The Special Purpose Electric Vehicles Market is projected to reach USD 113,757.2 million by 2029 from an estimated USD 47,963.3 million in 2022, at a CAGR of 13.1% during the forecast period 2022–2029. By volume, this market is projected to reach 2,571.6 thousand units by 2029 from an estimated 1,037.7 thousand units in 2022, at a CAGR of 13.8% from 2022 to 2029. The growth of this market is driven by the expansion of the construction industry in various countries, increasing investments by municipal corporations, and rising environmental concerns. However, the unsuitability of special purpose EVs for multi-shift operations and the high initial investments required to procure special purpose EVs restrain the growth of this market. Furthermore, the growing scope of Special purpose EVs in emerging economies and the growth in smart city & infrastructure projects are expected to offer growth opportunities for the players operating in this market. However, the lack of adequate EV charging infrastructure and the lack of reliable performance in heavy-duty applications in special purpose EVs are major challenges for market growth.
Here are the top 10 companies operating in the Special Purpose Electric Vehicles Market
Founded in 1927 and headquartered in Gothenburg, Sweden, AB Volvo is a Swedish multinational manufacturing company that offers transport and infrastructure solutions, trucks, buses, construction equipment, power solutions for marine and industrial applications, and financing and services. AB Volvo provides various services such as automation, electromobility, connectivity, and traffic safety.
The company operates in one reportable business segment, producing over a thousand units in 18 countries. In addition to vehicles and machines, it offers insurance, rental services, spare parts, repairs, preventive maintenance, service agreements, and assistance 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). With its subsidiaries and a strong distribution network, the company has a geographical presence across Europe, North America, South America, Asia, Africa, and Oceania. As of December 2021, the company had a headcount of 41,000 employees globally.
Aebi Schmidt Group
Founded in 1976 and headquartered in Zürich, Switzerland, Aebi Schmidt is a global supplier of smart product systems and services for treating mission-critical infrastructural and agricultural areas. The company offers a unique range of products, including sweepers, street washers, jet sweepers, spreaders, sprayers, combination machines, snow ploughs, snow removal machines, multipurpose transporter, slope tractors, motor mowers, vehicle attachments, and salt solution stations. It has several brands, namely Aebi, Schmidt, Arctic, Nido, Swenson, Meyer, ELP, and MB.
Some of its subsidiaries are Aebi Schmidt Holding AG, Aebi Schmidt Holding AG, and Aebi Schmidt Deutschland GmbH. The company has a geographical presence in Germany, Switzerland, Poland, Netherlands, and the U.S. As of December 2021, the company had a headcount of 1,923 employees worldwide.
Anhui Airuite New Energy Special Purpose Vehicle Co., Ltd.
Established in 2004 and headquartered in Roanne, France, Anhui Airuite is a manufacturer engaged in producing, developing, and selling new energy sanitation vehicles. The company is also China’s first manufacturer of electric scrubber machines and sweepers. It has more than 30 products, covering municipal roads, large squares, tourist attractions, universities, factories, airports, supermarkets, and other cleaning areas.
With nearly 100 marketing offices and after-sales service centers, the company has a geographic presence across Beijing, Shanghai, Guangzhou, Tianjin, Xiamen, and other cities, covering most provincial capitals and prefecture-level cities.
Doosan Bobcat Inc.
Founded in 1947 and headquartered in Gyeonggi, Republic of Korea, Doosan Bobcat is engaged in engineering, manufacturing, and marketing construction equipment. Loaders, excavators, and dump trucks are some products the company sells under the brand names Bobcat, Geith, and Doosan.
Doosan also manufactures portable power equipment, including air compressors, light towers, and generators for the domestic and overseas markets. The company operates through two reportable business segments, namely, Doosan Bobcat and Industrial Vehicle. It has a strong geographical presence in North America and Oceania, Europe, the Middle East & Africa, Asia, Latin America, and Oceania.
Dulevo International S.p.A.
Founded in 1976 and headquartered in Parma, Italy, Dulevo International is a commercial, industrial, and street-cleaning equipment manufacturer. With subsidiaries in Germany, France, India, Australia, and Mexico, the company’s network is present in over 70 countries. It maintains its top position by continuously researching solutions and technologies developed to improve environmental quality. Dulevo offers a wide range of products and an innovative mechanical-aspiring-filtering sweeping system.
Furthermore, the company creates highly advanced technological solutions which always provide the right answer for all cleaning requirements for retail, industrial or urban contexts.
Meticulous Research in its latest publication on Special Purpose Electric Vehicle Market has predicted the growth of 13.1% during the forecast year 2022-2029
Hyster-Yale Materials Handling, Inc.
