New Energy Vehicle (NEV) Taxi Market Outlook
According to the report by Expert Market Research (EMR), the global New Energy Vehicle (NEV) Taxi Market Analysis is projected to grow at a CAGR of 1.8% between 2023 and 2028. Aided by the rising global consciousness towards environmentally sustainable transportation and the increasing investments in the development and integration of NEVs, the market is expected to grow significantly by 2028.
New Energy Vehicles (NEVs) are vehicles that utilise alternative, eco-friendly sources of power as a substitute to traditional fuel vehicles. NEVs include electric vehicles (EVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs). These vehicles play a significant role in reducing greenhouse gas emissions, decreasing reliance on fossil fuels, and fostering sustainable urban mobility.
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The global urgency to mitigate the adverse effects of climate change is a primary driver for the new energy vehicle (NEV) taxi market growth. Governments worldwide are setting rigorous emission standards and promoting the use of NEVs, thus stimulating the demand for NEV taxis. Subsidies and incentives for NEV purchase and infrastructure development further incentivise taxi fleets to shift towards NEVs.
Furthermore, the increasing public awareness regarding environmental conservation and the escalating health concerns associated with air pollution are shifting consumer preference towards green transportation, bolstering the new energy vehicle (NEV) taxi market development. As urban populations grow and the demand for taxis rise, this shift in consumer preference is likely to result in a surge in demand for NEV taxis. Further, a balance could be expected in demand and supply with better customer recognition and enhanced manufacturing capacities.
The rapid advancements in NEV technologies and the expansion of charging infrastructure also play a crucial role in the new energy vehicle (NEV) taxi market expansion. Innovations in battery technology, such as the development of solid-state batteries and improvements in energy density and charging speed, are enhancing the performance, and reducing the costs of NEVs, making them more appealing for taxi operations.
Moreover, the emergence of autonomous vehicles and connected car technologies presents vast opportunities for the new energy vehicle (NEV) taxi market. As these technologies continue to mature, autonomous NEV taxis could transform urban mobility, offering efficient, sustainable, and convenient transportation solutions.
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New Energy Vehicle (NEV) Taxi Market Segmentation
The market can be divided based on type, range, and region.
Market Breakup by Type
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
Market Breakup by Range
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global New Energy Vehicle (NEV) Taxi companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Uber Technologies Inc.
- Lyft Inc.
- Electric Cab North America
- Blu-Smart Mobility Pvt. Ltd.
- London EV Company Ltd.
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