The global NEV taxi market is projected to grow at a CAGR of 28.47% during the forecast period, to reach a market size of US$72.667 billion in 2027, from US$12.579 billion in 2020.
NEV Taxis are new energy vehicles, which are partially or fully powered by electricity, like Battery Electric Vehicles (BEVs) and Plug-in Hybrids (PHEVs).
NEV taxis require low maintenance, reduce air pollution, and have low running costs. Individual vehicle emissions are being reduced as part of environmental regulations in both developed and developing countries. An electric vehicle may be powered by electricity from off-vehicle sources via a collector system, or it may be self-contained with a battery, solar panels, or an electric generator to convert fuel to electricity. Electric vehicles are gaining traction as a more environmentally friendly mode of transportation around the world. Automobile manufacturers are shifting their focus to producing environmentally friendly vehicles that will be in high demand in the coming years. Many companies are introducing new electric vehicle models in order to take the market lead. The New Energy Vehicle (NEV) Taxi market is segmented on the basis of vehicle type and geography. By vehicle type, the NEV Taxi market is segmented as battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell vehicles.
Road transportation is a major contributor to greenhouse gas emissions and rising global temperatures. Transport is a major user of energy and burns most of the world’s petroleum. The rapid increase in air pollution and stringent laws, and regulations implemented by the government are driving factors for the NEV taxi market. Individual vehicle emissions are being reduced as part of environmental regulations in both developed and developing countries. Because of their lower operating costs and the expansion of electric vehicle charging infrastructure, NEV taxis are becoming increasingly popular. Electric vehicles will be used as a more sustainable mode of transportation in the future. Electric vehicles are being used as an alternative to gasoline and diesel vehicles in order to save fossil fuels from depletion. The growing investment in R&D by market players, combined with increased government support and initiatives, is expected to drive the growth of the electric sports car market.
By Geography Type
The market for NEV taxis is divided into five regions: North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The report also examines major countries in these regions, providing a comprehensive analysis and forecast, as well as current market trends and opportunities that each of these countries presents to manufacturers. China is a significant market for NEV taxis because the country has installed a large number of charging stations for electric vehicles and is even offering incentives to increase the NEV taxi fleet. These steps are being taken by China to cut down on emissions levels in the country. China's actions will boost the APAC market during the forecast period.
Recent development and expansions
BYD India opened Its First Passenger Vehicle Dealership Showroom in India in August 2022. EVM Southcoast will give consumers in Kerala access to BYD's pure electric vehicles. With extensive experience in the automotive industry, EVM Southcoast has a wide market reach and covers neighbouring regions. They have launched their new e6 electric car in five cities across India in collaboration with Orix Auto Infrastructure.
BYD entered the Japanese EV market with three models in July 2022. BYD ATTO 3, BYD DOLPHIN, and BYD SEAL were the three models introduced at the conference. BYD aims to gradually establish a complete sales and service system with Japanese dealers and partners to bring a low-carbon lifestyle and a better customer experience to the local people.
Lockdown measures halted manufacturing facilities and supply chains on the one hand, and consumer demand on the other in the first half of 2020. Lockdowns were lifted or relaxed for a period of time in the second half of 2020, and the automotive market began to recover. Despite second wave of the pandemic, monthly sales of electric vehicles exceeded those between July and December of 2019 in every major market, including China, the European Union, India, Korea, the United Kingdom, and the United States.
|Market size value in 2020||US$12.579 billion|
|Market size value in 2027||US$72.667 billion|
|Growth Rate||CAGR of 28.47% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Vehicle Type, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Tesla Inc., Volvo, BYD Motors Inc., Volkswagen Group, BMW AG, Ford Motor Company, Nissan, Beijing Electric Vehicle Co. (BJEV), Beiqi Foton Motor Co. Ltd., Changan Automobile Co. Ltd.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global NEV taxi market?
A1. NEV Taxi Market was valued at US$12.579 billion in the year 2020.
Q2. What will be the NEV taxi market size by 2027?
A2. The global NEV taxi market is projected to reach a market size of US$72.667 billion by 2027.
Q3. What are the growth prospects for the NEV taxi market?
A3. The NEV taxi market is projected to grow at a CAGR of 28.47% over the forecast period.
Q4. How is the global NEV taxi market segmented?
A4. The global NEV taxi market has been segmented by vehicle type and geography.
Q5. What factors are anticipated to drive the NEV taxi market growth?
A5. The rapid increase in air pollution and stringent laws, and regulations implemented by the government are driving factors for the NEV taxi market.
Ford Motor Company
Beijing Electric Vehicle Co. (BJEV)
Beiqi Foton Motor Co. Ltd.
Changan Automobile Co. Ltd.
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