Global New Energy Vehicle (NEV) Taxi Market Report and Forecast 2024-2032

Global New Energy Vehicle (NEV) Taxi Market Outlook

The global New Energy Vehicle (NEV) Taxi market is expected to grow at a CAGR of 1.8% during the period 2024-2032. 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.

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Global Market Likely to be Driven by the Need to Reduce Emissions

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. The new energy vehicle (NEV) industry has been witnessing significant investment, with nearly $400 billion being invested into the sector over the last decade. Robust global growth and prosperous development have drawn the interest of vehicle manufacturers, rising new energy vehicle (NEV) companies, and tech players.

Growing Adoption of New Energy Likely to Stimulate Market Growth

Countries across the world are looking to adopt new energy as a strategic development direction and contribute towards the green transformation of the automotive sector. The European Union, for example, has committed to decrease greenhouse gas emissions by at least 55% by 2030. USA seeks to make half of all cars new energy vehicle (NEVs) by 2030. Changing climate, policy regulations, and factors including an ageing global population, carbon emissions, increasing urbanisation, growing middle-class and increasing wealth gap are likely drivers of new energy vehicle (NEVs).

Advancements in technology, growing adoption of key technologies, and increasing consumer interest in new energy vehicles (NEVs) are vital drivers of the global new energy vehicle (NEV) taxi market. Technological advances are expected to further decrease the production cost for electric vehicles. Further, a balance could be expected in demand and supply with better customer recognition and enhanced manufacturing capacities.

Electronics, Software, Algorithm Development, and Intelligence and Technology are Factors Expected to Influence Market Growth

Electronics and software are important parts of vehicles today. As compared to conventional vehicle producers, emergent new energy vehicle (NEV) manufacturers have greater software capabilities; such companies focus greatly on R&D, software algorithm development and electronic components. Moreover, many executives in these companies are originally from technology or internet companies. With advancements in the Internet, cars have been pushed beyond their purpose of just mobility; green technologies, intelligence and technology, enhanced charging facilities, and range capabilities are likely to be key areas of concern for new energy vehicle (NEV) brands in times to come. These factors are expected to drive the global new energy vehicle (NEV) taxi market.

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Market Segmentation

By type, the market is segmented into:

• Battery Electric Vehicle (BEV)

• Plug-In Hybrid Electric Vehicle (PHEV)

• Hybrid Electric Vehicle (HEV)

By range, the market is classified into:

• Intercity

• Intra-city

By region, the market is divided into:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Key Industry Players in the Market

The report presents a detailed analysis of the following key players in the global New Energy Vehicle (NEV) Taxi market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Uber Technologies Inc.

• Lyft Inc.

• Electric Cab North America

• Blu-Smart Mobility Pvt. Ltd.

• London EV Company Ltd.

• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report