Special Purpose Electric Vehicle Market: Transforming Industries with Electric Power

The Special Purpose Electric Vehicle Market is projected to experience significant growth, with an anticipated compound annual growth rate (CAGR) of 13.1% from 2022 to 2029, ultimately reaching $113.75 billion by 2029. In terms of volume, this market is expected to expand at a CAGR of 13.8%, resulting in an estimated 2.57 million units sold by 2029.

Special purpose electric vehicles (SPEVs) are designed for specific heavy-duty tasks and are equipped with specialized equipment powered by either their engine or a separately mounted engine. These vehicles include dump trucks, forklifts, tank trucks, and street sweepers, and they find applications across various industries such as construction, petroleum, and chemicals. The growth of the SPEV market is driven by several factors, including the expansion of the construction sector, increased municipal investments, and heightened environmental awareness. Furthermore, the need for safer work environments and lower maintenance costs offers immense growth opportunities.

Municipalities utilize various SPEVs for tasks such as road cleaning and waste management, including sanitation trucks and electric refuse collection vehicles. The rapid increase in industrial activities has made waste management a significant challenge globally. According to the World Bank’s report “What a Waste 2.0: A Global Snapshot of Solid Waste Management to 2050,” the world generated 242 million tons of plastic waste in 2016, a figure projected to balloon to 3.4 billion tons in the next 30 years. This alarming trend has prompted authorities to regulate waste management practices actively, leading to investments in special-purpose electric vehicles.

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Overview of the Special Purpose Electric Vehicles Market

Special purpose electric vehicles can be classified into three categories based on their reliance on electricity as a power source. Governments around the world are supporting the adoption of SPEVs through various initiatives. For example, in 2020, Jersey City, New Jersey, announced a substantial investment in electric vehicles, which included the procurement of electric waste trucks from BYD Motors and electric police vehicles. This initiative positioned New Jersey’s municipal fleet as the first on the East Coast to feature fully electric garbage trucks, illustrating how local governments are spearheading the transition to electric vehicles.

The rising prevalence of internal combustion engine (ICE) vehicles has triggered several environmental issues, such as global warming, increased emissions, and the depletion of fossil fuel reserves. Transportation accounted for nearly one-fifth of global carbon dioxide (CO2) emissions in 2018, with road vehicles being responsible for about 75% of these emissions. Passenger cars and buses accounted for 45.1% of transportation emissions, while freight trucks contributed 29.4%. In response to these alarming statistics, governments are increasingly promoting electric vehicles to curb CO2 emissions.

The market share of plug-in vehicles has seen significant growth, rising to 8.2%, which includes 5.4% battery electric vehicles (BEVs). This trend is largely driven by a growing awareness of climate change, the need for cleaner environments, and rising pollution levels.

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Key Trends in the Market

The construction industry plays a crucial role in the demand for SPEVs, as it contributes 11% of global energy-related carbon emissions. Electric vehicles are in high demand within this sector due to their numerous benefits, including reduced fuel costs, lower CO2 emissions, a safer working environment with diminished noise pollution, and lower maintenance needs. Logistics companies are also planning to expand their fleets with electric vehicles to contribute to sustainable transportation efforts. For instance, Deutsche Post DHL Group announced in 2020 that it would invest USD 7.9 billion over ten years to reduce carbon emissions in alignment with the Paris Climate Agreement, indicating a growing commitment among logistics firms to adopt sustainable practices.

Moreover, various governments are integrating SPEVs into the mining and steel industries. In 2019, the National Mineral Development Corporation (India) collaborated with state governments in Jharkhand and Karnataka to implement SPEVs in the establishment of steel factories, showcasing the versatility and adaptability of electric vehicles in different sectors.

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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
• 5 kW to 100 kW
• Above 100 kW

Special Purpose Electric Vehicle Market, by Application

• Airports
• Railway Stations
• Mining Sites
• Construction Sites
• Logistics Companies
• 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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