openPR Logo
Press release

NEV Taxi Market to expand at a CAGR of about 38% during the forecast period 2018 to 2026

NEV Taxi Market to expand at a CAGR of about 38% during the forecast

NEV taxis are new energy vehicles that are used as taxis. NEV taxis reduce air pollution, require low maintenance, and generate low running cost, as compared to other conventional petrol or diesel taxis running on the streets of urban cities and towns. NEV taxis include electric vehicles, which include battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. NEV taxis, or cabs, are eco-friendly, meet stringent emission norms, offer smooth ride, socially acceptable, less noisy, and cost-effective.

Read Report Overview:

Rapid increase in air pollution levels, which are harmful to the environment and human health, has prompted global and state governing bodies to design and develop environment-friendly technology and vehicles. This has led to rapid development and implementation of electric vehicles for both personal and commercial operations, as they are considered the best possible alternative for the environment. Studies and surveys on road transportation indicate that road transportation pollution has started to decrease in those regions where the rate of adoption of NEVs has been high. This is a major factor that is anticipated to propel the NEV taxi market during the forecast period. Additionally, higher price of fuel leads to higher travelling cost in a taxi, which hampers the demand for taxi, as compared to other public transportation; however, introduction of NEV taxis leads to a reduction in running and travelling cost. This, in turn, is anticipated to drive the demand for NEV taxi service.

This is projected to increase and influence the demand for both taxi owner-driver and passenger to opt for NEV taxi or cab, thereby boosting the NEV taxi market during the forecast period. Rise in number of electric vehicle charging stations to meet the demand for NEV charging is also projected to boost the NEV taxi market. Furthermore, stringent and stern emission regulations coupled with tax incentives and subsidies on purchase of NEVs is expected to drive the market in the near future. Moreover, surge in awareness about adoption of green mobility, which is considered as the future of mobility, or tomorrow’s mobility, owing to limited availability of fossil fuel and decrease in dependency on these fuels by auto manufacturers, is also projected to drive the NEV taxi market during the forecast period.

NEV taxis are still quite expensive, despite tax credits and exemptions by governing bodies. Additionally, limited availability of charging infrastructure in majority of urban cities around the world is likely to restrain the demand for NEV taxis, thereby hamper the NEV taxi market during the forecast period.

The global NEV taxi market has been segmented based on vehicle type, vehicle class, ownership, range type, vehicle level, and region. Based on vehicle type, the NEV taxi market has been split into battery electric vehicle, plug-in electric hybrid vehicle, and hybrid electric vehicle. In terms of vehicle type, the hybrid electric vehicle segment accounted for a higher share of the market. This is majorly due to higher demand for low emission vehicles coupled with government tax credit exemptions on their purchase. However, the battery electric vehicle segment is likely to expand at a significant growth rate during the forecast period, as the vehicle is zero-emission, does not emit pollution, and is less noisy.

Perceive the Sample of the Report:

In terms of vehicle class, hatchback is a highly attractive segment of the NEV taxi market. It is likely to expand and gain market share during the forecast period. Surge in demand for low travelling cost within cities has led to higher rate of adoption of hatchback NEV taxis in mega cities. Availability of all-electric vehicles and their popularity in developing countries, owing to these vehicles being economical as compared to others, are other key factors that are boosting the hatchback segment of the market. Based on ownership, the company owned segment leads the global NEV taxi market. Leading causes of expansion of the segment are rising urbanization and technology advancements with app-based taxi or cab booking, which allows the company owned taxis to offer services all around.

In terms of range type, the intra-city segment dominates the global NEV taxi market. This is primarily due to poor air quality in urban cities and developed towns. Higher pollution and harmful smog are found in mega cities, which leads to harmful environment to live and travel. Furthermore, rising number of commuters owing to increasing population in the cities, due to jobs, health, and education purpose is likely to boost the intra-city segment during the forecast period. In terms of vehicle level, the entry & mid-level segment accounted for a prominent share of the global NEV taxi market. This is primarily due to the cost of the vehicle, which is comparatively lower as compared to premium class vehicle. Moreover, the travelling cost of entry & mid-level vehicles is also cost-effective as compared to that of premium vehicle NEV taxis.

In terms of region, the NEV taxi market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for a major share of the global NEV taxi market. Rising demand for electric vehicles in China and Japan, supplemented with availability of electric charging stations are promoting the adoption of NEV taxi in the country. Furthermore, in China, electric vehicles has been the top priority for the auto industry and with massive installation of charging stations coupled with additional tax credits and incentives by the government to adopt NEV taxis to reduce emission levels in the country. These factors are boosting the NEV taxi market in China. China is considered as a leading market for NEV taxi, globally and is likely to remain a prominent market during the forecast period. Furthermore, announcement by the Government of India to switch to electric taxi in major cities of the country is also projected to boost the regional market. These factors are likely to boost the NEV taxi market in the Asia Pacific during the forecast period.

