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