- The new energy vehicle (NEV) taxi market is estimated to grow substantially due to decarbonization initiatives undertaken by numerous government bodies to reduce global warming
- Advent of novel technologies such as wireless charging will have a positive impact on the growth structure of the new energy vehicle (NEV) taxi market
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.
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.
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.
Buy Premium Research Report by TMR on Global NEV Taxi Market -
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision. Contact