According to the report, the global NEV taxi market is projected to surpass US$ 29.2 Bn by 2031, expanding at a CAGR of ~27% during the forecast period. NEV (New Energy Vehicle) taxi, also called electric taxi, is either fully or partially powered by electricity. The term ‘NEV’ is used by the Government of China for electric vehicles. Rising transportation pollution needs a complete solution that can curtail pollution, which is provided by a NEV taxi. The adoption of NEV taxi is also 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.
Rise in concerns about tail pipe emissions has led the transportation regulatory authorities of various countries to enforce stringent laws end emission norms to control pollution levels. These regulatory transformations are encouraging automakers and customers to opt for environment-friendly vehicles, thus fueling the NEV taxi market across the globe.
Expansion of NEV Taxi Market
Automakers are constantly revamping their electric vehicle offerings by the incorporation of latest technologies related to driver safety, vehicle autonomy, and infotainment. Furthermore, automotive component manufacturers are designing products specifically for electric vehicle application. Increase in technological advancements in electric vehicle and its components are expected to cater to most of the demands of taxi fleet operators, thus propelling the global NEV taxi market in the near future.
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Based on NEV type, the hybrid electric vehicles segment dominated the global NEV taxi market. Most mega metropolitan cities have stared adopting hybrid taxis in order to curb pollution levels. 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 fueling the demand for hybrid electric vehicles in the market.
Based on vehicle sub-type, hatchback and sedan are lucrative and expanding segments of the NEV taxi market. The hatchback segment accounted for a prominent share of the market. This is majorly due to the higher demand for low-cost electric vehicles, supplemented with increased incentive on EV purchase. Additionally, low travelling taxi fare of the hatchback taxi is anticipated to boost the segment of the market during the forecast period. In terms of ownership, the company owned segment leads the NEV taxi market. This is primarily due to the expansion of the app-based taxi service industry around the world supplemented with the expansion of existing taxi service operators across the globe and their mergers with automakers in order to enlarge their taxi fleets.
Decarbonization in the mobility and energy sector is becoming a fast growing phenomenon in the European Union (EU). However, there is lack of innovative and stable policies that favors the advancements of e-taxis. As such, a gradual increase in EV fleets is contributing to the growth of the Europe NEV taxi market.
In order for EVs to achieve a large market presence, the corresponding regulatory framework needs to be designed to accommodate incentive schemes. Companies in the Europe NEV taxi market are increasing their research efforts to learn from various countries’ experiences and set up forceful policies based on their national priorities of lowering fuel emissions.
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Vehicle to grid (V2G), ultra-fast charging, and new battery technologies are transforming the global NEV taxi market. This explains why the market is expected to cross the valuation of US$ 29.2 Bn by 2031. Since an average taxi stands idle for several hours, the vehicle to grid model is enabling two-way energy exchange, especially during peak demand, since the energy stored in an EV can be fed back into the grid.
One of the disadvantages of NEV taxis is the need of charging batteries that is a time-consuming process as compared to traditional gas-powered vehicles. Hence, manufacturers in the NEV taxi market are mainly focusing on ultra-fast charging technologies that remove the driver range anxiety.
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