Global purpose-built vehicles market is anticipated to grow at a considerable CAGR of 6.1% during the forecast period (2024-2031). The market growth is primarily driven by the growing adoption of customized vehicles coupled with the increasing disposable income. The global purpose-built vehicles market is segmented by type (fully autonomous and partially autonomous), by application (car, and taxi), and by geographies (North America, Europe, Asia-Pacific, and the Rest of the World).
The major players in the global purpose-built vehicles market include Audi AG, Mercedes-Benz AG, Volvo Car Group, Robert Bosch GmbH, Hyundai Motor Company, and others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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Recent Developments
- In September 2024, Kia launched its new Platform Beyond Vehicle (PBV) concept at IAA Hannover in Europe, with PV5 and PV7 on show. The vehicles are backed by a 7-year/150,000 km warranty, and charge from 10%-80% in 30 minutes. Kia will manage the future fleet in association with Geotab. Additionally, Petit Forestier Group will enter a technical collaboration with Kia PBV for consultation on refrigerated vehicle conception.
- In September 2024, Kia is teaming with Geotab and 42dot to develop an advanced fleet management system (FMS) for its new range of purpose-built, anticipated commercial vehicles. The Korean automaker signed a memorandum of understanding with the Canadian data provider and the software arm of the Hyundai Motor Group to initiate the partnership.
- In September 2024, Mullen Automotive, Inc. subsidiary, Bollinger Motors will start the production of Bollinger B4, purpose-built to meet the demands of urban last-mile delivery. The company will start the deliveries in October 2024. The Bollinger B4 Chassis Cab, a lass 4 commercial truck, is designed from the ground up with extensive fleet and upfitter input. It features a 158-kwh battery pack.
- In August 2024, Oshkosh Corp. announced entering into a definitive agreement to acquire AUSACORP S.L. (AUSA). AUSA products will enhance the JLG® line of telehandlers, and Hinowa tracked dumpers and forklifts to strengthen the Access segment’s portfolio of equipment.
- In February 2024, Hyundai Motor Company and Iveco Group announced signing a supply agreement for an IVECO-badged all-electric light commercial vehicle for Europe, based on Hyundai's Global eLCV platform. The new vehicle will join Iveco Group’s electric light commercial vehicle lineup. It features a dedicated global EV platform made for commercial vehicles ranging from GVW 2.5 tons to 3.5 tons. It offers a low-floor design for cargo loading and carrying. It is designed to fit the emerging needs of future electrified Purpose Built Vehicles.
- In April 2023, Kia launched the electric purpose-built vehicle (PBV) production facility in South Korea. Hyundai Motor, Kia, and Hyundai MOBIS together plan to invest KRW 1 trillion ($758 million) in a smart factory with an annual production capacity of 150,000 units. The mass production is anticipated to be started in the second half of 2025. Additionally, the group plans to invest KRW 24 trillion in the domestic EV industry by 2030.
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