Founded in 1989 and headquartered in Ohio, U.S., Hyster-Yale Materials Handling, Inc. designs, manufactures and sells a variety of forklifts and other lift truck products. The company has 21 manufacturing operations in 12 countries and operates through 3 reportable business segments, namely, Lift truck, Bolzoni, and Nuvera. It offers various solutions to meet customer applications’ specific materials handling needs. The global network of Hyster-Yale’s brands includes Hyster, Yale, Bolzoni, Auramo, Meyer, and Nuvera.
Some of its subsidiaries are Bolzoni Auramo Canada Ltd. (Canada), Bolzoni Auramo Pty Ltd. (Australia), and Hiroshima Yale Co., Ltd. (Japan). With its subsidiaries and a strong distribution network, the company has a geographical presence across the Americas, Europe, the Middle East & Africa, Japan, Asia-Pacific, India, and China. As of January 2022, the company had a headcount of 8,100 employees globally.
Founded in 1953 and headquartered in Hamburg, Germany, Jungheinrich AG provides solutions for the intralogistics sector. The company operates through two reportable business segments, namely, Intralogistics and Financial Services. The company offers products from manual industrial trucks to fully-automated intralogistics systems. Its portfolio includes material handling equipment, automatic systems, and services. Some of its subsidiaries are Jungheinrich Vertrieb Deutschland AG & Co. KG (Hamburg), Jungheinrich Norderstedt Ag & Co. Kg (Hamburg), ISI Automation GmbH & Co. KG (External).
With its subsidiaries and a strong distribution network, the company has a strong geographical presence across North America and Europe. As of December 2021, the company had a headcount of 19,000 employees globally.
Founded in 1921 and headquartered in Tokyo, Japan, Komatsu is a leading construction, mining, forestry, and industrial equipment manufacturer. The company operates through three reportable business segments, namely, Construction, Mining, and Utility Equipment Business; Retail Finance; and Industrial Machinery and Others. The Construction, Mining, and Utility Equipment segment includes mining, loading, transportation, underground construction, and recycling machinery. It also includes leveling roadbeds for machinery, industrial vehicle, engine, other types of machinery and equipment, and casting and logistics. The Retail Finance segment offers sales financing related to construction and mining machinery. The Industrial Machinery and Others segment includes the large presses that mold automobile hoods and side panels, sheet-metal machines, machine tools, and light sources for semiconductor lithography systems (excimer lasers).
Some of its subsidiaries are Komatsu America Corp. (U.S.), Komatsu NTC (Japan), and Komatsu do Brasil Ltda (Brazil). The company has a geographical presence across Africa, the Middle East, Oceania, Japan, North America, Europe, Asia, China, CIS, and Latin America. As of 2020, the company had a headcount of 61,564 employees globally.
Liebherr-International Deutschland GmbH
Founded in 1949 and headquartered in Biberach, Germany, Liebherr-International Deutschland GmbH is a construction and mining equipment manufacturer that supplies innovative user-oriented products and services. The company has 135 companies worldwide. It operates through 12 reportable business segments, namely Earthmoving, Material Handling Technology, Deep Foundation Machines, Mining, Mobile and Crawler Cranes, Tower Cranes, Concrete Technology, Maritime Cranes, Aerospace and Transportation Systems, Gear Technology and Automation Systems, Refrigeration and Freezing, and Components.
Some of its subsidiaries are Liebherr-MCCtec Rostock GmbH, Liebherr-Hausgeräte Ochsenhausen GmbH, and LiebherrAerospace Saline, Inc. With its subsidiaries and a strong distribution network, the company has a geographical presence across Europe, North America, South America, Central America, and Middle East & Africa. As of December 2021, Liebherr-International had a headcount of 49,611 employees globally.
Mitsubishi Logisnext Europe B.V.
Founded in 2018 and headquartered in Flevoland, Netherlands, Mitsubishi Logisnext Europe B.V. is a part of the global Mitsubishi Logisnext group, Mitsubishi Logisnext Co. Ltd (ML). It manufactures, sells, and distributes a range of high-quality and innovative IC and electric counterbalance forklifts, warehouse equipment, and automated guided vehicles (AGVs). The company’s five brands are Mitsubishi Forklift Trucks, Cat Lift Trucks, UniCarriers, Rocla, and TCM banners. Furthermore, it offers electric forklifts under Mitsubishi Forklift Trucks and Cat Lift Trucks brands.
Popular Mentions: Niuli Machinery Manufacture Co., Ltd, Toyota Material Handling, Inc., Mighty Lift, Inc., Linde Material Handling GmbH, J C Bamford Excavators Ltd, HUBTEX Maschinenbau GmbH & Co. KG., Hangcha Group Co. Ltd., Crown Equipment Corporation, and Big Lift, LLC.
Authoritative Research on the Special Purpose Electric Vehicle Market – Global Opportunity Analysis and Industry Forecast (2022-2029)
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