The special purpose motor vehicles market in Sweden has seen significant growth from 2013 to 2023, with the market size increasing from $278.16 million to $403.9 million USD. The market experienced initial declines from 2013 to 2015, with values falling each year. However, starting in 2016, a consistent upward trend was observed, with a steady year-on-year growth rate of around 4-8% annually. This culminated in a value of $403.9 million USD in 2023, reflecting a compound annual growth rate (CAGR) of 4.34% over the last five years.
Looking forward, the market is expected to continue its growth trajectory, albeit at a slower rate, with a forecasted CAGR of 2.65% from 2024 to 2028. This will cumulatively result in a 13.98% growth over the five-year period.
Future trends to watch for:
- Technological advancements driving the demand for specialized vehicles.
- Increased automation and electric vehicle adoption within the industry.
- Environmental regulations pushing for more sustainable vehicle designs.
- Economic factors influencing government and commercial investments in specialized motor vehicles.