New Energy Vehicle (NEV) Taxi Market Size, Share and Segmentation by Vehicle Type (Plug-in hybrid electric vehicle, Battery electric vehicle, Hybrid electric vehicle), by Range Type (Intercity, Intracity), by Vehicle Class (Hatchback, Sedan, Utility Vehicle), by Regions and Global Market Forecast 2023-2030
Report Id: SNS/AUTO/1487 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
New Energy Vehicle (NEV) Taxi Market Size was valued at USD 50.68 billion in 2022 and is expected to reach USD 365.24 billion by 2030 and grow at a CAGR of 28% over the forecast period 2023-2030.
NEV taxis are new energy vehicles, such as battery electric vehicles (BEVs) and plug-in hybrids, that are partially or totally powered by electricity (PHEVs). In 2009, the Chinese government launched its NEV initiative to promote the research and introduction of new energy vehicles. The biggest worldwide challenge at the moment is the depletion of fossil fuel resources, and seeking alternatives has resulted in a trend toward green movement and green mobility. This is a primary driver of the New Energy Vehicle Taxi Market's growth and demand, as it emits less pollution and requires less maintenance at a lower cost than traditional petrol and diesel taxis. It provides a quieter, more comfortable, and cost-effective journey.
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A rapid increase in air pollution levels, combined with government support such as tax incentives and subsidies on the purchase of NEVs; reduced travel costs through NEV taxis; and growing popularity and increase in the number of charging stations for electric vehicles are all factors that influence the growth of the New Energy Vehicle (NEV) Taxi Market. Furthermore, the high cost of NEV taxis, despite government backing and initiatives such as tax credits and exemptions, and the lack of charging infrastructure in most major cities across the world limit the market's growth.
MARKET DYNAMICS:
KEY DRIVERS:
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Air pollution levels are rapidly rising, posing a threat to the environment and human health.
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Strict pollution laws, as well as tax incentives & subsidies for the purchase of NEVs, are propelling the industry.
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Advancements in electric vehicle charging technologies are propelling the market for new energy vehicles (NEVs).
RESTRAINTS:
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The market will be restrained by the limited availability of fossil fuels and the growth in material costs.
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The majority of urban cities have limited charging infrastructure, which hampered the industry.
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Due to compulsory lockdown, the pandemic crippled the majority of enterprises around the world.
OPPORTUNITIES:
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The New Energy Vehicle (NEV) Taxi Market faces a slew of opportunities as demand for ride-hailing services grows.
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Government incentives are important motivators for the electrification of transportation infrastructures.
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The green movement & green mobility are becoming more popular, which opens up new business potential.
CHALLENGES:
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Despite government tax exemptions, NEV taxis are still rather pricey. This is a key worry when it comes to electric vehicle adoption.
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Fast charging raises the temperature of the battery, posing safety concerns & necessitating the use of costly methods.
IMPACT OF COVID-19:
Due to the closure of tourist attractions and the suspension of international flights, the COVID-19 epidemic will have a detrimental influence on the new energy vehicle taxi sector. Furthermore, a lack of developer subsidies and incentives may have an impact on the market expansion. The drop in the price of electric motorcycles will further stifle the market. Due to the high upfront cost of EVs, companies in the NEV taxi sector are encountering opposition in car registrations. As a result, businesses are becoming more aware of their low long-term total cost of ownership. In the coming years, electric taxis will have a lower cost of ownership than traditional taxis. Following the COVID-19 issue, India and China are becoming popular destinations for NEV taxis.
KEY MARKET PLAYERS:
Tesla, Inc., Dongfeng Nissan Passenger Vehicle Company, BYD Company, Daimler AG, Nissan Motor Corporation, Jianghuai Automobile Co Ltd (JAC), Toyota Motor Corporation, Amazon (Washington), Changan Automobile Co. Ltd, Lyft Inc., Beijing Automotive, Anhui, Uber Technologies, Industry Holding Co. Ltd. (BAIC), and Beiqi Foton Motor Co. Ltd are some of the affluent competitors with significant market share in the New Energy Vehicle (NEV) Taxi Market.
MARKET ESTIMATION:
Market, By Vehicle Type:
Based on the vehicle type segment, the global market has been divided into plug-in hybrid electric vehicles, battery electric vehicles, and hybrid electric vehicles. The hybrid electric vehicle sector is expected to account for the majority of the market. Due to improved fuel efficiency, increased power, and lower emissions, the hybrid electric vehicle market is expected to grow at the quickest rate during the projection period.
