Transparency Market Research has released a new market report titled “NEV Taxi Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” According to the report, the global NEV taxi market is anticipated to expand at a CAGR of about 38% during the forecast period.
NEV (New Energy Vehicle) taxi, also called electric taxi, are vehicles that are used as taxis, which are either fully or partially powered by electricity. The term “NEV” is used by the Government of China for electric vehicles. Rising transportation pollution and stringent emission norms need a complete solution that can curtail pollution through the adoption of NEV taxi, which is a green transportation solution. Moreover, major challenges for regular conventional taxi owners or drivers are fuel price and the running costs of the taxi. The adoption of NEV taxi is projected to reduce the running and maintenance cost of the taxi, which in turn is anticipated to propel the NEV taxi market during the forecast period.
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Road transportation accounts for a prominent share of atmospheric pollution, wherein taxi services are regular contributors. Furthermore, a majority of the population lives in urban areas and towns that have poor air quality. Adoption of NEV taxi in regular operations is likely to curb the emission present on city roads and highways. Moreover, growing concerns by the government about transportation pollution is likely to prompt the adoption of NEV for transportation, which in turn is projected to improve the air quality.
Stringent laws enforced by regulatory bodies across the globe to reduce emission levels is another key factor that is anticipated to drive the NEV taxi market during the forecast period. The established conventional taxi fleet and higher initial cost of the electric vehicle, despite government tax credits and higher demand for electric vehicles across the globe, are expected to restrain the NEV taxi market during the forecast period.
In terms of vehicle type, the hybrid electric vehicle (HEV) segment held around 49% share of the market in 2017. Most mega metropolitan cities have stared adopting hybrid taxis in order to curb pollution levels. This is a major factor that is projected to boost the segment of the NEV taxi market. Higher availability of hybrid car models for taxis, such as Toyota Prius, Toyota Prius+, Hyundai IONIQ, Toyota Camry Hybrid, Honda Clarity, Ford C-Max, and Ford Fusion, are also likely to fuel the segment of the market.
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In terms of region, Asia Pacific leads the global NEV taxi market. Asia Pacific accounted for around 48 % share of the global NEV taxi market. Higher market share held by the region is primarily attributed to the expansion of the electric vehicle industry in the region, especially in China, Japan, India, and South Korea. China holds a major share of the market in Asia Pacific. The country is considered as a global leader in the electric vehicle industry and accounts for a significant number of electric vehicles and electric charging infrastructure around the world.
China held a prominent share of the market in Asia Pacific in 2017. It is projected to maintain its dominance during the forecast period. Furthermore, numerous governing bodies in countries in the region have formulated emission regulations and policies in order to curtail emission level and prompt the shift in preference from existing vehicles to NEVs. This is a prime factor that is projected to drive the NEV taxi market in Asia Pacific during the forecast period.
Major players operating the global NEV taxi market include Daimler AG, AB Volvo, BYD Auto Co., Ltd., Mahindra and Mahindra Limited, Toyota Motor Corporation, BMW AG, Ford Motor Company, Honda Motor Co., Ltd., TATA Motors, Nissan Motor Corporation, Volkswagen, General Motors Company, Hyundai Motor Company, London Electric Vehicle Company, BAIC Motor Corporation., Ltd, Changan Automobile Company Limited., Beiqi Foton Motor Co., Ltd., JAC Motors, Tesla, Inc., and Groupe Renault.
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