Special Purpose Electric Vehicle Market Worth $113.75 Billion and 2.57 Million Units by 2029 to Grow at a CAGR of 13.1%

‘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.

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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.

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The special purpose electric vehicles 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 country level.

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 forklift, 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. However, the electric sweepers & scrubbers segment is expected to grow at the highest CAGR during the forecast period. These special purpose EVs offer increased efficiency, high clean-up speed of 9800 square meters per hour, low maintenance costs, up to 8 hours of working time on a single charge, reduced labor costs, and improved road quality. These benefits drive the market demand for electric sweepers & scrubbers.

Based on battery capacity, the special purpose electric vehicles market is segmented into below 10 kW, 12.5 kW to 100 kW, and above 100 kW. In 2022, the 12.5 kW to 100 kW 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 use of these batteries in vehicles such as electric sweepers & scrubbers, electric sanitation trucks, electric wheel loaders, electric forklifts, and electric automated guided vehicles (AGVs). However, the above 100 KW segment is expected to grow at the highest CAGR during the forecast period.

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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. However, the logistics companies segment is expected to grow at the highest CAGR 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.

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. However, the municipal segment is projected to grow at the highest CAGR during the forecast period.

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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), 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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