Global NEV Taxi Market Estimated to grow at a CAGR 29.69% to reach US$55.558 billion by 2025
Knowledge Sourcing Intelligence announces the publication of a new report on “Global NEV Taxi Market – Forecasts from 2020 to 2025" to their offering.
NEV taxis are the future of clean shared mobility. New Energy Vehicles (NEVs) refer to vehicles which run on advanced power systems using new energy sources. Plug-in Hybrid Electric Vehicles (PHEVs) Battery Electric Vehicles (BEVs) and Fuel Cell Electric vehicles are witnessing an increase in use as taxis in many countries.
According to the report, the Global NEV Taxi Market is projected to increase at a CAGR of 29.69% over the forecast period 2019-2025.
The NEV Taxi Market growth is majorly being driven by increasing focus of many economies towards sustainable development. Increasing pressure on resources like oil and gas, on account of increasing number of vehicles on road, is turning out to be a big concern for many governments. Since this continuously increasing demand for conventional fuels is also pushing some economies to import more raw fuel, the prices of which remain volatile, many governments are looking for other options available to them. This is increasing the support the NEVs are receiving from governments, thus driving with it the number of NEV taxis across respective economies. NEV taxis are also being seen as a promising solution to rising global warming concerns. Burning of conventional fuels in taxis which run throughout the day and significantly high concentration of emissions from such vehicles is pushing governments to transform their public transport network. Since NEV taxis run on clean energy and thus cause minimum harm to the environment despite running for long hours, their adoption is picking up pace, thus propelling the market growth.
Asia Pacific accounts for a significant share in the global NEV Taxi market
Geographically, the global NEV Taxi market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific accounts for a significant market share in the global market and the market growth in this region is majorly attributed to increasing adoption of taxis running on clean energy in countries like China, Japan and India among others. China is one of the frontrunners in this market as the adoption of electric taxis in this country has been impressive. Shenzhen, for instance, which is one of the major Chinese cities, is setting a benchmark for cities across the globe. According to a report from the International Council on Clean Transportation (ICCT), by the end of 2018, Shenzhen had around 22,000 taxis operating across it. Out of this, around 99% were electric. This electrification of taxi fleets across the country has been driving the growth of China NEV Taxi market, thus contributing to the global market growth. North America and Europe are known for state-of-the-art research infrastructure which exists across these regions. Stringent regulations regarding environmental protection across these regions, and their strict enforcement by agencies is steering them towards transforming their public transportation network. Presence of a good number of players offering NEVs at affordable prices is increasing their adoption both for residential and commercial purposes. This is increasing the number of NEV taxis operated both by governments and private players across these regions, thus boosting the market growth. Other regions like Middle East and Africa, and South America hold a fairly small share in this market.
The major players covered as part of the report are BYD Motors Inc., Nissan, and Beijing Electric Vehicle Co. (BJEV) among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-nev-taxi-market
This report has segmented the global NEV Taxi marketon the basis of following terms:
By Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in hybrid Electric Vehicle (PHEV)
- Fuel Cell Vehicle (FCV)
- United Kingdom
Middle East and Africa
- Saudi Arabia
- South Korea
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