Special Purpose Electric Vehicles Global Market Report 2022: Increasing Investments by Municipal Corporations Boosting Sector

DUBLIN, Oct. 18, 2022 /PRNewswire/ -- The "Special Purpose Electric Vehicles Market by Type, Battery Capacity, Application, End User, and Geography - Global Forecast to 2029" report has been added to  ResearchAndMarkets.com's offering.

The research report 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.

Market Dynamics

Market Drivers

• Expansion of the Construction Industry in Various Countries
• Increasing Investments by Municipal Corporations
• Rising Environmental Concerns

Market Restraints

• Unsuitability for Multi-Shift Operations
• High Initial Investments

Market Opportunities

• Growing Scope in Emerging Economies
• Growth in Smart City & Infrastructure Projects

Market Challenges

• Lack of Adequate EV Charging Infrastructure
• Lack of Reliable Performance in Heavy-Duty Applications

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. The Impact of Covid-19 on the Global Special Purpose Electric Vehicles Market

5. Market Insights

6. Global Special Purpose Electric Vehicles Market, by Type

7. Global Special Purpose Electric Vehicles Market, by Battery Capacity

8. Global Special Purpose Electric Vehicles Market, by Application

9. Global Special Purpose Electric Vehicles Market, by End User

10. Special Purpose Electric Vehicles Market, by Geography

11. Competitive Landscape

12. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)

13. Appendix

Companies Mentioned

• Anhui Airuite New Energy Special Purpose Vehicle Co. Ltd. (France)
• Dulevo International S.p.A. (Italy)
• Aebi Schmidt Group (Zurich)
• 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.)
• HUBTEX Maschinenbau GmbH & Co. KG (Germany).

For more information about this report visit https://www.researchandmarkets.com/r/m6nefg

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SOURCE Research and Markets