Press release
Special Purpose Electric Vehicle Market Set to Reach $113.75 Billion and 2.57 Million Units by 2029
As a leading global market research company, Meticulous Research® has released its latest 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.'
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The special purpose electric vehicle market is poised for significant growth, projected to surge at a remarkable CAGR of 13.1% from 2022, ultimately reaching an estimated value of $113.75 billion by 2029. In terms of volume, the market is expected to witness a parallel ascent, with a projected CAGR of 13.8%, reaching a staggering 2.57 million units by 2029. This growth trajectory is underpinned by various factors, including the burgeoning construction industry across diverse regions, substantial investments by municipal corporations, and mounting environmental concerns driving the adoption of eco-friendly solutions. However, challenges such as concerns over underutilization of special purpose EVs in multi-shift operations, extended charging cycles, and high initial investment requirements are anticipated to pose hurdles to market expansion. Nevertheless, the increasing emphasis on safe working environments and the demand for low maintenance costs present promising opportunities for market growth.
Segmentation Insights
The Special Purpose Electric Vehicle Market is meticulously segmented based on type, battery capacity, application, end user, and geography. Notably, the electric earthmoving equipment segment is estimated to command the largest market share in 2022, attributed to factors such as low emissions and a surging demand for electric variants within the construction industry. Furthermore, battery capacities ranging from 12.5 kW to 100 kW are anticipated to dominate the market landscape, driven by their widespread utilization across various applications, including electric sweepers & scrubbers, sanitation trucks, and automated guided vehicles (AGVs).
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Geographical Analysis
In 2022, Asia-Pacific emerges as the frontrunner in the special purpose electric vehicle market, spearheaded by escalating demand for EVs and charging infrastructure. The region benefits from a burgeoning ecosystem of electric mobility startups, coupled with robust government initiatives aimed at fostering charging infrastructure development.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/special-purpose-electric-vehicle-market-5291
Key Players Driving Innovation
Anhui Airuite New Energy Special Purpose Vehicle Co., Ltd. (France), Dulevo International S.p.A. (Italy), and Aebi Schmidt Group (Zürich) are among the key players spearheading innovation in the special purpose electric vehicle market. These industry stalwarts, alongside other prominent entities such as AB Volvo (Sweden) and Liebherr-International Deutschland GmbH (Germany), continue to drive advancements and shape the competitive landscape of the market.
Unlocking Strategic Insights
Meticulous Research®'s comprehensive report unlocks a plethora of strategic insights, addressing critical questions surrounding market segments, historical data, forecasts, major drivers and challenges, competitive landscape, recent developments, and geographical trends.
For further insights and to access the sample report, visit: Download Research Sample
https://www.meticulousresearch.com/download-sample-report/cp_id=5291
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We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.
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