SNS Insider Black Friday Offer
New Energy Vehicle (NEV) Taxi Market

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 2022-2028

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 39.6 billion in 2021 and is expected to reach USD 222.36 billion by 2028 and grow at a CAGR of 28% over the forecast period 2022-2028.

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.

New Energy Vehicle (NEV) Taxi Market Revenue Graph

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: 

  • 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.

  • Advancements in electric vehicle charging technologies are propelling the market for new energy vehicles (NEVs).

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.

  • Due to compulsory lockdown, the pandemic crippled the majority of enterprises around the world.

OPPORTUNITIES: 

  • The New Energy Vehicle (NEV) Taxi Market faces a slew of opportunities as demand for ride-hailing services grows.

  • Government incentives are important motivators for the electrification of transportation infrastructures.

  • The green movement & green mobility are becoming more popular, which opens up new business potential.

CHALLENGES: 

  • Despite government tax exemptions, NEV taxis are still rather pricey. This is a key worry when it comes to electric vehicle adoption.

  • 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:

  • Plug-in hybrid electric vehicle

  • Battery electric vehicle

  • Hybrid electric vehicle

By Range Type:

  • Intercity

  • Intracity

By Vehicle Class:

  • Hatchback

  • Sedan

  • Utility Vehicle

New Energy Vehicle (NEV) Taxi Market Segment Chart

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:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The 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

New Energy Vehicle (NEV) Taxi Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 39.6  Billion
Market Size by 2028 US$ 222.36 Billion
CAGR CAGR of 28% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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 the Ukraine-Russia War

 

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

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.