New Energy Vehicle (NEV) Taxi Market to Cross US$ 29.2 Bn by 2031; Rise in Pollution Concerns, Supportive Government Policies for EVs to Accelerate Market Growth - TMR Insights

ALBANY, N.Y., Sept. 7, 2021 /PRNewswire/ -- New Energy Vehicle (NEV) Taxi Market: Growth Summary

The rising awareness about the importance of reducing carbon emission is anticipated to offer considerable growth opportunities to the new energy vehicle (NEV) taxi market.In addition, varied initiatives undertaken by numerous government bodies globally are projected to serve as prominent contributors to the market growth during the forecast period of 2021-2031.

Transparency Market Research (TMR) projects the global market for new energy vehicle (NEV) taxi to expand at a CAGR of 26.64% during the forecast period of 2021-2031. The new energy vehicle taxi market was valued at US$ 2.1 Bn in 2020 and is expected to cross US$ 29.2 Bn by 2031.

The high penetration of electric vehicles in densely populated countries such as India and China is anticipated to serve as a growth booster for the new energy vehicle (NEV) taxi market. Furthermore, growing pollution levels across various countries have resulted in the adoption of various initiatives and schemes supporting electric vehicles.

The indigenous production of electric vehicles and lithium batteries is also likely to drive the new energy vehicle (NEV) taxi market.

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Key Findings of Report

Advancements in Electric Vehicle Charging Technologies Propel New Energy Vehicle (NEV) Taxi Market

One of the significant hindrances in the adoption of NEV taxis is the speed of battery charging. It takes several hours to charge an EV battery. Nevertheless, manufacturers in the electric vehicles industry are investing in R&D activities for discovering ultra-fast charging and new battery technologies. This aspect is projected to fuel the adoption of NEV taxis.

Rising Demand for Ride Hailing Services Presents Array of Opportunities to New Energy Vehicle (NEV) Taxi Market

Nmerous mobility players, sensing the demand for affordable transportation options, are entering the new energy vehicle (NEV) taxi market. Rising urbanization levels and growing preference for app-based taxi services, as they are hassle-free and effective, will expand the market landscape. Furthermore, total app-based electric taxi service startups are also making inroads. These factors are projected to add to the growth of the new energy vehicle (NEV) taxi market.

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Asia Pacific to Dominate Due to Emergence of China as Global EV Production Leader, Supportive Government Initiatives

China is fast emerging as a lucrative new energy vehicle (NEV) taxi market. China is rapidly upgrading its production capacities regarding electric vehicles and its components. The charging infrastructure is also being developed at an accelerated pace across the country. Policy implementation, clear articulated vision, and consistent adaptation of policy tools are some factors for the boom in electric vehicle production in China. These factors will have a profound impact on the growth structure of the new energy vehicle (NEV) taxi market.

Moreover, as a result of the abovementioned factors, China accounted for a lion's share of the Asia Pacific new energy vehicle (NEV) taxi market in 2020.It is expected to retain its leading position during the forecast period. Other countries in Asia Pacific such as Japan, South Korea, and India are also increasing efforts to propel the production of electric vehicles. The Indian Government's FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme is a classic instance of the government bodies increasing their focus on EV manufacturing. In addition, the Government of India also reduced the GST from 12% to 5% on electric vehicles.

Some well-entrenched players in the new energy vehicle (NEV) taxi market are Nissan Motor Corporation, Mahindra and Mahindra Limited, London Electric Vehicle Company, Changan Automobile Company Limited., BYD Auto Co., Ltd., and Ford Motor Company.

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Global NEV Taxi Market – Segmentation

By NEV Type

• Battery Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Hybrid Electric Vehicle

By Vehicle Sub-type

• Hatchback
• Sedan
• Utility Vehicle

By Ownership

• Company Owned
• Individually Owned/ Private

By Range Type

• Intercity
• Intra-city

By Vehicle Level

• Entry & Mid-level
• Premium

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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