The global NEV taxi market size is expected to reach US$ 29 billion by 2030, expanding at a compound annual growth rate (CAGR) of 26% during the forecast period 2021 to 2030.
NEV (New Energy Vehicle) taxi, also called electric taxi, is either fully or partially powered by electricity. The term ‘NEV’ is used by the Government of China for electric vehicles. Rising transportation pollution needs a complete solution that can curtail pollution, which is provided by a NEV taxi. The adoption of NEV taxi is also projected to reduce the running and maintenance cost of the taxi, which, in turn, is anticipated to propel the NEV taxi market during the forecast period.
Expansion of the global NEV taxi market can be attributed to rising concerns about vehicle emissions and their ill effects on the environment. Awareness about depletion of fossil fuels, their rising prices, and emissions caused by the combustion of these fuels are boosting the demand for new energy vehicles (NEV).
Global automakers are reportedly launching newer battery electric vehicles and hybrid electric vehicle models. Ongoing technological advancements are at the core of this emergence of new vehicles. Availability of a variety of models in the market caters to varied demands for more number of people, thus increasing the adoption of NEV taxis.
NEV taxis are still quite expensive despite tax credits and exemptions by governing bodies. This is a major concern in adoption of electric vehicles.
Current battery technologies used in electric vehicles have a limited charge storage capacity, which restricts the use of electric vehicles to shorter distances or certain assistive tasks such as providing additional force while climbing steep hills or while driving off from a traffic signal. Charging of electric vehicle batteries is a slow process, which accounts for long waiting times. Fast charging technologies are available in the market; however, these technologies raise the temperature of battery packs, thus creating safety issues and the requirement for expensive heat management solutions. Additionally, the availability of charging infrastructure in majority of urban cities around the world is limited, which is likely to restrain the demand for NEV taxis and subsequently, hamper the NEV taxi market during the forecast period.
The recent outbreak of COVID-19 pandemic hampered majority of businesses across the globe, owing to forced lockdown, which caused people to stay at home. The forced lockdown led to temporary shutdown of taxi services; subsequently, contracting the global NEV taxi market. However, the global NEV taxi market is expected to expand from 2021, owing to economic measures taken by governments to recover from financial losses caused by forced shutdown of business activities during the COVID-19 pandemic in 2020.
Wireless Charging Technology in NEV Taxis to Help Minimize Street Clutter
EV charging innovations are expected to contribute to the explosive CAGR of 26% of the market during the forecast period. Such innovations are enabling taxi drivers to recharge more easily and minimize street clutter caused by charging devices. The wireless charging technology is gaining prominence in the U.K., which is similar to wireless phone chargers using the inductive charging technology. The U.K. Government is predicted to invest US$ 4.4 Mn in a scheme, which involves 10 electric taxis (e-taxi) in Nottingham to be fitted with the wireless charging hardware for six months.
The wireless charging technology has the potential for broader public use of e-taxis. The U.K. NEV taxi market is benefitting with this new technology that is eliminating the need for plugs and chargepoints.
Fast Charging, V2G Technologies Minimize Driver Range Anxiety, Demand Strains
Vehicle to grid (V2G), ultra-fast charging, and new battery technologies are transforming the global NEV taxi market. This explains why the market is expected to cross the valuation of US$ 29.2 Bn by 2031. Since an average taxi stands idle for several hours, the vehicle to grid model is enabling two-way energy exchange, especially during peak demand, since the energy stored in an EV can be fed back into the grid.
One of the disadvantages of NEV taxis is the need of charging batteries that is a time-consuming process as compared to traditional gas-powered vehicles. Hence, manufacturers in the NEV taxi market are mainly focusing on ultra-fast charging technologies that remove the driver range anxiety.
Based on NEV type, the hybrid electric vehicle segment accounted for a higher share of the market. This is majorly due to high demand for low emission vehicles coupled with government tax credit exemptions on their purchase. However, the battery electric vehicle segment is likely to expand at a significant growth rate during the forecast period, as the vehicle is zero-emission, does not emit pollution, and is less noisy.
Based on vehicle sub-type, hatchback is a highly attractive segment of the NEV taxi market. It is likely to expand and gain market share during the forecast period. Surge in demand for low travelling cost within cities has led to a higher rate of adoption of hatchback NEV taxis in mega cities. Availability of all-electric vehicles and their popularity in developing countries, owing to these vehicles being economical as compared to others, are other key factors that are boosting the hatchback segment of the market. Based on ownership, the company owned segment leads the global NEV taxi market. Leading causes of expansion of the segment are rising urbanization and technology advancements with app-based taxi or cab booking, which enables company-owned taxis to offer services all around.
Asia Pacific led the global NEV taxi market, and it is anticipated to maintain its dominance during the forecast period. High market share held by the region can be primarily attributed to the expansion of the electric vehicle industry in the region, especially in China, Japan, India, and South Korea. China holds a major share of the market in Asia Pacific. The country is considered as a global leader in the electric vehicle industry, and accounts for a significant number of electric vehicles and electric charging infrastructure around the world. China held a prominent share of the market in Asia Pacific in 2020. It is projected to maintain its dominance during the forecast period. Furthermore, numerous governing bodies in countries in the region have formulated emission regulations and policies in order to curtail emission level and prompt the shift in preference from existing vehicles to NEVs. This is a prime factor that is projected to drive the NEV taxi market in Asia Pacific during the forecast period.
Prominent players operating in the global NEV taxi market include Daimler AG, AB Volvo, BYD Auto Co., Ltd., Mahindra and Mahindra Limited, Toyota Motor Corporation, BMW AG, Ford Motor Company, Honda Motor Co., Ltd., TATA Motors, Nissan Motor Corporation, Volkswagen, General Motors Company, Hyundai Motor Company, London Electric Vehicle Company, BAIC Motor Corporation., Ltd, Changan Automobile Company Limited., Beiqi Foton Motor Co., Ltd., JAC Motors, Tesla, Inc., and Groupe Renault.
By NEV Type
By Vehicle Sub-type
By Range Type
By Vehicle Level
This report focuses on NEV taxi market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall NEV taxi market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global NEV taxi market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global NEV taxi market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the NEV taxi market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of NEV taxi are as follows:
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global NEV taxi market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
The research methodology adopted by analysts for compiling the global NEV taxi market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global NEV taxi market.
The study objectives of this report are:
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