Market, By Range Type:
The global market has been divided into intercity, and intracity based on the range type segment. During the projection period, the intracity sector is likely to have the greatest share of the market and increase at the fastest rate. This is attributable to an increase in the use of intracity NEV taxis in metropolitan areas.
Market, By Vehicle Class:
Based on the vehicle class segment, the global market has been divided into Hatchback, Sedan, and Utility Vehicle. Because of the growth in demand for cost-effective electric vehicles, the hatchback category is likely to lead the market during the projection period. Incentives and other government-sponsored schemes are also likely to fuel the hatchback segment's expansion.
MARKET SEGMENTATION:
By Vehicle Type:
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Plug-in hybrid electric vehicle
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Battery electric vehicle
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Hybrid electric vehicle
By Range Type:
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Intercity
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Intracity
By Vehicle Class:
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Hatchback
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Sedan
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Utility Vehicle
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REGIONAL ANALYSIS:
Asia-Pacific has the highest proportion of the new energy vehicle (NEV) taxi industry. The demand for NEV taxis in the Asia-Pacific area is fueled by improvements in the automotive sector, particularly in electric vehicles in nations like China, Japan, and India. Furthermore, rising R&D efforts and expanding manufacturing capabilities provide possibilities for significant firms to expand their company in Asia-Pacific. By hitting significant milestones in the number of battery-operated, plug-in hybrid, and fuel cell vehicles, China provides an attractive potential for enterprises in the NEV taxi sector. The Chinese government is taking steps to promote the use of unconventional energy sources as a transportation fuel.
China accounts for a significant portion of worldwide electric vehicle sales, with 1.06 million electric vehicles sold. In Asia-Pacific, such changes are projected to drive demand for new energy vehicle taxis. Furthermore, due to the presence of multiple key players, North America and Europe are likely to rise significantly during the forecast period.
REGIONAL COVERAGE:
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North America
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The USA
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Canada
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Mexico
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Europe
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Germany
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The UK
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France
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Italy
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Spain
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The Netherlands
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Rest of Europe
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Asia-Pacific
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Japan
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south Korea
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China
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India
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Australia
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Rest of Asia-Pacific
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The Middle East & Africa
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Israel
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UAE
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South Africa
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Rest of Middle East & Africa
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Latin America
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Brazil
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Argentina
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Rest of Latin America
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| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 50.68 Billion |
| Market Size by 2030 | US$ 365.24 Billion |
| CAGR | CAGR of 28% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Vehicle Type (Plug-in hybrid electric vehicle, Battery electric vehicle, Hybrid electric vehicle) • by Range Type (Intercity, Intracity) • by Vehicle Class (Hatchback, Sedan, Utility Vehicle) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Tesla, Inc., Dongfeng Nissan Passenger Vehicle Company, BYD Company, Daimler AG, Nissan Motor Corporation, Jianghuai Automobile Co Ltd (JAC), Toyota Motor Corporation, Amazon (Washington), Changan Automobile Co. Ltd, Lyft Inc., Beijing Automotive, Anhui, Uber Technologies, Industry Holding Co. Ltd. (BAIC), and Beiqi Foton Motor Co. Ltd |
| Key Drivers | Air pollution levels are rapidly rising, posing a threat to the environment and human health. Strict pollution laws, as well as tax incentives & subsidies for the purchase of NEVs, are propelling the industry. |
| RESTRAINTS | The market will be restrained by the limited availability of fossil fuels and the growth in material costs. The majority of urban cities have limited charging infrastructure, which hampered the industry. |
Frequently Asked Questions (FAQ) :
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global New Energy Vehicle (NEV) Taxi Market Segmentation, by Vehicle Type
8.1 Plug-in hybrid electric vehicle
8.2 Battery electric vehicle
8.3 Hybrid electric vehicle
9. Global New Energy Vehicle (NEV) Taxi Market Segmentation, by Range Type
9.1 Intercity
9.2 Intracity
10. Global New Energy Vehicle (NEV) Taxi Market Segmentation, by Vehicle Class
10.1 Hatchback
10.2 Sedan
10.3 Utility Vehicle
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Amazon (Washington),
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Tesla, Inc.
12.3 Dongfeng Nissan Passenger Vehicle Company
12.4 BYD Company
12.5 Daimler AG
12.6 Nissan Motor Corporation
12.7 Jianghuai Automobile Co Ltd (JAC)
12.8 Toyota Motor Corporation
12.9 Changan Automobile Co. Ltd
12.10 Lyft Inc.
12.11 Beijing Automotive
12.12 Anhui
12.13 Uber Technologies
12.14 Industry Holding Co. Ltd. (BAIC)
12.15 Beiqi Foton Motor Co. Ltd
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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