New York, Aug. 09, 2021 (GLOBE NEWSWIRE) -- New Energy Vehicle (NEV) Taxi Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “New Energy Vehicle Taxi Market Research Report, Vehicle Type, Range Type, Vehicle Class, Ownership Type, Vehicle Level and Region - Forecast till 2027” the market is projected to be worth USD 176.95 Billion by 2027, registering a CAGR of 28.82% during the forecast period (2021 - 2027) .
New energy vehicle taxis are electric or hybrid vehicles that are an alternative to fuel-powered vehicles. Steps by governments to reduce reliance on fossil fuels can drive the market growth in the coming years. The global new energy vehicle taxi market report by Market Research Future (MRFR) covers trends in manufacturing and opportunities for the industry for the forecast period (2020-2027). The COVID-19 pandemic and its effects are included for approximating projections on growth and revenue.
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Competitive Analysis
List of the Key Companies Profiled in the New Energy Vehicle (NEV) Taxi Market Research Report are:
- Jianghuai Automobile Co Ltd (JAC)
- Tesla Inc.
- Toyota Motor Corporation
- BYD Company
- Anhui
- Beiqi Foton Motor Co. Ltd
- Dongfeng Nissan Passenger Vehicle Company
- Changan Automobile Co. Ltd
- Nissan Motor Corporation
- Daimler AG
- Beijing Automotive Industry Holding Co. Ltd. (BAIC)
Focus on increasing customer satisfaction levels through integration of new features is the primary objective of players looking to attract new clients.
Industry Update
BYD, a China based EV manufacturer, has decided to open a new branch in ITT Hub, Pakistan to expand its influence in the South Asia market.
Browse In-depth Market Research Report (111 pages) on New Energy Vehicle (NEV) Taxi
https://www.marketresearchfuture.com/reports/new-energy-vehicle-taxi-market-10625
Concerns for Human Health to Drive Market Demand
Rapid pollution levels caused by emissions has been cause of concern for nations looking to lower its rate. Electric vehicles offer the alternative and reduce the dependence on fuel-driven vehicles. Development of electric vehicles for commercial and personal use by major automakers as well as promises to shift to electrification of key components can bode well for the market.
Moreover, sustainable goals set by the European Union to encourage electric mobility can bode well for the market. This is evident by the new line of electric fleets by delivery and logistic companies. Technological advances in turbocharging and battery packs can attract customers. Investments by national agencies in charging infrastructure can favor the new energy vehicle taxi market. For instance, the U.K. government is expected to invest USD 4.4 million for cars to be retrofitted with electric hardware.
Huge Ownership Costs to Stymie Growth
But huge ownership costs of new energy vehicle taxis can hamper market growth. Lack of charging stations and companies’ refusal to provide swappable battery packs can pose a challenge to the market. The high temperature of batteries while charging can deter customers.
COVID-19 Impact
The COVID-19 outbreak will negatively impact the new energy vehicle taxi market owing to closure of tourist destinations and suspension of international flights. Moreover, lack of subsidies and grants to developers can impact the market growth. The hit to prices of electric motorcycles will further dampen the market prospects.
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Segmentation
Based on vehicle type, the global new energy vehicle (NEV) taxi market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle. The hybrid electric vehicle segment is likely to hold the largest share of the market. This is due to demand for low emission vehicles and tax exemptions given to owners.
By range type, the global market is divided into intercity and intracity. These are also called long run and short run. The intracity segment is expected to hold the largest share of the market share. This is attributed to use of travelers venturing to hill stations and outskirts of cities for mini vacations.
Based on vehicle class, the new energy vehicle (NEV) taxi market is segmented into sedan, hatchback, and utility vehicles. The hatchback segment is expected to lead the market during the forecast period owing to demand for cost-effective electric vehicles. Moreover, incentives of additional battery packs and electrification of key components can drive the segment growth.
Based on ownership type, the global market is divided into company-owned and individually owned/private. As ride-sharing companies such as Ola, Lyft, and Uber are showing greater interest in NEV taxis due to stringent government rules & regulations, the company-owned is expected to hold the largest share in the ownership type segment. In order to cater to customer demand and government regulations, these companies may add NEVs to their fleet.
Based on vehicle level, the global market is segmented into entry & mid-level and premium. The premium segment is expected to gain steam in the forecast period owing to low awareness levels among customers. Social media channels and paid advertisements are used for this regard.
Regional Analysis
APAC to Lead Global New Energy Vehicle Taxi Market
APAC is deemed to lead the global new energy vehicle taxi market owing to supportive government policies and plans for electrification by various nations. China, Japan, and India are countries with the most potential for the market. China has implemented the NEV program since 2009 and banned ICE engines in order to foster support for hybrid and plug-in vehicles. Initiatives for battery production plants and relaxed norms for imports can bode well for the market.
Segmentation of Market covered in the research:
Information by Vehicle Type (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Hybrid Electric Vehicle), Range Type (Intercity and Intracity),Vehicle Class (Hatchback, Sedan, and Utility Vehicle),Ownership Type (Company Owned and Individually Owned/Private), Vehicle Level (Entry & Mid-Level and Premium),and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
