Global New Energy Vehicle (NEV) Taxi Market to Grow at a CAGR of 1.8% During the Period 2024-2032, Driven by Growing Consumer Interest in New Energy Vehicles (NEVs)

With the rapidly rising number of automobiles, new energy vehicles (NEVs) have emerged as a probable solution to lessen reliance of the auto industry on petroleum to decrease pollutant emissions. A significant percentage of consumers in America have been reported to display interest in buying or leasing an electric vehicle (EV). Such growing interest towards new energy vehicles (NEVs) is expected to boost the global new energy vehicle (NEV) taxi market. Electrification of transport would be a key element in checking global carbon dioxide emissions. Several countries are continually making efforts towards widespread electric vehicle adoption, and investing in required infrastructure. The Chinese government has formulated multiple policies to promote the new energy vehicle (NEV) industry. North America, Europe and Asia are likely to be key markets. The new energy vehicle (NEV) industry witnessed significant growth in 2021. Such growth has made new energy vehicles (NEVs) a lucrative proposition for conventional vehicle manufacturers, emergent new energy vehicle (NEV) companies, and tech giants, making them compete for software R&D, new business models, and branding.

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Key Developments

In 2022, it was revealed that as of the end of June, the total number of cars in China reached 406 million units, including 310 million automobiles and 10.01 million new energy vehicles (the number of China’s new energy vehicles explained 3.23% of the total number of vehicles). Among them, pure EVs reached over eight million, explaining nearly eighty percent of the total number of new energy vehicles.

In 2022, it was reported that Arrival (an electric vehicle company that had announced to launch a vehicle used exclusively by transport services and their drivers) showcased its first prototype which was now complete and the company would test it from 2022 onwards. Arrival’s unnamed car would be best suited for cab drivers from ride-hailing services like Uber. Such developments are expected to drive the global new energy vehicle (NEV) taxi market.

In 2022, China announced a number of new steps to boost consumer demand for cars; China said it would consider extending a tax break for electric vehicles and outlining plans to build more charging stations and encourage lower charging fees.

In 2022, British International Investment (BII), the UK’s Development Finance Institution and impact investor and Mahindra & Mahindra (M&M) entered a binding agreement to invest up to Rupees 1,925 crore each into a wholly-owned subsidiary of M&M that would be newly incorporated. The investment would be in the form of compulsory convertible instruments at a valuation of up to Rupees 70,070 crore, resulting in 2.75 per cent to 4.76 per cent ownership for BII in the EV company.

In 2022, it was reported that Tata Motors was aiming at a five-fold growth in EV sales by the end of FY24.

In 2022, Chinese automaker Nio announced the completion of its 1,000th battery swapping station. The announcement was part of the company’s second annual Power Day presentation, where the automaker also announced an ambitious charging expansion plan.

Key Findings of the Report

• The global new energy vehicle (NEV) taxi market is expected to be driven by efforts of countries towards decreasing emissions.

• Growing consumer interest is expected to stimulate market growth.

• North America, Europe and Asia are projected to be key markets.

Market Analysis by Type, Range and Region

• By type, the market is segmented into Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV).

• By range, the market is classified into Intercity and Intra-city.

• By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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