USD 11.68 billion
Special Purpose Electric Vehicle (EV) Market Size, Share, Growth Analysis, By End User(municipal, industrial, and commercial end users based on end users.), By Application(airports, railway stations, mining sites, construction sites), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2057 |
Region:
Global |
Published Date: July, 2024
Pages:
242
|Tables:
68
|Figures:
75
Special Purpose Electric Vehicle (EV) Market Insights
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).
Municipal corporations are increasingly in need of special purpose electric cars due to factors like increased solid waste creation, rising carbon emissions, and rising government spending to assure effective treatment of wastewater and solid waste management facilities. Municipal corporations maintain and clean their roads using a variety of special purpose vehicles. Municipal corporations frequently use EVs such as sanitation trucks, electric trash collection trucks, electric road sweepers, and electric road flushing trucks.
US Special Purpose Electric Vehicle (EV) Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Indusrtrial
Fastest Growth
Indusrtrial
Growth Rate
9.95% CAGR
Global Special Purpose Electric Vehicle Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Special Purpose Electric Vehicle (EV) Market Segmental Analysis
Global special purpose electric vehicle (EV) market is segmented into end user, application, and region. By end user it is segmented into municipal, industrial, and commercial end users based on end user. On the basis of application airports, railway stations, mining sites, construction sites, logistics companies, commercial spaces, factories, and other applications. By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Special Purpose Electric Vehicle (EV) Market Analysis by End User
The special purpose electric vehicle market is divided into municipal, industrial, and commercial end users based on end user. According to estimates, the industrial sector held the greatest market share for special purpose electric cars in 2021. The substantial market share of this sector is related to the rise in demand for various electric special purpose vehicles from the industrial sector, including electric tractors, electric excavators, electric concrete mixers, and electric earthmoving equipment. Due to the strict emission standards in the industrial sector, prominent participants in this market are also placing more and more emphasis on the creation of new EVs.
Special Purpose Electric Vehicle (EV) Market Analysis by Application
The market for special purpose electric cars is divided into airports, railway stations, mining sites, construction sites, logistics companies, commercial spaces, factories, and other applications. based on application. According to estimates, the segment of construction sites dominated the market for electric special purpose vehicles in 2021. Due to the advantages these vehicles provide, such as lower operating costs, lower CO2 emissions, less noise pollution, and low maintenance requirements, the construction industry is increasingly in demand, which is what accounts for this segment's large market share.
Global Special Purpose Electric Vehicle Market By Type
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Special Purpose Electric Vehicle (EV) Market Regional Insights
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.
The global special purpose market for electric vehicles is expanding significantly, especially in Europe and North America. However, during the projected period, Europe is anticipated to develop at the fastest rate in terms of value. This is linked to the rise in electric car demand in the United States, Norway, France, and Germany. The two largest markets in the European region with a CAGR of around 40% are Germany and Norway. A non-profit group named Veloz has also been established to promote electric vehicles in North America by policy makers, automakers, and charging network providers. The group sought to expand the market for electric vehicles by luring innovation, capital, and marketing. The U.S. is dominating the global special purpose electric vehicle market in the North America region.
Global Special Purpose Electric Vehicle Market By Region
- Largest
- Fastest
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Special Purpose Electric Vehicle (EV) Market Dynamics
Special Purpose Electric Vehicle Market Drivers
Rise in Technological Advancement to Boost Market Growth for Special Purpose Electric Vehicle
- This market is expanding as a result of factors like the expanding building industry globally, rising municipal investment levels, and developing environmental concerns.
- This market is anticipated to experience considerable growth because of the rising need for safe workplaces and the cheap maintenance costs of special purpose EVs.
Special Purpose Electric Vehicle Market Restraints
High Initial Setup Cost to Hinder Market Growth
- High initial investment costs and worries about the underutilization of special purpose EVs due to their unsuitability for multi-shift operations and lengthy charging cycles are anticipated to restrain the growth of this market.
- Global public health and industry were severely damaged by the COVID-19 pandemic outbreak. Sales of special purpose electric vehicles fell sharply as a result of the economic slowdown, which greatly impacted the automobile sector.
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Special Purpose Electric Vehicle (EV) Market Competitive Landscape
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.
Special Purpose Electric Vehicle Market Top Player's Company Profiles
- 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
Special Purpose Electric Vehicle Market Recent Developments
- In September 2022, Sweden's AB Volvo started series production of heavy electric trucks.
- In January 2022, Toyota Material Handling announced the release of 22 new electric products as part of the company's growing portfolio of world-class material handling products and solutions.
Special Purpose Electric Vehicle (EV) Key Market Trends
- 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.
- The increasing requirements and low maintenance costs of special purpose EVs are expected to create significant growth opportunities for the growth of this market.
Special Purpose Electric Vehicle (EV) Market SkyQuest Analysis
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global special purpose electric vehicle market analysis, The growing construction industry in various countries, increased municipal investments, and rising environmental concerns are driving the growth of this market. Concerns about the underutilization of special purpose EVs due to their unsuitability for multi-shift operations and long charging cycles, as well as high initial investment requirements, are expected to stymie the market's growth. Furthermore, the growing need for safe working environments, as well as the low maintenance costs of special purpose EVs, are expected to create significant growth opportunities for this market.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 11.68 billion |
| Market size value in 2031 | USD 27.43 billion |
| Growth Rate | 9.95% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Special Purpose Electric Vehicle (EV) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Special Purpose Electric Vehicle (EV) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Special Purpose Electric Vehicle (EV) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Special Purpose Electric Vehicle (EV) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Special Purpose Electric Vehicle (EV) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Special Purpose Electric Vehicle (EV) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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