Pune, India, June 30, 2021 (GLOBE NEWSWIRE) -- The global New Energy Vehicle Taxi Market size is expected to reach USD 173.37 billion by 2027, exhibiting a CAGR of 1.9% during the forecast period. The increasing adoption of NEV vehicles and expanding EV charging infrastructure will contribute significantly to the market growth, states Fortune Business Insights, in a report, titled “New Energy Vehicle Taxi Market, 2020-2027.” The market size stood at USD 150.47 billion in 2019.
Based on the Vehicle Type, the NEV taxi market is divided into commercial vehicles and passenger cars. The passenger cars segment is expected to experience a rapid surge during the forecast period. The growing consumer inclination towards environment-friendly cars will bolster the healthy growth of the passenger cars segment.
The market is classified into Electric Vehicles, Hybrid Vehicles, and Plug-in Hybrid Electric Vehicles systems based on vehicle type. The hybrid electric vehicle is expected to hold the largest share during the forecast period.
Geographically, the market is classified into North America, Europe, Asia Pacific, and the Rest of the World.
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Dropped Demand for Cars to Negatively Impact Market During COVID-19
Restrictive cross-border trade laws have adversely impacted the majority of countries. The car sector has been severely affected by the recent coronavirus pandemic and is facing several threats. The automotive industry is a significant part of the global economy, accounting for about 16% of global GDP in 2018. Many industrial plants have been shattered around the world. China is a significant contributor to the automotive industry's rapid growth and a major supplier of numerous car parts and technologies.
The demand for NEVs in China, which includes passenger and commercial vehicles, is primarily driven by high demand. The COVID-19 had a major effect on NEV prices, including hybrid car sales worldwide in Q1 2020. To combat the economic crisis, policymakers around the world are implementing numerous programs, such as the "Make in India" initiative, which encourages local development. Several automotive factories in Europe have briefly shut down to reduce losses. During the coronavirus pandemic, Volkswagen and Daimler declared the partial closing of their European manufacturing facilities.
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The report on the New Energy Vehicle Taxi Market encompasses:
- Comprehensive analysis of all the sections
- Esteemed data and figures on every region
- Latest Market trends and drivers
- Superior insights into all emerging developments
- COVID-19 Impact
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Green Government Proposals to Drive Market
The demand for new energy vehicles is directly related to the infrastructure that can charge these vehicles in a particular country/region. Therefore, to increase the demand for new energy vehicle (NEV) taxis, the government in various countries are focusing on investing in charging infrastructure to provide users with sufficient charging stations and tax benefits for their smooth operation and curb the rising air pollution. E.g., in Norway, electric vehicle penetration is very high, there are long lines to buy electric vehicles, and the infrastructure for electric cars is rapidly improving.
Rising Disposable Income to Augment Growth in Asia Pacific
The market in Asia Pacific is expected to hold the largest New Energy Vehicle Taxi Market share during the forecast period. The growth is attributed to the supply and demand for technologically advanced automotive components in India, South Korea, and China. Moreover, increasing disposable income of consumers and rising vehicular pollution will incite the development of the market in the region.
For instance, Shenzhen, a metropolitan city in southern China, is a high-tech hub and has reached an environmental milestone consisting almost entirely of electric vehicles. About 99% of the 21,689 vehicles operated by the city are electric vehicles. North America is expected to expand astoundingly during the forecast period due to the rising governments' numerous development projects. The new emerging companies will further benefit the market in North America.
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November 2019: Tesla collaborated with New York City to develop a fleet of all-electric cabs in the city. The officials in NYC have opted for Tesla Model 3 as it has an extended operating range compared to other electric vehicles. Tesla Model 3 is expected to be the biggest alternative to the conventional car.
The Report Lists the Key Companies in this Market:
- Tesla Inc., (California, United States)
- BYD (Shenzhen, China)
- Anhui Jianghuai Automobile Co Ltd (JAC) (Hefei, China)
- Uber Technologies (California, United States)
- Daimler AG (Stuttgart, Germany)
- Beijing Automotive Industry Holding Co. Ltd. (BAIC) (Beijing, China)
- Lyft Inc., (California, United States)
- Baidu (Beijing, China)
- Didi Chuxing (Beijing, China)
- Amazon (Washington, United States)
- JAC Motors (Hefei, China)
Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of New Energy Vehicle Taxi Market - By Type (in Value)
- Impact of COVID-19
- Global New Energy Vehicle Taxi Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Type
- Battery Electric Vehicles
- Hybrid Vehicles
- Plug-in Hybrid Electric Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Rest of the World
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