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The depletion of fossil fuels has increased fuel prices, and this has resulted in high traveling costs in conventional taxis. Inclination towards NEV taxi by consumers has increased, as they are more cost-effective compared to conventional taxis. These factors are likely to drive the new energy vehicle (NEV) market. The increasing number of charging stations, subsidies, and tax incentives are also expected to fuel the growth of the NEV taxi market. Increasing fuel prices have encouraged consumers to opt for NEVs and shared use of private vehicles. This has resulted in the lowering level of pollution and traffic congestion.
Key Market Driver -
Improvements in regulatory guidelines is expected to drive the market.
Key Market Restraint -
High price of electric bus is expected to hamper the growth of the market.
Increasing air pollution levels is proving to be harmful to human health and the environment. The road vehicle traffic holds the largest share of air pollution amid the high usage of vehicles globally. Therefore governing bodies across the world have come up with stringent regulations to curb air pollution. Vehicles like HEV, PHEV, and EVs are gaining a lot of importance in recent years and are expected to prove beneficial to reduce air pollution. Electric Taxi is another name for New Energy Vehicles (NEV). NEVs are partially or entirely powered by electricity.
Some of the major companies in the new energy vehicle (NEV) taxi market include Tesla Inc, BYD Company Limited, Toyota Motor Corporation, Nissan Motor Corporation, Anhui Jianghuai Automobile Co. Ltd, Changan Automobile Co. Ltd, Daimler AG, Beijing Automotive Industry Holding Co. Ltd (BAIH), Dongfeng Nissan Passenger Vehicle Company, and Beiqi Foton Motor Co. Ltd. among the other players.
The global new energy vehicle (NEV) market has been segmented into product type, ownership type, vehicle type, vehicle class, and region. By product type, a new energy vehicle (NEV) is segmented into a long and short-range. These are also called as inter and intra-city NEV taxi. The short-range segment is expected to dominate the market during the forecast period owing to the high usage of short-range NEV taxi in the city areas. The availability of charging infrastructure in the city is also another factor that is expected to maintain the dominance of short-range NEV taxis. By vehicle type, the new energy vehicle (nev) market is segmented into hybrid electric vehicles, plug-in hybrid electric vehicles, and electric vehicles. Hybrid Electric Vehicle (HEV) segment is expected to dominate the market during the forecast period.
The majority of developing and developed cities globally have started to implement NEV taxi to curb emission levels, as these cities are responsible for the majority of air pollution because of transportation. By vehicle class, the new energy vehicle (nev) market is segmented into the hatchback, sedan, and utility vehicle. Hatchback segment is expected to dominate the market during the forecast period owing to the increasing demand for low-cost electric vehicles. Government initiatives like discounts are taxi fares are also likely to propel the demand for the hatchback segment. By ownership type, the new energy vehicle (nev) market is segmented into company-owned and individual owned. The company-owned segment is expected to dominate the market and is expected to maintain its dominance until the forecast period. The majority of cab service providers like Uber, Lyft, Ola, etc. are focusing on implementing NEV taxis amid stringent government norms. These companies are also providing discounts and benefits to consumers who are opting for the NEV taxi service. This has resulted in driving the company-owned segment market.
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Geographically new energy vehicle (nev) taxi market has been segmented into North America, Europe, Asia Pacific, and the rest of the World. Asia Pacific is expected to dominate the new energy vehicle (nev) taxi market owing to the presence of leading market players in this region. Rising government incentives and support to purchase electric buses are also expected to propel the market growth in this region. India, China, and Japan are dominating nations in this region in terms of production and investing in new energy sourced vehicles R&D. North America and Europe are also expected to show good growth in this market during the forecast period.
By Product Type
By Ownership Type
By Vehicle Type
By Vehicle Class
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