Rising Demand for Special Purpose Electric Vehicles to Drive the Market Growth
SkyQuest projects that the special purpose electric vehicle market will attain a value of USD 27.43 billion by 2030, with a CAGR of 9.95% over the forecast period (2023-2030). The demand for special purpose electric vehicle is rising as municipal corporations seek to tackle the challenges posed by rising carbon emissions, solid waste creation and solid waste management. Furthermore, municipal corporations require various special purpose vehicles to maintain and clean their roads. Among these, electric vehicles have gained popularity in recent years with municipal corporations utilizing electric sanitation trucks, trash collection trucks, road sweepers and road flushing trucks to enhance their operations. With the environmental benefits of electric vehicles, it is expected that their use will continue to grow among municipal corporations in the future.
Westford, USA, June 20, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, special purpose electric vehicle is a specialized category built for specific industries and niche markets. They are designed to meet the unique requirements of these industries, which may necessitate their size, durability and ability to operate in challenging environments. In addition, special purpose electric vehicles may incorporate specialized features, such as lifting equipment, towing capacity, and attachments to perform specific tasks.
Browse in-depth TOC on “Special Purpose Electric Vehicle Market”
- Pages – 242
- Tables – 68
- Figures – 75
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Governments are actively promoting EV adoption by offering attractive incentives and policies. These incentives include reduced selling prices, zero or low registration fees and free charging infrastructure at multiple charging stations, providing several benefits to consumers. Additionally, several governments worldwide offer exemptions on road tax, import tax and purchase tax through various subsidies. These subsidies have also incentivized automobile manufacturers to increase their production of EVs.
Prominent Players in Special Purpose Electric Vehicle Market
- 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
Industrial Segment is Dominating the Market Due to the Growing Demand for Various Types of Electric Special Purpose Vehicles
The industrial segment was the largest market for special purpose electric vehicle. This is attributed to the growing demand for various types of electric special purpose vehicles from the industrial sector, such as electric tractors, excavators, concrete mixers and earthmoving equipment. In addition, the strict emission standards in this sector have prompted significant players in the market to focus on developing new electric vehicles. The adoption of electric vehicles by the industrial sector is expected to increase in the coming years owing to their lower carbon emissions and potential cost savings in the long run.
North America accounted for special purpose electric vehicle is experiencing significant growth and is considered a major player in this industry. This growth is attributed to several factors, including the growing awareness and acceptance of electric vehicles, favorable government incentives and rapid technological advancements.
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Construction Sites Segment is Expected to Dominate the Market Due to the Reduced CO2 emissions
The construction sites segment was the dominant market for special purpose electric vehicle owing to the benefits these vehicles offer, including lower operating costs, reduced CO2 emissions, less noise pollution and lower maintenance requirements. The growing demand for electric special purpose vehicles in the construction industry is a significant factor contributing to this segment’s large market share. In addition, the rising emphasis on environmental sustainability and government regulations promoting the adoption of electric vehicles has further propelled the demand for electric special purpose vehicles in the construction industry.
The Asia-Pacific region currently dominates the market for special purpose electric vehicles, largely due to several factors. These include an uptick in consumer demand for electric vehicles and charging infrastructure and a surge in the number of start-ups offering innovative EV solutions and services. Additionally, an increasing number of government initiatives aimed at bolstering EV infrastructure and charging networks have contributed to the market’s growth.
A comprehensive analysis of the major players in the Special Purpose Electric Vehicle market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Special Purpose Electric Vehicle Market
- Toyota Material Handling announced plans to introduce 22 new electric products to its extensive range of top-quality material handling solutions in 2022. This latest announcement marks a significant step forward for the company as it continues to expand its offerings in response to the growing demand for sustainable and efficient material handling solutions. With this release, Toyota Material Handling seeks to reinforce its position as a leading provider of innovative and reliable products in the industry.
- Audi Middle East announced a partnership with the Museum of the Future in Dubai, UAE, to promote the brand’s sustainability and electrification initiatives in 2022. The collaboration aligns with the Museum’s mission to showcase cutting-edge technology and innovation that contributes to a sustainable future. Audi Ag will showcase its electric vehicle technologies and sustainability strategies as part of the partnership, reflecting the UAE’s forward-looking vision for clean energy and sustainable transportation.
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Key Questions Answered in Special Purpose Electric Vehicle Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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