Special Purpose Electric Vehicle Market to Reach $113.75 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

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Sep 26, 2022, 09:00 ET

REDDING, Calif., Sept. 26, 2022 /PRNewswire/ -- According to a new market 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 vehicles market is expected to reach $113.75 billion by 2029, at a CAGR of 13.1% from 2022 to 2029. By volume, this market is expected to reach 2.57 million units by 2029, at a CAGR of 13.8% from 2022 to 2029.

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Special purpose electric vehicles are used to perform specific heavy tasks. Special purpose electric vehicles are mostly heavy-duty vehicles, such as dump trucks, forklifts, tank trucks, and sweepers. These vehicles are utilized in various industries, including chemical, petroleum, and construction.

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.

Rising Environmental Concerns to Drives the Growth of the Special Purpose EV Market

According to the International Energy Agency (IEA), in 2019, transportation accounts for almost one-fifth of global carbon dioxide (CO2) emissions. Road travel accounts for three-quarters of transport emissions. Passenger vehicles—cars and buses emit more carbon, contributing 45.1% and 29.4% from freight trucks. Therefore, governments of various countries are implementing electric vehicles to reduce these emissions.

EVs serve as a greener alternative to gas or diesel vehicles. They reduce a fleet's greenhouse gas emissions, which is an advantage for businesses to stay sustainable and compliant with government guidelines. Hence, various governments are implementing electric vehicles to protect the environment. For instance, National Electric Mobility Mission Plan 2020 aims to achieve national fuel security by promoting hybrid and electric vehicles in India. There is an ambitious target to achieve 6-7 million sales of hybrid and electric vehicles year on year from 2020 onwards.

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In 2019, the Government of Colombia set a target to deploy 600,000 EVs on its roads to reduce emissions by 2030. In 2018, the Government of Italy planned to have 1 million electric vehicles on the roads of Italy by 2022. Thus, rising environmental concerns and government initiatives are expected to increase the demand for special purpose EVs to reduce harmful pollutants and improve air quality.

To provide efficient analysis, Meticulous Research^® has segmented this market based on type (electric sweepers & scrubbers, electric sanitation trucks, electric earthmoving equipment, electric concrete mixers, electric tractors, electric forklifts, electric automated guided vehicles, pallet stackers, pallet trucks), battery capacity (below 10 kW, 12.5 kW to 100 kW, and above 100 kW), application (airports, railway stations, mining sites, construction sites, logistics, commercial spaces, factories, other applications), end user (municipal, industrial, commercial end users), and geography (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa).

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. 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. The above 100 kW segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the increasing adoption of electric trucks for heavy load applications, the increasing number of favorable policies, incentives, and subsidies by several state governments, and the rising adoption of electric mobility in emerging economies.

Based on application, the special purpose ev 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. However, the logistics 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. The rapid growth of this segment is attributed to the wide utilization of special purpose electric vehicles such as electric sweepers, electric sanitation trucks, and electric scrubbers by municipal corporations.

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.

Some of the key players operating in the special purpose electric vehicle 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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The top three players in the special purpose ev market are AB Volvo (Sweden), Toyota Material Handling, Inc. (U.S.), and Crown Equipment Corporation (U.S.). These players continuously focus on agreements, collaboration, partnerships, and product launches & development to increase their respective market shares.

AB Volvo (Sweden)

AB Volvo offers transport and infrastructure solutions, trucks, buses, construction equipment, power solutions for marine and industrial applications, and financing and services. The company provides various automation, electromobility, connectivity, and traffic safety services.

Volvo Group's brand portfolio consists of 12 brands, namely, Volvo (Sweden), Volvo Penta (Sweden), UD Trucks (Japan), Terex Trucks (U.S.), Renault Trucks (France), Prevost (Canada), Nova Bus (Canada), Mack (U.S.), Arquus (France), SDLG (China), Eicher (India) and Dongfeng Trucks (China).

The company has continuously focused on agreements, partnerships, and collaborations to augment its market share in the special purpose electric vehicles market. For instance, in 2020, Volvo CE unveiled its first mid-size electric excavator concept, EX03, its first electric prototype in the mid-size excavator range. It offers low noise, zero exhaust emissions, and reduced maintenance.

Toyota Material Handling, Inc. (U.S.)

Toyota Material Handling is a material handling solutions provider company that offers a full line of material handling products. The company's product portfolio includes forklifts, reach trucks, order pickers, pallet jacks, container handlers, automated guided vehicles, and tow tractors, along with aerial work platforms, fleet management services, and advanced automation engineering and design.

The company focuses on growth strategies such as agreements, partnerships, collaborations, and mergers to augment its market shares in the special purpose electric vehicles market. For instance, in 2020, Toyota Forklift merged two of its business units, Toyota Industrial Equipment Manufacturing (TIEM) and Toyota Material Handling USA (TMHU), into a single unit called Toyota Material Handling, Inc. (TMH).

Crown Equipment Corporation (U.S.)

Crown Equipment designs, manufactures, distributes, services, and supports material handling products. The company offers a broad range of forklifts and manufactures up to 85% of its forklift components, including key parts such as motors, drive units, and electronic modules.

The company has its regional headquarters in Australia, China, Germany, and Singapore. Crown Equipment has continuously focused on agreements, partnerships, collaborations, and expansions to augment its market share in the special purpose electric vehicles market. For instance, in 2021, the company planned to invest up to $13 million to expand its manufacturing operations in Kinston. This expansion was aimed at enhancing the manufacturing flexibility and capacity of the company.

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Scope of the Report

Special Purpose Electric Vehicle Market, by Type

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 Electric Vehicle Market, by Battery Capacity

Below 10 kW
12.5 kW to 100 kW
Above 100 kW

Special Purpose Electric Vehicle Market, by Application

Airports
Railway Stations
Mining Sites
Construction Sites
Logistics
Commercial Spaces
Factories
Other Applications

Special Purpose Electric Vehicle Market, by End User

Municipal
Industrial
Commercial End Users

Special Purpose Electric Vehicle 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

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