New Energy Vehicle (NEV) Taxi Market Report

Market Overview:

The global new energy vehicle (NEV) taxi market size reached US$ 85.5 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 593.8 Million by 2032, exhibiting a growth rate (CAGR) of 24.03% during 2024-2032. The rising environmental concern across the globe, the implementation of supportive government policies, and the recent development of high-capacity batteries represent some of the key factors driving the market.

A new energy vehicle (NEV) taxi is a mobility solution that is powered by alternative energy sources, such as electricity and hydrogen. It includes various battery and hybrid electric vehicles (EVs), such as sedans, hatchbacks, sports utility vehicles (SUVs), microvans, multi-purpose vehicles (MPVs), and minibusses. NEV taxi is widely used for urban transportation, ride-hailing services, airport, and hotel shuttles, government and corporate fleets, shared mobility, tourist transportation, and last-mile connectivity. The NEV taxi helps minimize greenhouse gases and reduce environmental pollution, improving air quality, and lowering noise levels in urban areas. It is also a cost-effective and energy-efficient mode of transportation that facilitates long-range travel, promotes sustainability, improves the driving experience, and reduces dependency on fossil fuel.

New Energy Vehicle (NEV) Taxi Market Trends:

The rising environmental concern across the globe due to excessive consumption of fossil fuels is one of the primary factors driving the market growth. NEV taxis serve as an environmentally friendly alternative to the traditional mode of transportation, as it is powered by clean fuel, reduce air pollution, and minimize the emissions of greenhouse gases, such as carbon dioxide (CO₂), methane, and nitrous oxide (N₂O). Furthermore, the implementation of supportive government policies to develop dedicated charging infrastructures and provide financial incentives, grants, and tax benefits to taxi operators for adopting NEVs is positively influencing the market growth. Additionally, the recent development of high-capacity batteries which allow taxis to travel greater distances, reduce the need for frequent charging, and alleviate range anxiety among drivers, is providing an impetus to the market growth. Besides this, the integration of autonomous driving technology to improve road safety, reduce human errors, increase efficiency, optimize energy consumption, minimize traffic congestion, and lower passenger waiting times, is contributing to the market growth. Moreover, the rising number of ride-hailing and mobility services platforms is creating a favorable environment for NEV taxis by allowing users to conveniently book rides and choose eco-friendly transportation options. Apart from this, the widespread utilization of NEV taxis to provide sustainable transportation, aid in data collection, and contribute to intelligent routing, owing to the increasing smart city initiatives, is supporting the market growth. Other factors, including rising fuel prices, extensive research and development (R&D) activities, and growing awareness among the masses regarding the benefits of NEV taxis, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global new energy vehicle (NEV) taxi market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on vehicle type, vehicle class, ownership type, range type, and vehicle level.

Vehicle Type Insights:

• Battery Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Hybrid Electric Vehicle
   

The report has provided a detailed breakup and analysis of the new energy vehicle (NEV) taxi market based on the vehicle type. This includes battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle. According to the report, battery electric vehicle represented the largest segment.

Vehicle Class Insights:

• Hatchback
• Sedan
• Utility Vehicle
   

A detailed breakup and analysis of the new energy vehicle (NEV) taxi market based on the vehicle class has also been provided in the report. This includes hatchback, sedan, and utility vehicle. According to the report, hatchback accounted for the largest market share.

Ownership Type Insights:

• Company Owned
• Individual Owned/Private
   

A detailed breakup and analysis of the new energy vehicle (NEV) taxi market based on the ownership type has also been provided in the report. This includes company owned and individual owned/private. According to the report, company owned accounted for the largest market share.

Range Type Insights:

• Intercity
• Intra-city
   

A detailed breakup and analysis of the new energy vehicle (NEV) taxi market based on the range type has also been provided in the report. This includes intercity and intra-city. According to the report, intercity accounted for the largest market share.

Vehicle Level Insights:

• Entry
• Mid-Level
• Premium
   

A detailed breakup and analysis of the new energy vehicle (NEV) taxi market based on the vehicle level has also been provided in the report. This includes entry, mid-level, and premium. According to the report, mid-level accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for new energy vehicle (NEV) taxi. Some of the factors driving the Asia Pacific new energy vehicle (NEV) taxi market included rising environmental concerns, increasing government initiatives, and significant technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global new energy vehicle (NEV) taxi market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Blu-Smart Mobility Pvt. Ltd., Byd Company Limited, Electric Cab North America, London EV Company Ltd. (Geely Commercial Vehicle Group), Lyft Inc., Uber Technologies Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

New Energy Vehicle (NEV) Taxi Market Report Scope:

Key Questions Answered in This Report:

• How has the global new energy vehicle (NEV) taxi market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global new energy vehicle (NEV) taxi market?
• What is the impact of each driver, restraint, and opportunity on the global new energy vehicle (NEV) taxi market?
• What are the key regional markets?
• Which countries represent the most attractive new energy vehicle (NEV) taxi market?
• What is the breakup of the market based on the vehicle type?
• Which is the most attractive vehicle type in the new energy vehicle (NEV) taxi market?
• What is the breakup of the market based on the vehicle class?
• Which is the most attractive vehicle class in the new energy vehicle (NEV) taxi market?
• What is the breakup of the market based on ownership?
• Which is the most attractive ownership in the new energy vehicle (NEV) taxi market?
• What is the breakup of the market based on range type?
• Which is the most attractive range type in the new energy vehicle (NEV) taxi market?
• What is the breakup of the market based on vehicle level?
• Which is the most attractive vehicle level in the new energy vehicle (NEV) taxi market?
• What is the competitive structure of the global new energy vehicle (NEV) taxi market?
• Who are the key players/companies in the global new energy vehicle (NEV) taxi market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the new energy vehicle (NEV) taxi market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global new energy vehicle (NEV) taxi market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the new energy vehicle (NEV) taxi industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.