Obtain the Brochure of the Report:

About Us:
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

Contact Us:
90 State Street,
Suite 700,
NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free 866-552-3453

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release NEV Taxi Market to expand at a CAGR of about 38% during the forecast period 2018 to 2026 here

News-ID: 1562220 • Views: 141

More Releases from Transparency Market Research

Pre-Printed Paper Rolls Market Demand Analysis and Projected huge Growth by 2027
Pre-printed paper rolls can be a powerful marketing tool for any business. In addition to these pre-printed paper rolls can be used for several applications such as labels, tapes, QR codes, etc. Pre-printed paper rolls are cost-effective and form a brand impression on consumers. Pre-printed paper rolls can be printed in many colors. They are colorful and appealing and are not like ordinary papers. For More Detailed Analysis, Request PDF
Duffle Top Bulk Bags Market Generates Huge Revenue Till 2027- Study By Key Playe …
Duffle top bulk bags made from plastic last long and are highly durable. Duffle top bulk bags are flexible and are strong to carry heavy loads. They have lift straps fixed at the top of the bag, which helps in handling and movement of duffle top bulk bags. Duffle top bulk bags can be of various types, which include opening from the bottom or opening from top. They are lightweight
Multi-Dose Packaging System Market Demand & Future Scope Including Top Players
Medicinal wastage and error in taking proper medication lead to need for multi-dose packaging system. Multi-dose packaging system has various benefits, which includes assisting patients with complicated prescription routines and the ability to enhance patient safety. It provides high-quality, smart packaging and also provides convenience to the patients. Multi-dose packaging system provides consumers with product protection, quality, and patient comfort. It has normal handling, and the formulation present in the
Cargo Belt Market 2020 Growth Rate, Developments in Major Areas, Market Size, Dy …
Globalization leads to the need for transportation of goods over the longer distance. This will drive the demand for cargo belts in the logistics & transportation industry. During the transportation of goods, about one-fourth of the accidents occurred due to poor handling of goods, which can be avoided by using the cargo belt. They are used in light and heavy lorries, trailers trucks, ships, and air crafts. Request PDF Sample For

All 5 Releases

More Releases for NEV

China NEV Taxi Market to Reach US$560.5 mn
New energy vehicle (NEV) taxis are vehicles that use unconventional fuels as a primary source of power. NEVs may also use conventional fuels with advanced auto propulsion systems. In China, taxis travel around 450 kilometers daily. Considering the distance the taxis travel on a daily basis and the long working hours, the introduction of new energy taxis offers an opportunity to restrict the consumption of fuel and the resultant emission
New Energy Vehicle (NEV) Taxi Sales Market Detailed Analysis 2018: Short Range N …
Qyresearchreports include new market research report “Global New Energy Vehicle (NEV) Taxi Sales Market Report 2018” to its huge collection of research reports. Global New Energy Vehicle (NEV) Taxi market competition by top manufacturers/players, with New Energy Vehicle (NEV) Taxi sales volume, Price (USD/Unit), revenue (Million USD) and market share for each manufacturer/player; the top players including Anhui Jianghuai Automobile Co Ltd (JAC) Changan Automobile Co. Ltd Beijing Automotive Industry Holding Co. Ltd. (BAIC) Dongfeng
Global New Energy Vehicle (NEV) Taxi Sales Market Report 2018
The Global New Energy Vehicle (NEV) Taxi Sales Market Report 2018 is a professional and in-depth study on the current state of the New Energy Vehicle (NEV) Taxi industry. Firstly, the report provides a basic overview of the industry including definitions, classifications, applications and industry chain structure. The New Energy Vehicle (NEV) Taxi Industry analysis is provided for the international market including development history, competitive landscape analysis, and major regions’ development status. Secondly, development policies and plans are discussed
NEV Motor and Controller in China Market Research 2017-2022
"Market Research on NEV Motor and Controller in China 2017-2022" The Report covers current Industries Trends, Worldwide Analysis, Global Forecast, Review, Share, Size, Growth, Effect. . . Description- '
China NEV Taxi Market: Evolving Technology, Trends and Industry Analysis
Transparency Market Research has published a new report on the China NEV taxi market. As per the report, the China NEV taxi market is predicted to expand at a 36.50% CAGR during the period from 2014 to 2020. The report, titled ‘NEV Taxi Market - China Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,’ states that the China NEV taxi market is predicted to progress to US$560.5
Global NEV Taxi Market Professional Survey Report 2017 has added a new report to its database Global NEV Taxi Market Professional Survey Report 2017 This report studies NEV Taxi in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these regions, from 2012 to 2016, and forecast to 2022. Request For a sample copy @ This report focuses on top manufacturers in global market, with production, price, revenue and market share for each manufacturer, covering Anhui Jianghuai