Why NEV Taxi Market Trending in 2020? Know The Forecast Research till 2026
List of the Major Companies in the Global New Energy Vehicle (NEV) Taxi Market Include:
BYD Company Limited
Toyota Motor Corporation
Nissan Motor Corporation
Anhui Jianghuai Automobile Co. Ltd
Changan Automobile Co.
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According to the report, the new energy vehicle (NEV) taxi market based on product type is segmented into long-range and short-range. The short-range segment is expected to dominate the market during the forecast period owing to the high usage of short-range NEV taxi in the city areas. The availability of charging infrastructure in the city is also another factor that is expected to maintain the dominance of short-range NEV taxi. The new energy vehicle (NEV) market based on vehicle class, is segmented into the hatchback, sedan, and utility vehicle. Hatchback segment is expected to dominate the market during the forecast period owing to the increasing demand for low-cost electric vehicles.
Government initiatives such as discounts on taxi fares is also likely to fuel the demand for the hatchback segment. Additionally, the market based on ownership type is divided into company-owned and individual owned. The company-owned segment is expected to dominate the market during the forecast period. The majority of cab service providers such as Uber, Lyft, Ola, and others are focusing on implementing NEV taxis amid stringent government norms.
The report on the new energy vehicle (NEV) market size focuses on demonstrating a complete assessment of the market. It contains facts, thoughtful insights, historical information, industry-validated market information, and projections with a suitable set of assumptions and methodology. It offers valuable insights into all the notable developments of the market. It shares a complete overview of all the segments & parts of the market and also provides statistical data on all the regions. It is created after extensive research followed by an all-encompassing analysis to benefit companies, stakeholders, financers, and potential investors. Moreover, it also includes product launches, acquisitions, collaborations & partnerships, and industry developments.
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Certification Grabbed by Tesla Model Y to Create New Sales Opportunities
The fast depletion of fossil fuels, leading to the hike in fuel prices, is expected to spur demand for The new energy vehicle (NEV) in the forthcoming years. The growing inclination towards NEV taxi by consumers owing to its cost-effectiveness compared to conventional taxis. Furthermore, the growing number of charging stations, subsidies, and tax incentives are also expected to bolster healthy for the market in the foreseeable future. The increasing fuel prices is likely to encourage the growth of the market.
In addition, the certification won by Tesla Model Y is predicted to spur new sales opportunities in the forthcoming years. For instance, Jan 13th, 2020, Tesla Model Y has received its CARB certification ahead of the launch. Before starting the deliveries of a new passenger vehicle, automotive manufacturers have to clear red tapes from several regulatory bodies including the California Air Ressource Board (CARB).
Increasing Government Initiatives to Boost Growth in North America
Geographically, the new energy vehicle (NEV) taxi market is categorized into North America, Europe, Asia Pacific, and the rest of the World. Asia Pacific is expected to dominate the new energy vehicle (NEV) taxi market share owing to the presence of leading market players in the region.
Rising government initiatives and the growing emphasis on electric buses are factors expected to propel the market growth in the region. India, China, and Japan are the dominating nations in the region in terms of R&D investment in new energy sourced vehicles. North America and Europe are also expected to exhibit significant growth during the forecast period owing to the presence of several key players.
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