special purpose vehicles such as electric earthmoving equipment, electric concrete mixers, electric tractors, and electric excavators from the industrial sector. Furthermore, major players operating in this market are increasingly focusing on the development of new EVs due to the stringent emission standards in the industrial sector.

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.

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).

Key Questions Answered in the Report-

• Which are the high-growth market segments in terms of type, battery capacity, application, end user, and geography?
• What is the historical market size for special purpose electric vehicles?
• What are the market forecasts and estimates for the period 2022–2029?
• What are the major drivers, restraints, opportunities, and challenges in the special purpose electric vehicles market?
• Who are the major players in the market, and what are their market shares?
• Who are the major players in various countries?
• How is the competitive landscape for the special purpose electric vehicles market?
• What are the recent developments in the special purpose electric vehicles market?
• What are the different strategies adopted by the major players in the market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the special purpose electric vehicles market, and how do they compete with other players?

Global Special Purpose Electric Vehicle Market Report Summary

Report Metrics	Details
Years Considered	2020 - 2029
Base Year	2021
Forecast Period	2022-2029
Page Count	221
Units Referenced	Value (USD Million) and Volume (Thousand Units)
Segments/Key Topics	Market by Type, by Battery Capacity, by Application, by End User, and by Geography
Regions Covered	Asia-Pacific, Europe, North America, Latin America, and Middle East & Africa
Key Companies Mentioned	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)

FAQs About the Report

What is the focus of the special purpose electric vehicles market study?

The special purpose electric vehicles market report covers the market sizes & forecasts for the special purpose electric vehicle based on type, battery capacity, application, end user, and geography. This study also provides the value analysis of various segments and subsegments of the special purpose electric vehicles market at the regional and country levels.

What is the value of revenue generated from sale of special purpose electric vehicles across the globe? At what rate is their demand expected to grow for the next 5–7 years?

The special purpose electric vehicles market is projected to reach a value of $113.75 billion by 2029, at a CAGR of 13.1% during the forecast period.

Which type category will hold the major share of the market in 2022?

Based on type, in 2022, the electric earthmoving equipment segment is estimated to account for the largest share of the special purpose electric vehicles market by value.

Which is the high-growth application segment of the special purpose electric vehicles market?

Based on application, in 2022, the construction segment is estimated to account for the largest share of the special purpose electric vehicles market. The logistics companies segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the expansion of the logistic sector and the rising utilization of pneumatic bulk carriers and tank trailers in the logistics sector.

What are the key factors supporting the growth of this market? What are the major opportunities for existing market players and new entrants in the special purpose electric vehicles market?

The growth of this market is driven by factors such as the growing construction industry in various countries, the increasing number of investments by municipal corporations, and rising environmental concerns. 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.

Who are the major players operating in the special purpose electric vehicles market?

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).

Which regions/countries are likely to offer significant growth opportunities for the vendors in this market during the analysis period?

Emerging countries from Asia-Pacific are projected to offer significant growth opportunities for the vendors operating in this market due to consumers’ rising interest in electric vehicles and the increasing number of government initiatives to reduce greenhouse gas emissions.